December 2023

tl;dr

• Alpha DApp Release, Please retweet!
• Improved design eliminates need for price dependent liquidations
• Seed round momentum completely changed tides, 1.2M in commitments
• Doubled twitter followers with Kain’s help!
  • Kain's Green Candle Tweet
  • Our Reintroduction

Development

Front end

I am very proud that we set and hit our goal of releasing Ammalgam’s dApp by end of year. We have gated it by address, please reach out if you want an address to be added. There are still some things that we are wrapping up and will add in the coming weeks.

Contracts

I had a few epiphanies this month and shared them with a few of you already. I think about it like the classic James Bond airplane nose dive where they always pull out just before hitting the ground. We can force all positions to have this property with minimal impact to our current engineering roadmap. I originally thought we would need to modify our swap mechanism, but have since realized we can implement an even simpler version and then iterate on that for version 2. Our prior plan for liquidations was good, but the new plan is great, and will allow for much stronger security guarantees and potentially make it possible to achieve formal verification.

Raise

I am more confident every day in our product and team and investors are noticing. The momentum has done a 180 since my last update. I imagine we will be able to close in February, partially waiting on lawyers and the other part waiting on DD if a lead does express interest in the round. It doesn’t look like we need a lead at this point, but I wouldn’t exclude one either if the interest is there.