December 20, 2023

The following is a letter that was sent by Protocol Gemini to email subscribers.

TLDR: Development team change-up, funding is tight, things are progressing slower than initially expected.

LETTER FROM THE FOUNDER

These past few months have been one of the most challenging periods for Protocol: Gemini as a company. Many roadblocks such as a bear crypto market, SEC regulations, and more, have prevented us from delivering on promises we made.

One of those promises was a token offering of GEMZ to use within our mobile app. Unfortunately, due to the everchanging landscape of SEC regulations, this has meant that a core funding route for a community support mobile app has been blocked. Another source of funding that has been running dry is the decrease in NFT demand on L2, lack of progress on GameStop NFT Marketplace, and general crypto market sentiment.

Additionally, as a team, we are not satisfied with the quality of Metagates and we are aware that many of you feel the same, and want to avoid a similar experience with the mobile app.

To ensure we can build quality products and experiences, we have decided to part ways with CoreBlocks as our main developers. We have been outsourcing from them since we began working on Metagates but will now focus on rebuilding with a group of developers who will share the same dedication and passion as us, with a greater focus on refining user experience and enjoyment.

As for the mobile app, we have an internal version that CoreBlocks had been working on. We have been testing internally and still have a bit to go before we are ready to show you more. The development of new features for the app, along with Metagates, has been halted until we restructure to new developers. Regardless of the halt in development of new features, Metagates will continue to function in their current state and we will (slowly) work on improvements and enhancements to the user experience.

We believe this transition, if successful, will help us build better products and grow an even stronger community.

This transition brings its own challenges – high risk, high reward. Protocol: Gemini has been self-funded since the beginning but due to a few factors, this is no longer feasible. We have begun looking for investors to support us as we build the future. For those of you wondering, I have not taken any money for myself these last couple of years. I still drive the same 10 year old car that has peeling paint as I did before all this began. I am solely dedicated to the vision.

If you believe in what we are building, we invite you to support us in this exciting journey in any way you can: purchasing merch, buying Metagates, spreading the word, playing our free experience “Into the Cyberverse” on Spatial, and more. Every little bit contributes to our ability to keep building.

We are also doing our very first limited holiday sale on Metagates 20% off (everywhere they are for sale, LIVE NOW!) and Merch 10% off (code XMAS10) for the holidays until the 2nd of January, so if you have been waiting for them to be more affordable, now is the time! Plus every purchase whether for yourself, a friend, or just to support he protocol, is reinvested towards building the Future.

We know you will have questions, and we will do our best to answer them. If you would like to invest in Protocol: Gemini, please feel free to DM me.

Thank you in advance for your continued support.

  • Shrike and the team.