When we set out on our journey to develop a new type of borrowing and lending platform we had no idea how many twists and turns lay ahead of us. To be sure, we understood the landscape of the crypto space and the technical and business issues involved in developing a project. But who would have predicted the incredible events we’ve seen in 2022?
Even during the final month of the most eventful year in crypto, more surprises are revealed on a weekly basis. The latest twist is the allegation that SBF was instrumental in the collapse of Luna and the evidence doesn’t look good for him so far.
Additionally, the US House of Representatives is calling for the Government Accountability Office to investigate the SEC for its, “failure to protect the investing public from the egregious mismanagement and malfeasance of FTX”. Given that the SEC had been meeting with FTX prior to its collapse the outlook is starting to look bad for Gary Gensler.
After years of threats and a distinct lack of clarity, Mr. Gensler is now going to be on the receiving end of a government investigation. Questions are being asked about what he’s been doing to help develop and protect the space rather than just saber rattling and threats of litigation.
It would be naive to think these events haven’t had an impact on the roadmaps of the vast majority of projects in the space. While at times it’s been frustrating, we’ve also capitalized on the delays this turbulence has created. We’ve been able to extensively test our MVP on two different testnets and update its design based on plenty of helpful feedback.
As more questions are being asked about SBF’s role in the negative events of this year and as pressure grows on the SEC to justify its adversarial approach to crypto there are glimmers of hope that we may be through the worst. It’s not to say there won’t be more bumps in the road, but at this point, 2023 is starting to look like it will herald the start of the recovery.
At the same time, we’re looking forward to launching our MVP in the early part of next year. Its provisional date is mid to late January. However, as with all things in crypto, this may be subject to change. For instance, if there’s a new black swan event, or if we receive a high-priority bug report then we would have no choice but to adapt once more to the changing circumstances.
We understand how frustrating these situations are and we share in everyone’s disappointment whenever we have to reschedule part of our development. However, each time something doesn’t go quite to plan we continue to be impressed with how understanding and supportive our community is.
As Deniz, our CEO explains, “We have done our very best to be thoughtful about the launch and get ahead of any foreseeable potential issues. There are still a number of issues that could arise when launching protocols. Delays in releasing code can seem like a bad thing but if something important was discovered or adjusted then it’s far more beneficial to delay than to compromise security.”
Another factor in planning the launch to mainnet is making sure that we’re prepared for post-launch development too. While our dev team continues to work on integrating NFT loans for the next stage of Paribus, we’re also hard at work building strategic partnerships and coordinating our marketing plans.
Wilson, our COO gives his insight into this, “We will continue to do everything we can to have a successful launch. A large part of the overall success is to ensure that systems are running smoothly post-launch. We will be monitoring the protocol and listening to feedback our community may have. The transition to having a fully live product will also initiate reward distributions and changes to the PBX deflation mechanism.”
Despite all the challenges this year has brought we feel that it’s been cleansing for the space. There are still some wrinkles to iron out, but we’re excited to be starting 2023 with our mainnet launch and the green shoots of recovery on the horizon as we build towards the next bull run.