Prophecy Q1-Q2 Summary Review
Our first quarterly review looking back on major launches and upcoming news
Since its inception in December 2020, Prophecy has built up its community offering to an entire sub-ecosystem. The Prophecy team has been hard at work staying true to our roadmap and have delivered so far, and in many cases over-delivered on our initial plans.
Q1 Summary
The first quarter of 2021 saw lots of progress for Prophecy.
The initial launch of the Prophecy platform came along with two key features: staking pools and yield farming. With the community’s help, we now have over 8 million Prophecy tokens staked, and an additional $100,000 USDT locked in liquidity from our community contributions.
Prophecy platform launch
We launched the MVP of the Prophecy Platform with a couple key features within our ecosystem. This provides a foundation for the Prophecy ecosystem to grow over the course of 2021.
Staking
In the first quarter we launched two staking pools that allowed our community to earn rewards. Staking with Prophecy occurs for a limited time over the lifespan of the project, so these pools offered some of the highest percentage rewards we will ever have in the ecosystem.
Later in the year, we plan to release more staking pools for limited locks and quick rewards.
Total staked: 8,137,448PRY
Total rewards to be dispersed: 1,231,016PRY
Yield farming
We launched our first yield farming implementation for Prophecy. Each yield farming implementation lasts for an unspecified period of time and offers different amounts of rewards. We started out by offering a 25% APY reward for yield farming our PRY/ETH trading pair on Uniswap.
Total liquidity locked from yield farming: 7,629 UNI PRY/ETH V2
NFT collectibles
We released our first PRY NFT collectibles that offer incentives to holders. We’ll be releasing more of these throughout 2021, but these initial NFTs have special rewards that are unique to these offerings.
Here’s a summary of the Prophecy NFTs that exist as of the time of this writing:
— We released two different collectible NFTs that will allow holders to receive surprise air drops of PRY tokens, other NFTs, and more. [click here to view them on opensea]
- We released a PRY socks NFT that offers 1% prophet pool royalties for life*. [click here to go to Rarible]
- We released an NFT that provides early access to Prophet Pools and enters a person into a contest to win an iPhone, with up to three iPhone giveaways planned! [click here to go to Rarible]
Token burning
We initiated the Proof of Committed Decay mechanism detailed in our white paper. A total of 2 million PRY tokens have been burned from the circulating supply, making the new total supply 198 million. From here on out, we’ll continue burning tokens.
Prophet Pools beta testing
Toward the end of Q1 we will be releasing a beta of the first Prophet Pools. This extremely limited private beta will give access to private sale participants and NFT holders, and will allow us to test the feature thoroughly before launching in Q2.
The beta will be active on the Ethereum blockchain, but we’re quickly moving additional focuses to other blockchains so that we can increase transaction speed and decrease transaction fees for Prophet Pools.
As of the time of this writing, the beta launch is not live, but we anticipate the beta to be released by the end of March. Look out for more exciting announcements about Prophet Pools and how to determine if you’re eligible for the beta release.
Q2 Preview
As we move into the second quarter of 2021, we’d like to give you a preview of things to come.
Prophet pools beta testing commences
At the end of march, we’re going to allow our community to test the flagship feature of the Prophecy platform: Prophet Pools. Prophet Pools give you a chance to make quick earnings. To test the concept, we’re going to release a beta on https://prophecy.finance for holders of the Maximus NFT and private sale participants to play around with the first ever Prophet Pools.
This will be active on Ethereum’s test net, so there’s no chance of you losing your holdings. We’re going to offer four Prophet Pools in the private beta that simulate real pool figures at different levels:
(Remember this is all test net ETH, not your real ETH)
- Beginner pool requires a 10,000PRY entry (with a 500PRY fee for each wallet that joins) for 5 wallets, has an 80% chance of winning, and you could win 12,500PRY total.
- Merchant Pool requires a 30,000PRY entry (with a 1500PRY fee for each wallet that joins) for 5 wallets, has an 80% chance of winning, and you could win 36,000PRY total.
- Philosopher Pool requires a 60,000PRY entry (with a 3,000PRY fee for each wallet that joins) for 5 wallets, has an 60% chance of winning, and you could win 100,000PRY total.
- God Pool requires a 150,000PRY entry (with a 7,500PRY fee for each wallet that joins) for 5 wallets, has a 40% chance of winning, and you could win 375,000PRY total.
*UPDATE: The beta will operate testnet ETH pools (not PRY, as outlined above). This is because the majority of mainnet pools will operate as ETH pools (enter with ETH, win ETH) with limited other token pools (like PRY and partner tokens).
When Prophet Pools launches, we’re going to have these same pools and more. Providing realistic numbers during beta allows us to gather feedback from the community to learn their needs and desires. It will allow us to release Prophet Pools that benefit the community the most.
We encourage everyone in the community to get access to the beta release by heading to OpenSea and purchasing the NFT before March 31 HERE: https://rarible.com/token/0xd07dc4262bcdbf85190c01c996b4c06a461d2430:266942:0x5cc82cffa0a63feaeefd310ae229e1dbfa1ad3b8
Look out for more announcements on how to determine if you qualify for our private beta of Prophet Pools.
Cross-chain Prophet Pools v1
- Alternatives to Ethereum Blockchain
During Q2 and Q3, we will seek to release the full version of Prophet Pools (or potentially V3 onwards) on additional blockchain besides Ethereum. We’re pursuing this to provide the community with the best experience while also cutting down the risk of higher transaction fees while the community enters Prophet Pools. In order to increase our usage, we think it’s important to pursue alternatives to the Ethereum blockchain. What does this mean to you? It means cheaper gas fees and faster transaction times.
However, we are keeping a close eye on the promising upgrades to Ethereum planned for mid-April (Berlin upgrade) as well as the v3 launch of Uniswap, both in combination offering significantly lower fees for users.
Prophet Pool Details
Prophet Pools right out of the gate in Q2 will be pre-defined. We’re going to have different Pools for a wide variety of entry and win percentages, and tokens. We will eventually have Pools not only for PRY tokens, but for other tokens like wBTC, hot DeFi project tokens, basically anything you can dream of that’s available on the blockchain we’re going to pursue. There will be lots of different Prophet Pools to join when we launch, and the beta release will help us determine the details of those Pools.
Pools end and disperse winnings as soon as they fill, so you’ll be able to join multiple times within a day or week if a Pool fills quickly. Each time you interact with the Pools feature, you will see a history of your transactions so you can follow along with the results while you’re away from the platform.
Prophecy tiers
One aspect of incentivizing token holders in our community will be through Prophecy Tiers. Tiers provide different incentives for different amounts of token holding. We’re going to offer special NFTs that give you access to VIP Prophet Pools, exclusive rewards, special offers, and more. You can attain different tiers just by holding PRY in your wallet. We hope this will encourage the community to not only use the Prophecy platform but to hold PRY in their wallet.
An early vision of the tier titles would be something along the lines of:
Founders (non functional, just title)
Staff (non functional, just title)
— — — — — —
God (owners of god socks) (highest public title)
Deity (largest whales)
Demi-god (medium tier)
Immortal (low tier)
Mortal (basic tier)
Gamification of Prophet Pools
Prophet Pools are all about winning, but we’re thinking about ways that we can provide extra gasified elements to Pool participation. We’re going to pursue the idea of rewarding active users of Prophet Pools and other features in the Prophecy Platform. For instance, you could receive a special NFT with exclusive access to a VIP Prophet Pool for entering 50 pools; you could receive an NFT with special air drop access for participating in all staking pools. We’re looking to explore different ways to motivate the community to continue coming back to the Prophecy Platform and you’ll hear more details about this throughout Q2.
“Second Chance” Pools
At the end of the day, even if you lost in a Prophet Pool, you still might win!
Prophet Pools have high chances of winning more tokens than you enter, and they’re variable. Smaller Pools with smaller risk have higher win percentages, while the Pools with higher rewards have a smaller win percentage. Regardless, we want to incentivize the use of Prophet Pools whether you win or lose. Any wallet who doesn’t win in a single Prophet Pool will be dispersed special tokens that are specifically used for the Second Chance Pools. During Q2 we’re going to have the first release of Second Chance Pools to give the community a chance to earn back some of what they lost in Prophet Pools.
These will be funded through the entry fees paid by every Prophet Pool participant, there will be no ante to participate in the Second Chance Pools, and they will run periodically (once every week/ two weeks) from an accumulation of the fees up until that point.
It’s a free way of recouping some costs if you previously lost, just another way Prophecy works to involve our community!
More information about Second Chance Pools will be announced as we move into Q2.
Prophecy wallet apps for Android and iOS
In Q1 we released beta versions of our Android and iOS wallet apps, and in Q2 we plan on releasing the full versions. One of the biggest requests from the community was for some way to store their PRY holdings outside of MetaMask. With the Prophecy wallet app, you can hold PRY or any other ERC20 token. With it you can also use the browser function to connect your Prophecy wallet with any dApp on the web.
In Q2, we’re going to pursue additional functionality, like one-click Prophet Pool entry from the Prophecy wallet.
Re-branding and Re-design
In our initial launch of the Prophecy platform in Q1, we introduced a design that provided ease of use and minimalism. We’re working with a globally leading design agency to re-brand the Prophecy project and will be re-designing both the website and platform in Q2. This branding will align more with a futuristic spin on Greek mythology.
Here’s a sneak peek of the possibilities of the new design to come.
Look out for more official announcements of this partnership and re- branding as we move into Q2.
