Xillion Monthly Update: May 2022
Here’s our monthly recap. Here you will find the most important updates regarding our platform development, as well as some future ideas.
It’s been quite an interesting time after our previous update. Since that moment during April and May, we have significantly increased the token price from $0.012 to almost $0.05 at the peak with a volume of more than 30MM XIL tokens being traded in the market. We have also onboarded additional KOLs, who have helped to push the promotion and attract new token holders while generating increased demand. But, as you all know the market has significantly crashed right after that, and all of the market players including ourselves got dragged down by the correction.
At the moment of writing this update, we are at the beginning of a bearish market. We believe that the most efficient tactic during this bear and/or uncertain market is to keep developing the product as much as possible, and double down investments into the fundamentals (such as the tech side of the platform and the product itself). This is exactly what we have been doing during the last few months, and what we will be doing throughout this year. We’ve hired 2 more developers and a product manager, which is good news and has been already helping us to accelerate the development of the platform.
Here, you can find the list of features we are actively working on now:
Buy via DAO widget:
Last week we successfully developed a new widget called “Buy it via DAO”.This widget is dedicated to perform only the simple but still very important task - allowing people to buy expensive things by teaming up in the form of a DAO. For example, you visit OpenSea or any other websites and see an expensive NFT, you can’t afford it, but you’d like to buy it. Therefore, you utilize the “Buy it via DAO’' widget. You will click on this and automatically join or create a DAO on Xillion (if there’s no existing DAO for it), and when the goal is reached, the DAO will buy the piece and add it into the smart contract. It will then fractionalize it and send tokens to all of the DAO members (who become fractional owners of that piece).
Status: Developed. (100% completion)
Fully-automated DAO Drag & Drop editor:
We consider Xillion as a two-sided marketplace, where people launch high quality DAOs and others can support them by funding those DAOs. We see ourselves as a convenient and efficient platform where those parties meet and collaborate.
The success of this kind of product depends on two factors. The first is the quality of the DAOs, and the second one is the scalability of the platform. This means the quantity of quality DAOs and the quantity of the users which the platform is able to accommodate. We as a platform want to keep our platform as accessible as possible, and let the community of XIL holders decide which DAOs should be launched. To achieve this, we need to provide all of the DAO founders with an opportunity to easily launch and manage their DAOs. With this feature, everybody will be able to go to the Xillion.one website and easily launch their DAO without any specific technical skills. Only after this, the DAO will be sent to the voting stage where XIL token holders will make the final decision on whether this DAO will be launched or not. Regarding an important remark - to launch a DAO you need to stake at least 10,000 XIL, and to vote you will need to have XIL on your balance as well. This feature not only makes the platform better, but also drives the adoption of XIL.
Status: In progress. Currently developing the backend for this feature. (around 40-50% done)
In-house voting platform:
Currently, we have a Voting Governance System, but we received it via integration with Snapshot. This is a good thing to have, but this solution isn’t flexible and isn’t easily adjustable. There are some major features we want to have, but aren’t able to add currently due to the Snapshot platform limitations (mostly regarding implementation of XIL token as an essential part of the system, for which we need to boost the utility of the token).
Therefore, we have decided to launch our own proprietary voting system, which will be based on the XIL token. We are already developing this and aim to release it within the next 2 months.
Status: In progress, currently we are actively working on the Smart Contract part. (30% completion)
This is an all-in-one platform where XIL holders can become ambassadors and earn rewards for completing different tasks. Additionally, it is a platform where XIL holders can receive airdrops and bonuses from the platform. It is a community where all XIL holders can interact with each other, vote for DAOs to be launched, and much more. As you can see, there are a lot of features included, so it is basically a stand alone product (in terms of complexity and development difficulty level). We also expect to release this in 3 months.
Status: In progress.
We strongly believe that the success of platforms like Xillion depends on the quality of the product and a well-balanced supply-demand side (DAOs and DAO members). As we all know, a bearish market isn’t a good time to do most launches or heavily invest in marketing activities. However, this doesn’t mean it shouldn’t be done, but instead means that one needs to make sure the attempt is highly cost effective and relevant. After many hours of consultations with the leading VC funds, our advisors - and founders of the leading market companies, we made a decision to double down our investments into the platform, and consolidate all efforts to build a perfect product and onboard the first wave of high-quality DAOs/investors. At the same time, we will keep building our community, continue to educate the market about DAOs, and secure partnerships with industry players.
This approach worked out well for many of the leading market players, and we agree that it’s the most reasonable way to develop a product in these market conditions.
The more we continue to develop the Xillion platform, the more we will continue to add utility to XIL and increase its value. This will be beneficial for all token holders.
Thanks for supporting Xillion, and stay tuned for more updates!
Xillion.One - a fully-fledged ecosystem for DAOs. All of the essential tools for building a successful DAO included in one convenient and easy-to-use platform.
Launch your DAO with no coding required in just a few clicks, raise funds easily, manage your DAO, and automate all governance in our all-in-one platform.
Buy and hold the XIL token to gain access to the exclusive Xillionaires club. Here, you will be able to unlock amazing benefits and privileges such as lucrative staking, exclusive airdrops, and more by simply holding the token.