State of BiShares.

08 Feb 2022, 16:01

State of BiShares It’s an unfortunate reality but we’re disappointed to say the product we have grown and loved was and is barely being used. Since the first days of the project, all we heard from the amazing community is how much they loved our products. The products were celebrated from a plethora of users, from the media to influencers, and of course the dedicated community members at BiShares. However the sad truth is that the capital never followed. Users would praise the product but barely put it to use. No index broke 1M in TVL at any point, despite having multiple incentives behind it. Even with the full weight of ApeSwap’s marketing team and having the most listened to podcast on BSC News ever, there wasn't enough capital to invest in indexes. The easiest product ever to invest in during this market, BiChain, never received traction despite all of the marketing done for it. No usage of product means no fees. In the last 3 months since the last fee distribution, we collected 13,000 USD in fees. These fees are set to be distributed this week, a whole 13k from the last 3 months which includes the busiest time at BiShares. The dev fees are so small it is not enough to pay for the hardworking dev team that codes these technology feats, it doesn’t even cover the expenses of updating pricing oracles of the indexes. It appears that the majority of interest is in moonshot tokens, as was witnessed in a marketing campaign that partially worked out. The BISON token was only popular during a 3-day period which saw many new community members who barely did DYOR or didn't at all, aped from FOMO of an influencer, getting stuck in an overpriced token. We have tried several things over the last 6 months and innovated many aspects of BiShares, hoping to bring excitement to the community, but nothing was hitting the mark. Techside: - Basic Indexes had poor interest with out farming support and even when supported by ApeSwap. - Yield Bearing funds with 100% APY had no interest without farming support. - Yield Bearing funds with 400% APY with farm support had almost no interest. Marketing: - Multiple ApeSwap campaigns - Multiple Influencers - Long term partner with BSC news - Multiple Podcasts including most listened to podcast on BSC news We have spent the last few weeks looking for a path forward that would allow for BISON to flourish but internally we have not found a way to make it viable. If the community has a vision, we are more than happy to listen and learn, as well as including community members who are committed with the project to the team. This is an update on the current status of the project and doesn't mean it is being left.