CAT Progress Update #1.
Transparent Funding and Development
It's been about ten days since CAT became available on the market and barely a week since the primary utility of the token came online. Let's take a look at how things are going:
Token Market
The market is developing well and we see a little bit of volume every day. The initial fair-price offering at 0.001 STEEM per token sold out almost immediately and we are now seeing price discovery happening on the open market. Currently with a tendency towards a price of 0.005-0.006 STEEM.
@catnet continues to maintain a sell-wall on the steem-engine DEX, limiting price-speculation there to a ceiling of 0.010 STEEM per CAT. All offers on the market below this rate are made by users selling their own tokens. @catnet will not meddle in the price discovery or artificially manipulate the markets in any way.
Project Funding
Since the initial token offering sold out, another 17,918 tokens have been sold from the official sell-wall and additionally 1,550 tokens have been sold "under-the-counter".
| INCOME | rate | tokens | income |
|---|---|---|---|
| intial flash-sale | 0.001 | 100,000 | 100.000 STEEMP * |
| sell-wall | 0.010 | 17,918 | 179.180 STEEMP * |
| under-the-counter | 0.010 | 1,550 | 15.500 STEEM |
| liquid author-rewards | - | - | 10.173 STEEM |
* a 1% fee will get applied upon withdrawal from steem-engine
"Under-the-counter" sales are going rather slow, but that's to be expected, the tokens are quite a bit cheaper on the open market and this is mostly just an option for die-hard supporters of the project to show their support and help with funding.
All in all, @catnet has already raised funds of more than 300 STEEM.
Technical Development
The primary token utility has successfully been deployed. The kitten-bots are showing "Appreciation", handing out small amounts of CAT, and the tokens themselves have started to work as virtual "CATnip" from within users' wallets.
Full disclosure: there has actually been a minor hiccup, a little oopsie so to speak, during the early roll-out of the CATnip feature. @cuddlekitten followed the smell of her own catnip and a filthy round of self-cuddling ensued after that.
The kitten-bots all know their siblings by name and have learned to refrain from cuddling with each other, they also can't develop any "sympathy" for themselves, so self-cuddling has never been an issue before. It was a quick fix, though, to simply let them treat themselves like their own sibling, so this won't happen again.
Next Steps
Right now the proof-of-concept for the Cat Appreciation Token is basically complete, but we're far from done here!
STAKING is a must-have in the longer run, first to give the CATnipping functionality more meaning and then to fix a basic vulnerability that might easily be exploited by circling token balances between a number of accounts.
Enabling the staking feature for CAT on steem-engine comes at a hefty price-tag, roughly 1,000 STEEM, that's more than 15% of CAT's current total market-cap, and will likely remain out of reach for a while.
To prevent any sort of potential abuse in the meantime, I will develop a "soft-staking" feature for the token, I'll share more details on this at a later date.
More INTERACTIVITY will also follow soon. We definitely need some token-sinks and more fun stuff to do with all these CATs that are going around.
CAT-whales will get the possibility to summon a kitten-bot of their choice under a steem-post they find worthy, the obligatory cuddles will come included of course!
I'll keep you updated here and I'll appreciate any feedback you can give in the comments!
now go and cuddle some kittens!
meow!