CIP056 - New Era for OtterClam

On behalf of the OtterClam founder I have some important news to give you a heads up on regarding the future of the project and a new era we're about to begin, together.

As you know, our biggest enemy for the longest time has been to sustain the funding to develop, maintain and cover the team expenses for the project which is now down to less than weeks of runway.

The combined revenue from our Treasury and Ottopia simply can't sustain the protocol and we've run out of options, apart from one other viable option to keep Ottopia alive and operational. The main points of the proposal are as follows:

🔹Liquidate the Treasury and end the DeFi side of OC but keep the NFT side of Ottopia alive and kicking. CLAM holders will be able to either receive a set amount of stablecoins per token if you are holding CLAM before the deadline. The payout per token will depend on the value of treasury on the snapshot, but is currently higher than the backing price. Any protocol-owned CLAM will be burned.

🔹The team has been working on an Eat2Earn Web3 Lifestyle app Fooday as a sister project (documentation attached), which CLAM holders can also opt into instead of receiving stablecoins. After the redemption deadline, the remain CLAM will be put into Fooday IDO. We are also exploring the possibility of Ottos utility in the Fooday ecosystem. More details of the IDO will be revealed soon 🍨

🔹Themed chests sales, games, competitions, events, new artworks, Rarity and Adventure Leaderboards will continue to run as usual. The last season will be scheduled to sent out all CLAM in the reward pool (14k CLAM currently)

🔹Only the Rarity leaderboard rewards would not be paid out in $CLAM after the liquidation as the token wouldn't exist, but in $MATIC instead. Ottopia transactions would switch to $MATIC, and 50% of revenue would go towards funding the rewards pool.

🔹No more big feature developments, there's simply no budget for it. For example, breeding mechanics mentioned in the Roadmap would not be developed. However, a secondary marketplace is being explored.

KEY POINTS TO REMEMBER

✨The plan to liquidate the Treasury is a noble end to the DeFi side which gives investors the opportunity to exit at a fixed $CLAM amount rather than devs going MIA, or not doing anything and our Discord slowly turning into a ghost town, making this move the more credible option.

✨We want the community to understand that it's in their best interest that the team continue to work together to keep Ottopia operational as we look towards an exciting IDO in a totally different space in which I and Appppo have experience in.

✨A lot of thought has gone into thinking about how to combine the new project with OC, but unfortunately, the two projects are so different it's impossible to combine them into one that is conceptually sound and makes sense.

✨Having said that, having the OC Team being behind the new sister project and promoted in that way could breathe fresh air into Ottopia and vice versa.

✨Despite our Treasury and Ottopia sales being unable to sustain the protocol, all our community efforts, social media engagements and community growth metrics are up. The reality is the harsh bear market that we've had to endure is nobody's fault and yet the community is stronger than ever.

✨Even though we're ending the DeFi side, we have achieved an enormous amount of respect in the DeFi space and set for ourselves a track record of experience in managing a successful Treasury we can be proud of with thanks to RogueAD for leading the way in proposing and passing over 50 CIPs.

What is Fooday What is Fooday? Fooday is an Eat-and-Earn app that rewards users for contributing helpful food information. With a Fooday NFT, foodies can earn by sharing dining reviews, providing food spots information and validating other foodies' information.

TO CONCLUDE

We know this news comes as a shock to you and we understand that you might need a bit of time to reflect on a few things, but we're looking forward to hearing your thoughts or any questions you may have on the above.

OGMI. 🦦🦦