Should Harvest invest in Steady State?

---- TL;DR ---- Harvest proposes a $50k investment in Steady State's SEED round ($0.07/token for Seed at $28m FDV for $3m).

---- PROPOSAL FOR ♋the-council-of-69 INVESTMENT ---- steadystate.finance 🛡 - B2B DeFi Insurance

Steady State: "We are building the first Direct-to-protocol protection solution while the current offerings focus on retail insurance, creating an On-chain insurance solution for DeFi protocols to protect themselves against smart contract risks. We're building this through the use of Chainlink Keepers technology for automatic claims payouts, the first secondary market of its kind in which users can trade their risk exposure, gamified staking mechanisms, and a dynamic rewards system in which users can earn a yield through fees, premium payouts, liquidity mining and more. In tandem with the protocol, we are creating the Risk Analysis Database (RAD), the most comprehensive aggregation of DeFi exploit and hack data points to date.

Steady State is pre-launch Insurance Protocol development stage at the moment. We are beginning to raise funds this month and have been meeting with a number of strategic partners and investors that align with our long-term vision for the project.

We are backed and incubated by YIELD App with Tim Frost being a strategic partner in Steady State. We have also formed partnerships with EQIFI and who will be helping us develop the protocol and will be one of our first clients along with YIELD App. AuBit and Graham Doggart (CEO) are also key supporters and they will be assisting in building out the financial engineering models for our products. Chainlink Labs have also given us a community grant and David Post is actively involved.

We are currently in deep development phase working towards Testnet/Demo state, building alongside YIELD App, EQIFI, Chainlink Labs, AuBit, and a number of other partners. Looking to have a MVP product launch in Jan 2022, with full v1 out by March. IDO is tentatively scheduled for early Dec 2021."

---- Tokenomics ---- Team lock is for 6 months and all Team tokens are vested over 30 months.

The FDV of comparative insurance protocols is much higher - Nexus Mutual FDV is $1.2 billion, Tidal Finance FDV is $207 million, InsurAce is $151 million.

---- Sale details ---- $0.05 for PreSeed at $20m FDV for $1m $0.07 for Seed at $28m FDV for $3m

Total raise is $4m

PreSeed - total $1m - token price is $0.05 at $20m Fully Diluted Value Strategic - total $3m - token price is $0.07 at $28m Fully Diluted Value

Working with Chainlink Labs and Shima Capital to fill out the cap table

HARVEST will be entered into the SEED round

MVP product launch in Jan 2022* By March with testnet of product and further. Token launch will come post product laucnh to bolster our community.

--- For Seed Round --- Current investors in preseed Rarestone capital, Yield.App, Equifi, Aubit, Multiple angel investors with backgrounds ranging from Sequioa to more Defi Oriented backgrounds. All projects brought on board with Steady State will be looking at an advising product build to make sure it meets there needs as potential cleints. With Harvest.Finance coming on Board, SST will have over $1 Billion client valuation pre product with much more coming soon that will brought on board from investors in the seed round. Seed round is being organized by David Post (Chainlink labs) and Yida Gao, Who will be organizing many of their partners and LP's into the round. We also want to get early interested protocols as well in, Shima is excited to bring Harvest.finance (and others alongside the round) to show proof of the ecosystem being built by Steady State.

Compare to other insurance protocols: https://www.coingecko.com/en/categories/insurance