Community Update NOV 13 2021
Ok, Time for the semi regular update. lets go
So big news, we have just struck a deal with a veteran developer with 13 years enterprise development experience and 7 of those years have been in a fintech Fortune 500 company. He has worked in development and project management. A perfect for the team and thus we have hired him.
We are paying him a total of 125 million PEACH. (125,000,000) The payment will be made with 62.5 million from the treasury peaches, and 62.5 million (62,500,000) from the founders wallet. Thus increasing the circulating supply to 812.5 million (812,500,000)
The developer will be bound to The 24 hour advance notice agreement and thus will at all times be required to post any transfers over 100k PEACH outside of his personal wallets.
In addition he is bound to the same 1 year lock up agreement on the 62.5 million PEACH that is coming from the founders wallet. In addition He is bound to a 30 day lock up on the 62.5 million PEACH that is being paid from the treasury.
We are still on track to hit our development goals and this addition to the team helps solidify this.
Anyone can establish a liquidity pool in many of the liquidity pool sites available out there. Peach understands this, but we want our name to mean something. Thus we are launching #PEACHAPPROVED, an initiative to assist people in identifying notable and worthwhile ASA’s that are in the very early stages of development. Projects that reach out to us or projects we reach out to can begin the process of approval. We will discuss the project's scope, tokenomics, team and other important factors to determine if it's one of an appropriate risk tolerance for us.
If Peach approval status is obtained it means we have vetted the counterparty and deem it to be one of acceptable risks for our portfolio and thus we will underwrite the liquidity pool with our Peaches. To be very clear this is not an endorsement of the project for any investment in a crypto portfolio. If you choose to acquire said ASA you must do so at your own risk, but know that we have a vested interest in the success of the project if it obtains Peach approval and we have contributed peaches to the liquidity pool. Approval can be revoked at any time as changing conditions may warrant a rescission of approval status. The cost to apply for peach approval is FREE presently but will have a small fee paid in PEACHES associated with it in the future which is in relation to the size of the initial liquidity pool.
We know many of you were expecting the release of the “White paper” this week, but in our opinion it is not ready to be published. We had a lot of work behind the scenes this week and that is what is pushing back the paper. Which leads us to the next topic
This week has been especially good for the ASA Akita Inu. We are very proud of the success and accomplishment ths ASA has achieved in such a short period of time. We know the team is ambitious, and that ambition may have led them to make a few possibly premature comments regarding Yieldly partnerships. We can’t fault them for being this way, but we at Peach can't afford to be as cavalier with our news. Therefore we won’t post news until it is ready to be published. There are plenty of things going on behind the scenes we would LOVE to share, but until the deal is done and we can post about it. We will keep it internal.
This is a last minute addition to the release. We are well aware of what is going on with the tiny man pools. They have posted about how some pools have issues that cause a locking of funds inside of it. We are closely monitoring the situation and if anybody is encountering issues with any Peach pools, do not hesitate to reach out to us mods. We are already discussing contingency plans in case something is affected. If necessary, we will share our decisions and open the floor to community input if we have to seriously consider any of our contingency plans.
That is what we have for you so far. We greatly appreciate you sticking with us. And the best is yet to come.