Dear Lucidao Community,
A lot has happened on all fronts for Lucidao and its first dApp, Altr, since the 24th of May, when you initially voted on the budget proposal for a 6 months period.
We are very proud of what the team has managed to accomplish in these last 6 months despite the market conditions and various challenges we have successfully navigated. While this has delayed our initial launch plan as per our original roadmap, we are now far better equipped and set up from a tech and legal perspective, which was one of the main drivers of the delayed launch.
Altr Platform Reveal
In saying this we would like to announce our first public reveal of the Altr website here at preview.altr.trade.
Here you will find a preview of the platform design, UX and some visuals for the marketplace. We hope this serves as a way to excite you about what the team is currently building.
This current website iteration is a preview of the platform and does not include any core functionality just yet. Core functionalities are still underway, including final testing and debugging before the launch of these functionalities.
As you will notice, many items are marked as “coming soon”. We plan to gradually reveal more interactivity, product launches, collections and oracles in the hope of building excitement and demonstrating our progress towards the end of year!
Below you will find a detailed overview of the expenses for the period starting 1st May and running until the end of this month. The DAO remains in a strong position to keep building with $2m in the treasury vault 0x881d440a7e047335be81bbb27dba6aee9c2aa529 and a more-than-ever motivated team.
We would like to add the following comments to the table above:
Our ambition for Altr is to create a visual identity that would best serve the brands and products we are targeting to sell on the platform. The final goal is to create a luxury brand in the web3 space that would represent the luxury physical assets traded on the platform. We wanted to create an apparent equivalence between traditional businesses (offline) and their digital counterparts (online).
To accomplish this, we must have an equally strong brand identity to welcome top-tier brands, partners, and oracles. We are already in talks with top-tier firms in the space, and we realize that they require exceptional visuals and brand alignment to build these partnerships.
We approached an exceptional web design agency based in Australia and a world-class 3D design team based in Berlin to create an experience like no other. This cost has slightly exceeded our expected budget because of the quality talent we have working on them - but the quality speaks for itself, and we think this is a worthy investment for the platform.
As we unveiled the possibility for users to access fractionalized collectibles and use NFTs, backed by physical assets, to provide collateral for loans, the legal fees rose above the initial budget that was forecasted for a buy & trade platform.
Thanks to our close collaboration with MME legal, we now have certainty about the legal framework around the different functionalities of the platform; and a strong contractual framework for the relationship between vaults, Oracles, and users of Altr.
Still relating to legal matters, the Core Team is ensuring that Lucidao and its dApps are being built with full integrity and respect for the regulations currently in place. The LCD token is a utility token, and to ensure that it remains classified as such we had several consultations with MME legal specifically on this topic.
Last but not least on the legal theme, MME legal provided the DAO with a draft for the creation of a legal wrapper to reflect DAOs into the physical world; this would take the form of a DAA (Decentralized Autonomous Organization) under Swiss law. Creating a DAA would allow Lucidao to conduct off-chain interactions that wouldn’t be possible without a legal entity (i.e. activate contractual relationships with partners, file for tax rulings in CH, and open bank accounts for FIAT management).
Several of our team members are in touch with local authorities in Switzerland as well as Swiss institutions to help create an environment for DAOs to flourish through a DAA and other legal wrappers (Trust wrappers, Simple partnerships, SPVs, etc)
The core team has continued essential marketing efforts internally to maintain an online presence and continued momentum in building our community.
In saying this, the team decided to reallocate marketing expenses more effectively to prevent our efforts from falling on deaf ears during these unfavorable market conditions. The delayed launch of the Altr platform allowed us to reallocate marketing spending in the past months.
A portion of the marketing reallocation went to an event for our Oracles, which helped build relationships and strengthen our partnerships. Oracles are vital to the growth of the platform and we feel these are essential in helping us onboard world-class brands and oracles.
Nevertheless, some additional expenditures arose under the same heading, such as the sponsorship of the Plan B Summer School in Lugano and the marketing strategy for the upcoming first dApp launch with the leading WEB3 marketing firm Serotonin.
A private 2-day event was organized with industry leaders in the crypto space, car and watch collectors, auction houses, and prospective oracles.
The event’s purpose was to gather experts in this space, present the Altr platform features, and educate them on our vision of how disruptive blockchain technology can be in the luxury collectibles segment.
That event was a great opportunity to reinforce Lucidao’s brand in the minds of potential Oracles and partners and create/strengthen trust-based relationships with them. In addition, members of our team traveled to attend various events and meet potential Oracles, which allowed us to develop some key relationships and to provide them with live presentations on the tech, legal & operational aspects of Lucidao and the Altr platform. While this led to higher than budgeted travel costs, we are now in the position to propose PLPs to onboard some incredible Oracles, in the car and watch space, who have bought into our vision and are excited to work with us. We will share those proposals with the community in the next couple of weeks.
Please find here below a selection of products showcased during the event by potential Oracles as evidence of their will and interest in participating in Lucidao / Altr
For more details on the dApp progress and tech, please refer to this medium post which provides some additional insight into key milestones in Q3.
on Q4 and onwards, the next proposal (PLP) will be proposed to the community in the coming days to ensure all stakeholders are aligned on the LUCIDAO roadmap and on how the budget should be allocated to keep developing Altr. We will be highlighting key dates to get hyped about and will be selectively rewarding those who participate in the PLP with some brand new Altr merch, which looks
In the meantime, please feel free to reach us here below or on Discord for any questions or comments you would have.
We are very excited about what lies ahead and while we are beyond laser-focused on building, we will also do our best and improve on keeping our community more in the loop on developments as we approach the launch date later this year.
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