Step 1 - Decommissioning the Angels.cx dApp
Executive Summary: This business case justifies the decommissioning of the Angels.cx dApp, which was designed to reward users staking Angels, Demons, and Cherubs NFTs with the cryptocurrency JOY. The dApp aimed to create a community of goodwill and facilitate the purchase of NFTs, interact with the Angels ecosystem, and prepare for a charity platform. However, it has resulted in an unintended exit liquidity issue on the JOY/USDT pair. The decommissioning is scheduled to take place on December 9, with a reset of smart contracts on November 12, giving users over a month to withdraw their NFTs and staked JOY.
Background: For over a year, Angels.cx has been using the dApp to reward users who stake Angels, Demons, and Cherubs NFTs via the Angels.cx #dApp and @EneftorX with JOY tokens. The intention was to build a community of goodwill and prepare for a charity platform using JOY for various activities. However, the primary use of the dApp has been for staking and claiming JOY with no fees, leading to an unexpected exit liquidity situation.
Problem Statement: The Angels.cx dApp has not achieved its intended goals. Users primarily staked their NFTs to claim JOY tokens and then exited the ecosystem, resulting in liquidity issues on the JOY/USDT pair. This has compromised the effectiveness of the dApp and its original purpose of creating a charitable community.
Proposed Solution: To address these issues, we propose the decommissioning of the Angels.cx dApp. This action will serve several purposes:
a. Eliminate Exit Liquidity: Decommissioning the dApp will mitigate the exit liquidity issue on the JOY/USDT pair by ending the no-fee staking incentive.
b. Refocus Resources: The resources currently allocated to the dApp can be redirected toward other initiatives that align more closely with Angels.cx’s goals and vision.
c. Repurpose NFTs and JOY: All NFT collections and JOY tokens will be repurposed, ensuring they are not wasted and can be used for more meaningful projects or incentives.
Implementation Plan: The decommissioning process will follow these key steps:
a. Smart Contract Reset: All smart contracts associated with the dApp will be reset on November 12, 2023, giving users more than a month to withdraw their NFTs and staked JOY.
b. Announcement and Communication: Users will be informed of the decommissioning through various communication channels to ensure a smooth transition. All NFTs and staked JOY must be withdrawn before December 9, 2023.
c. Repurposing Assets: After decommissioning, a plan to repurpose NFT collections and JOY tokens will be announced, allowing for the utilization of these assets in more meaningful ways.
Expected Outcomes: The decommissioning of the Angels.cx dApp is expected to yield the following outcomes:
a. Improved Liquidity: The JOY/USDT pair’s liquidity is likely to stabilize as users withdraw from the dApp.
b. Resource Reallocation: Angels.cx can reallocate resources and efforts to projects that better align with their mission and goals.
c. Repurposed Assets: Repurposing NFTs and JOY will allow for the implementation of new initiatives in line with the organization’s vision.
Conclusion: The decommissioning of the Angels.cx dApp is a necessary step to address the exit liquidity issue and realign resources with the organization’s goals. This action will ensure that assets are not wasted and can be used for more meaningful projects in the future. Users are encouraged to withdraw their NFTs and JOY before December 9, and details about the repurposing of assets will be provided in the near future. Angels.cx remains committed to its mission of creating a community of goodwill and looks forward to sharing its new vision implementation plan with its users.
