Project update — what to expect going forward

Today we bring you a quick update on Meridian’s progress while briefly going through what’s in store for the foreseeable future as well as a summary of the costs the Foundation has incurred thus far.

PreSaga

Starting with our primary focus, PreSaga, we can say it has taken up most of our team’s resources, both financially and time-wise. As previously stated, its release is estimated for EOY, a substantial decrease from the initial deadline of Q1 2021.

In cooperation with GWEI, the firm that also helped build our token swap and initial staking contract, we have finished backend development and basic interface integration just a few days ago. We are now beginning front end development and doing a thorough code review to ensure nothing’s left to chance.

The next stage is testing, which we believe will last a couple of weeks, assuming no major issues are found. Once testing is concluded, the contract and all related backend implementations will be sent for audit, estimated to last around 1 to 2 weeks. While the code is under audit, we will then resume working on interface design (UI & UX), devising and testing several themes and layouts which we’ve been working on in parallel with development. We will keep the community updated as progress increases.

Where we stand on marketing

We are planning a new marketing stage closer to PreSaga’s completion, which will be its focal point.

We are already in contact with several influencers, both from Twitter and Youtube, this time at the recommendation of several crypto/marketing advisors we’ve been talking to. Our plan is to promote awareness of PreSaga making use of interface and structure sneak peeks and previews, accompanied by infographics pertaining to relevant features and industry comparisons.

We’re also in talks with one of the biggest AMA groups in the world and will hopefully be able to reach an agreement for an AMA with them once marketing kicks off. We’ll keep you guys in the loop.

Foundation resource allocation

Upon its inception, the Foundation was made responsible for an address containing 1,472,557 LOCK, reserved for paying development and implementation of community approved proposals.

Since then, we’ve had 2 Aragon approved proposals, one for Ferrum Network staking and another one for PreSaga.

In regards to Ferrum, the proposal is now entirely paid for, with expenses detailed as follows:

• 10,000$ for web based staking technology integration, 4 staking contracts, staking website integration, and advanced customised liquidity staking;
• 3,000$ worth of LOCK tokens for marketing purposes with Ferrum;
• 622,829 LOCK tokens used for staking rewards, fully distributed between stakers.

As for PreSaga, two payments were made totalling 203,708 LOCK (118,343 + 85,365) to pay for initial research and development. This represents a bit over half of total estimated costs, not including other potential costs derived from our next marketing stage.

Although these expenses took a relatively high toll on the Foundation’s reserves, the goal is for PreSaga ( and all upcoming dapps ) to generate a steady income stream towards the Foundation, helping fund future proposals. That is why we need to ensure PreSaga exceeds everyone’s expectations, and it’s why we’re working around the clock and leaving no single detail unchecked.

As a separate note, we’re also looking into Snapshot as an alternative to Aragon for voting, something we’ll make sure to let the community know as soon as a decision is made.

Like we said, this is meant as a quick update to make sure everyone understands where the project currently stands.

Hopefully our next update will be done alongside the first PreSaga previews, should everything go according to plan.

Until then, stay safe!

The Meridian team

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