Connect Financial Weekly Update — March 15th
Another week of development(s) and another Weekly Update for you to digest.
Let us start first with a recap of the last week -
The big news last week was our first centralized listing with Bitmax (https://bitmax.io/en/basic/cashtrade-spottrading/usdt/cnfi) and the team has been elated with the outcome. Bitmax provided us flawless technical assistance and launch of the market was seamless.
This additional market has given Connect Financial exposure into new market areas and provided us a new venue for global liquidity provisioning of CNFI tokens.
The Client Portal team sat down this past week and went through our “Road to Client Portal Release” and bullet pointed out everything that would need to be completed for the the release to the community. These bullet points were broken down into manageable, workable bites for the Client Portal team to focus on.
Our target is to have it released to close out Q1 and to come into Q2 swinging. Much like the Staking Portal as we near the release we put out more instructions on what users should expect when the login.
We also were able to give glimpse to our first public images of the Axion Branded Connect Financial metal card for the Axion OG members. We are blown away by their elegant design and look forward to seeing them in the wild.
As we look forward to this upcoming week, we come to the reason this took us a bit extra to get this update out.
We have successfully launched our release candidate staking contracts and portal on the Ropsten test network as of today. We are running a small QA test with the team and have invited the moderators to join in. This gives us some fresh eyes on the systems and flow, but more importantly gives them a few days to familiarize themselves with the system so they can better support the community.
We will run this test for at minimum a day, we have accelerated the payout times to every 30 minutes, and the cycles to one hour. So far the only feed back are a few small front end UI things, such as cell padding at different resolutions or a random issue that only appears when using the Brave browser. The contracts themselves are behaving completely as expected.
At the end of the testing we will roll directly into production deployment and release it to the public.
TL:DR Staking will be live this week
Now, onto the last piece of this update. With the launch of CNFI Token on Bitmax and the imminent launch of the staking portal, we will be taking the 8 million CNFI tokens that are currently unlocked and unclaimed from the Team.Finance lock ups and using 3 million of them for additional liquidity on Bitmax and for funding the initial Staking Treasury address. The remaining 5 million will be relocked into a new Team.Finance lock up for an additional 30 days as our DAO and Treasury contracts will be nearing deployment at that time.
Staking, at the moment, releases 5,000 CNFI per day into circulating supply or roughly 150,000 per month. We will be funding 1.8 million into the Treasury for staking, which is 12 months.
We will work with Coingecko and CMC to update the circulating supply, but effectively it is only increasing by 1.2 million in the interim, and then only 150,000 per month thereafter.
At this point with the stability of the market from the addition of the Bitmax market this should be an insignificant event and the only release from the Treasury funds that we anticipate until we are issuing cards to users and there is a demand for more liquidity on the markets for users.
Thank you everyone and have a great week!
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Official Website: https://www.connect.financial/
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Client Portal: https://client.connect.financial/
