Greetings, Spiritors. We hope you're all doing wonderfully.

11 Jun 2023, 11:09

Greetings, Spiritors! We hope you're all doing wonderfully! We're here to give you an update on the expansion project, which will hopefully address any doubts you may have. We're embarking on a special journey together as the SpiritDAO, and we are here to share some news with you! As the custodians of the DAO, we have been working tirelessly to ensure that our expansion project is launched on the best possible platform. Our aim is to provide the SpiritDAO with the most favorable conditions and maximize the benefits to our ecosystem by attracting new users. Initially, we considered launching on Canto, as that was the proposed chain. However, we had second thoughts after realizing that very few projects had launched on Canto lately and the sentiment toward it had worsened compared to our proposal. Don't misunderstand us, we still have a fondness for Canto and intend to launch there in the future as our multichain ventures progress. However, for the initial launch of this new expansion project (which, again, attempts a system that hasn't been tried in DeFi yet), we want to choose the best chain available. After careful consideration, we have turned our attention to Kava. For those unfamiliar, Kava is a chain composed of two parts: the Cosmos part and the EVM part. The EVM part is a growing ecosystem with several notable projects having recently launched there, such as Equilibre and Mare Finance, setting the standard. It's worth noting that the KAVA RISE program ensures that protocols are rewarded for the TVL they provide. This means that if our potential expansion project succeeds on Kava, we would receive our share of rewards from the Kava Rise incentives program. Those incentives would of course lead to more rewards for our users/more users, and this can create a flywheel of growth for the DAO. We believe that the Kava Rise incentives are the best incentives on all around DeFi, and SpiritDAO moving multichain in an EVM chain with incentives like these looks very appealing to the eye! We have had three meetings with the Kava team, and both parties are enthusiastic about sharing our intention to launch there with the community. However, an issue with Multichain arose, halting bridging transactions on the Kava Chain, causing confusion and panic. For a couple of weeks, there was uncertainty throughout the Kava ecosystem, including our team, who were about to propose the project's launch to the community. But today, the confusion has been resolved, and the Multichain bridge is functioning as intended, returning Kava to its normal state. This means that all Multichain assets on Kava have been successfully bridged, and Kava can once again process inflows and outflows like any regular chain. This is why we have remained silent in the past few weeks, as we had many meetings to attend and were waiting for the situation on Kava to settle. Sorry if the communication in the last few weeks had been problematic, it was because we had to wait on stuff that was out of control. Now that it's finally fixed and the things are calmer over there, we can announce to you what we've been working on behind the scenes in the last month! Would like to hear all of yours feedback on our Discord channel before we push a potential proposal! Cheers @everyone, *SpiritDAO*