In early March 2024, the Gainify team was assembled to start the legwork for launching the project. This included creating the concept, website, gitbook, graphics, tokenomics, and setting the foundation for items like Pera verification & Vestige locks. A lot of preparation went into the concept before finally deploying the token on April 14, 2024.
We targeted crypto’s favorite day, 4–20, as the date to fund our LPs and make $GAIN available to the world. We approached the launch quite stealthily, with no advertising nor shilling to be found. Our first project tweet came out just a couple days before the LPs went live. At the time we only had a handful of X followers and Discord server members.
For the team, it was critical to launch direct to the market without any ICO, VC involvement, or angel investors. We favor organic growth as its the most sustainable form, and our launch demonstrates this belief. We wanted to let the Algorand ecosystem find us through their own means. So far, it has worked as designed.
Once our LPs went live on April 20, things began to move quickly. Before we even had time to provision the LPs on Pact, bots were flocking into Tinyman to buy $GAIN. This led to arbitrage opportunities for those bots and created a large discrepancy between the LP funding level and what Tinyman was trading at.
While the team was unaware of the influence bots had on Tinyman, we were more than happy with the early results. Within four hours we had the #2 trading volume for ASAs, and in less than ten hours we had claimed the #1 spot for each category within the Vestige header.
This meteoric rise brought much more attention to the project. We started to see more Discord entrants, more X engagement, and more conversation with people/orgs entrenched in the Algorand ecosystem.
While the market started to learn what Gainify is on launch day, we were busy at work in the background. There was a laundry list of boxes we needed to check off to ensure our project presented itself in line with our goals. These included:
- Setting up liquidity locks
- Setting up team token vesting
- Setting up & loading Cometa farms
- Publishing updated links & info to our website/gitbook/Discord
- Managing communications on all social channels
Needless to say, it was a busy day at the $GAIN HQ. All in all we were in voice chat for over 8 hours. Our poor Community Lead SB stayed up all night and could hear birds chirping by the time he finally signed off.
Like all good things, the massive run up after launch came to an end and the price started to retrace. This was spurred by a bot sell off. Fortunately we had collected a section of farmers who saw the vision and maintained their LP staking.
In our first week post-launch, we started to work hard on growing our X (Twitter) and produce engaging material. Which has worked amazingly so far. Our Social Media Lead Gard has worked wonders in gathering engagement through creative posts. For the first nine days of our existence, we managed to go from zero to over 28k impressions on X — which is no easy feat!
In addition to growing our X presence, we focused a lot of our marketing efforts on our farms. When we launched the $GORA farm on Cometa, their price was around $.54. Within a week the price of $GORA rocketed to $.70 which enabled even greater returns for our beloved $GAIN farmers. The APR on the $GORA farm was consistently at or above 300% and we were quite pleased to offer this reward to our liquidity providers.
Given that $GAIN exists to drive liquidity and TVL within the Algorand ecosystem, when we see users flocking to our farms we find this to be our greatest measure of success. Without a doubt, the season one $GORA farm will forever be part of Gainify’s lore.
As mentioned above, the tag of Rich Flair by MJ led to us joining @algorandculture for a X space on April 27. This was our first opportunity to speak directly to the ecosystem via voice and it was very well received. Fortunately Rich is a talented host and asked great questions that many people in the ecosystem had in their own mind.
The space was as long as a feature film, running 90 minutes total. Husq was the main representative from Gainify but near the end, Banklezz & Genset Joe joined in as well. The conversation spanned everything from why $GAIN exists, what our goals are, how we plan to reach them, and our history within the space. If you haven’t given it a listen and have a spare hour and half, click here and enjoy!
One quote from the space that really drives home our intent is this:
We’re just committed to Algorand, we’re here, we’re an ASA, and that’s the way it’s gonna stay
Following the space, we saw renewed interest in both the $GAIN token and our farms. Judging by the candles after the space, we believe listeners really liked what they heard.
A topic of the space was our willingness to partner with other projects in the Algorand ecosystem. Our response was a resounding yes! We are eager to foster cooperation with other teams and want us to all grow together.
After the space we received a DM from another project within Algorand, expressing their interest in forming a partnership. Our team discussed it internally and found the project to be legitimate; and a great option for our season two farms.
Keep an eye out for announcements next week regarding the partnership. In the mean time, we’ll continue to network within Algorand — but the first partner will always be the sweetest.
As the $GORA farm was only set to run for 14 days, we had planned to launch another farm thereafter. Rather than re-provision another $GORA farm, we wanted to offer a different asset that is also in-demand and highly liquid within the ASA scene.
After reviewing options and looking at opportunities to drive $GAIN TVL, we felt that offering $PEPE as a farm reward made a lot of sense. It’s consistently a top 10 ASA for volume, has many different CEX listings, and is a premier meme token within crypto.
By offering our farmers $PEPE as an incentive, we hope they will continue to provide $GAIN liquidity and ride their LPs through to season two.
When we planned our season one launch, we intended to reward PACT LPs with a farm on Cometa. Yet on launch day, we discovered there were some technical hang-ups with the self-serve farms and PACT LPs. Fortunately the Cometa team was very willing to help us overcome this hurdle, and after a couple weeks we were able to remedy the issue.
On May 1 we launched our first PACT LP farm with an insanely high APR. This farm will be unique in that it will run across two seasons to make up for the delay in initially provisioning it. The farm will last for about 45 days and conclude with the end of season two.
If you have been a patient and loyal PACT liquidity provider, please stake your tokens on Cometa and earn your rightful rewards!
Our second season is only a few weeks away and we look ahead excitedly. We’ll build off of our tremendous start with more farms, more partnerships, more spaces, more growth on X/Discord, more community events, and more fun.
At the end of the day crypto should be a fun experience for everyone involved. We want you to enjoy yourself as you make those $GAINs.
Thank you for reading and if you haven’t yet, give us a follow on X.
Sincerely,
Husq
