An Ode to the Warriors
Dearly beloved Vikings,
Thank you for being part of our valued community. We have been overwhelmed by the response to the Viking project and are in awe of the way that you have all bought in and believed in our project. It’s been a wild ride! In our most glorious dreams, we could have never expected anything like the last three weeks where, together, we have seen some incredible achievements; hitting an $80M TVL within three days and being in the top ten on DappRadar being two particular highlights. However, the last seven days have been a battle and we have all seen a consistent drop in TVL and the price of $VIKING. After a very long and painful discussion with the dev Dwarves we have come to the acknowledgement that a critical reason for this is that our tokenomics and platform cannot compete in the current and ever evolving DeFi market.
Last week, we were essentially running level with our main peer, GooseFinance, and even had our prows in front at one point with a higher token value! Unfortunately, with the release of layered farming, as a Goose fork, we were suddenly presented with a challenge to offer something equally appealing that Goose had not already implemented (Goose really cooked our egg). At this point, the anticipation is that many Goose clones and forks will die off due to Goose’s implementation of layered farming and the unmatchable APY and burning system on offer. The Goose devs have purposely hidden some of the contracts and front end-code that results in layered farming being incredibly difficult to reverse engineer and, even if we could achieve it, we would only ever be a paltry shadow of what Goose already is.
Our goal was always to create something fresh, new and unique that would help Viking stand out in a saturated market. The NFT system and lottery was supposed to offer this, and whilst we had high hopes for the system, after reviewing the situation this week, it became clear that it was never going to be an answer to the core issue: Viking at its core is not an attractive platform in the current yield farming environment.
Our team held their Warrior spirit and were willing to fight to the end, in the off-chance that we could reinvigorate this project, but the dev Dwarves (and founders of this project) have made the bitter decision to put the project to rest. Our highest hopes for this project were far exceeded by how quickly it exploded into life and we were woefully unprepared to keep pace with that level of growth. This decision has not been made lightly, and it is with heavy hearts that we break this news to you. However, with all things considered, this seemed to be the least harmful path to take for the community in the long run.
We thank you once again for choosing to sail with us. We could not have asked for better Warriors to fight alongside over the past three weeks. You will always be welcome in our longhouse to share our mead, and to sit by our fire. We wish strength to your sword arm and courage for your journey ahead. Though our paths diverge here, hopefully our future will still be together in Valhalla where the brave may live forever.
