Note from The TribeOne Team
Following a thorough review and deep reflection on our circumstances, including our available resources and market prospects, we’ve concluded that we must cease operations of the TribeOne Protocol. Despite our unwavering commitment and hard work, we’ve found ourselves at an impasse where continuing is not economically viable. This decision, though tough, is taken with the highest regard for our community’s trust and support.
TribeOne Achievements
Over the last 4 years, We have achieved several milestones together:
- Listing on Top-Tier Exchanges: Successfully listed on Kucoin and MEXC.
- Mainnet Release: Launched our lending dApp for NFTs.
- Mainnet v2 : Launched an integrated NFT Marketplace with Opensea & Decentraland for direct lending functionality
- V3 in Testnet: Launched testnet for NFT trading with over 14,000+ traders
- $Haka Lending Pools: Introduced lending pools for $Haka tokens.
- TribeOne DAO: Established a decentralized autonomous organization.
- Loans Issued: Facilitated 3,750 loans with a total book value of USDT 2,120,000.
Decision to Cease Operations
Unfortunately, our funding has been depleted for several reasons:
We initially set a goal for an 18-month financial runway to achieve profitability, which we unfortunately did not meet even after extending our operations to over three years. Here are the key challenges and strategic decisions that shaped our journey:
- Loan Defaults: Our portfolio of NFT loans experienced substantial defaults, impacting our financial stability.
- Development Costs: Our monthly expenditures on development consistently outpaced our revenue, leading to a drain on our resources.
- Market Decline: The NFT market, which peaked in 2021, crashed about 9 months after our launch. This downturn significantly reduced user engagement and transaction volumes, which never fully recovered.
- Strategic Token Management: During the 2021 bull market, we opted not to liquidate our tokens, as we believed the product would be able to sustain operating costs in case of market downturns.
- Resource Conservation: Despite our efforts to cut costs and extend our runway, the expected market recovery did not occur, putting further strain on our finances. The generated revenue was not able to sustain operating costs.
- Product Launch: We introduced an updated version of our dApps in 2023 along with developing new services like NFT perpetual futures. However, these initiatives did not lead to the hoped-for mass adoption.
Despite these challenges, our focus remained on building sustainable and innovative products, even as the market conditions tested our resilience.
Way Forward
As we move forward with this transition, we have decided to initiate the closure of our development efforts. Our priority is to implement a transparent and equitable strategy for all token holders.
Following the closure of TribeOne, there has been a significant shift within the team. While many members have moved on to new endeavors, a dedicated group of core team members has committed to launching a new venture named RWAOne (www.rwaone.io). This project is a testament to their ongoing dedication to the ecosystem and its community, although it operates independently of TribeOne’s original stakeholders.
In an act of goodwill, the RWAOne team is proposing a token swap. This initiative aims to offer holders of the previous project’s token, $HAKA, an opportunity to exchange their tokens for the new $R1 token, which has yet to be issued. This move seeks to bridge the transition between the projects, ensuring that the community’s investment in the form of $HAKA tokens is not lost but transformed into a stake in the new venture.
$HAKA Token Swap: Holders of $HAKA will have the opportunity to exchange their tokens for the forthcoming token of RWAOne. The specifics regarding how this swap will occur, including the terms and mechanics, will be shared by the RWAOne team as the launch of their new token approaches.
We deeply value the support you’ve shown us during our time together at TribeOne. Our commitment now is to ensure a seamless transition for all involved. Please take a moment to familiarize yourself with the full background, the reasons behind our choices, and the steps involved in the token redemption process.
Thank you for your partnership and trust in TribeOne.
