Pylon Pool x Terra World

Statement and Update from Terra World on Pylon Pools for TWD

There has been some recent community sentiment and controversy against Pylon Pools for TWD. We would like to take this time to address some of those concerns and provide more perspective from our team.

As one of the largest beneficiaries of the Pylon Pools, we feel inclined to make a statement on why we strongly believe that adding the feature of withdrawals goes against the ethos of lossless fundraising for early-stage projects and share our current state of project development.

A. On Pylon Pools and the terms and conditions for lossless fundraising

We believe that allowing users to withdraw UST would be a violation of the terms and conditions laid out in the initial expectations for engaging with the Pylon Pools for TWD. By virtue of depositing into a Pylon Pool, users sign onto a long-term commitment: to lock up their principal for an extended duration of time in return for project tokens.

In the early days of the Pylon Pool when the Pylon Pools are undersubscribed, users may receive an overabundance of APR that is above and beyond Anchor’s 20% savings rate, while later down the line as more users make deposits, the APR may decline. Moreover, based on market conditions that influence the price of the token and as the project makes updates and developments to add value to the token, token price (and thus APR) is also subject to change.

It’s not possible for token prices to always go up, nor for the project team to maintain Pylon Pool APRs that are always above and beyond the Anchor rate. All the project team can do is to focus on building new features and platforms, while users are able to make strategic capital preserving investments at no loss of principal. Pylon Pools allows early-stage projects like Terra World to bootstrap our project vision and work towards creating that into reality.

As mentioned by a user in reply to the thread on whether withdrawals from Pylon Pools should be allowed, we believe that having the option to simply withdraw/redelegate your commitment creates bad precedent, as depositors can invest into any project with less confidence, conviction, and DD, but only drop by to quickly farm and dump token rewards. Withdrawals should not become scapegoats for “their token is not performing well in the market.”

For projects like Terra World that are positioned for the long-run and require an extensive amount of development resources, we think that allowing withdrawals will attract more projects that are focused on shipping quick items with a narrower vision to please the community in the short-term rather than building long lasting products.

These are all conditions and expectations that are fully laid out in the beginning and that users sign onto when depositing into Pylon Pools to begin with.

B. On the latest updates and developments from Terra World

We would like to share some development updates on our end to restore confidence for many of the community members who don’t feel that we’ve shown meaningful progress on our project.

To note once again, Terra World is a 3D gamified metaverse platform. Unlike other DeFi protocols that consist of a set of smart contracts packaged in convenient front-end interfaces which allows them to ship their final products relatively faster, Terra World requires extensive effort across blockchain development, 3D animation, gaming design and production.

Currently, we have recruited a 30+ person strong team of smart contract developers, game engineers, and designers that are working hard to ship our vision.

Especially when our team has planned out our development with the expected cash-flow from Pylon Pools, the proposal to allow full withdrawals from the current Pylon Pools for TWD will further inhibit our development roadmap for delivering our open metaverse platform.

We understand community concerns around roadmap delays but at the same time want to build and deliver the best possible version of our project. We plan to give users access to the alpha version of Terra World as a metaverse for work including a live webcam service within the first quarter of 2022.

We have only postponed the preview of the metaverse for the community, but internally, we have prepared various contract follow-ups. We have created two separate Terra World NFT trading platforms, TWD Factory and Art Hall for our ecosystem with an implemented burn system. Our newly added Terra Power Tier System supports users who contribute to the Terra World ecosystem extended discounts and advantages for allocations with an anti-bot mechanism during the minting process. We have prepared more Terra Power Tier benefits for the future. In addition, we have built a space in the metaverse to allow multiple access and is capable of voice and camera features, rather than having simple text chats. Terra World Art Hall is also implemented inside the metaverse for displaying and trading NFTs.

Currently, our focus of the internal alpha testing is the usage of the Terra Wallet inside the metaverse and upgrading the overall design quality. When both mentioned parts are finalized, we will release the in-game video and open the early alpha access. Here is a preview of the Terra World metaverse. We will share more of our progress with the community in the future.

All preparations for the metaverse will eventually benefit the TWD token. We are certain that the TWD ecosystem is solid. After a certain period of downward pressure from the Pylon Pool TWD token release, TWD will be strong and show good results for TWD supporters when inflation leads to deflation in the Terra World ecosystem.
We hope you consider our angle on this matter, and we thank everyone for their support.

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totally agree. If i can find some negatives, I believe you have communicated to less. For the rest, as a pool investor, I entered aware of the risk knowing also that very unlikely I would have underperformed the anchor earn benchmark.
TWD atm has staking, art hall, land and an auction system. These are alone the proof you are working. I cannot ask anything more: the market will decide about the token but the delivery is out of discussion.

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Kinda weird for you to bring “terms and conditions”.

You are not following your own terms and conditions.

For example, you explicitly said you will doxx the team in a month, but that never happened.

Then, your whitepaper says this:

But you quietly changed this without ever acknowledging it, and now in your current reasoning for delays you are noting 3d animations, where the whitepaper explicitly talked about using 2d to avoid these hurdles.

You literally changed one the core aspects about your project AFTER you got the money WITHOUT any discussion with the community that gave you the money.

You started acknowledging roadmap delays and communicating only after you were threatened to have the money taken away from you.

Fact is, you broke your own promises. Your “30+ person team” is meaningless because we can’t even verify it, you never doxxed and you have a history of going back on what you say.

So please, don’t bring “terms and conditions”.

If people vote to allow withdrawals by using governance, then that’s it. “terms and conditions” won’t save you.

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Your statement is meaningless as you only came out with this after backlash from the community.

You did not honour the committed roadmap, no updates. Total silence up until now.

Your agreement is now null and void. You are the main reason why Pylon has suffered as a platform as well.

Mark my words guys, this will be a monumental rug when it happens. I hope pylon doxx the team asap.

We’ll get the proposal to redelegate thru regardless what you say. This is how DAO works.

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Since the 3d metaverse was revealed in last year September, it seems that the reason these withdraw proposals are coming up is simply because it is lower than the anchor interest.so that’s make no sense. But if it will be withdraw ust. I think it’s also good way not to pay twd and burn to withdrawers. Otherwise there is no difference between pylon pool1 , 2 , and 3 . Other than that, you can think of ways to add other penalties.

If the twd of ust withdrawers is burned, the benefits to long-term holders are as follows.

  1. Rapid decrease in circulation
  2. TWD interest rate increase for long-term UST stakers

If anyone can deposit and withdraw at will, why did they put it in Pool 3 and get a low interest rate?

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I want to comment on this part :point_up_2: Pylon team (including woojin himself) has stated many times even in Pylon’s early days that the whole purpose of governance is to ensure that the funds deposited into Pools are used properly - I recollect them saying that if teams do not adhere to their roadmaps, or delay, etc etc, the community (MINE stakers) can vote to remove a project from Pylon funding.

In your post, the narrative seems to be about price action. While a bulk of the community is definitely unhappy with price action, let’s face it - ALL terra alts are suffering in price action - and this is reflected in most pylon pools. I personally don’t think price action is the issue. The issue is deviating from the roadmap without communicating or establishing concensus with the community which funds you. Of course, roadmaps are not set in stone and should have some room for adjustment - but perhaps the way TWD has gone about it especially in terms of communication with the community is lacking. Also agree with @Ernestas above regarding the doxxing and maybe even transparency in usage of funds (ballpark).

Literally your entire funding comes from the community (Pylon Pool funders) - and yet, it seems like the community is getting the short end of the stick in every way. No priority access for Pylon Pool funders for land sale is an example - doesn’t even count into tier? In your Discord you’ve written “early bird gets the worm” - yet this is not true for for Pylon Pool funders and MINE stakers who chose to believe in your project early and fund you after a botched launch when all you had was a whitepaper and a simple website.

My take - everything looks pretty good so far, but your team is getting complacent. Think of Pylon Pool funders/MINE stakers as your seed/angel/VC investors - you need to please and communicate with us just as you would with your VC. Barring which, pulling funding is definitely in the cards as I stated above. Contrary to your belief - it does not go against the ethos of Pylon as it was stated by the team from the very beginning. Check and balance is needed.

**EDIT: Also, seeing as TWD gets in excess of 2.5million UST a month from Pylon pools, and I assume from land sales, NFT sales, and such you are also generating a lot of revenue, perhaps some transparency in terms of “cashflow” as you stated would help the community understand where the money is spent on.

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:point_up_2: Again, your narrative seems to be a lot about price which trust me, isnt the point around the discussion of defunding or withdrawing funds. Loop, VKR, MINE itself and many other tokens are also experiencing dropping prices and very low APRs from Pylon Pools, but no one is talking about withdrawing funds.

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I think the agreement is mutual, TWD you guys didn’t deliver the project according to the whitepaper!

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While I actually agree that allowing withdrawals defeats the purpose of the pools, your quoting of “Terms and Conditions” is by far the most tone deaf statement I’ve seen from a team on Terra. The last organization to quote me the T&C was my TradFi bank…

This post is very telling and should leave everyone very informed on how you feel about the community.

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We are recruiting more staff, moderators etc. for a better communication.

Yes, the initial idea was to create the metaverse in 2D. But we invested heavily in our workforce, solved technical problems and decided for create the metaverse in 3D, which in our opinion would open more possibilities to experience the metaverse and attract more users. We have shared screenshots of the upgraded metaverse on Twitter in September. The 3D version was well received, and we continued to go in that direction. Please excuse us, if we haven’t shared adjustments with the community immediately. Our intention to change from 2D to 3D was purely for the benefit of Terra World and its community. We will share more of our progress and push the interaction with the community to prevent such confusion in the future.

Please note that the roadmap deadlines are estimates and goals. Although, we made every effort to stick to the roadmap, unforeseen circumstances and additional feature developments caused some details to change. An apology and an update of the roadmap for 2022 was officially announced on Twitter. We are still recruiting staff to be more present for the community and to realize all the goals we have set for Terra World.

You have a staff of 30. You are earning 30 million UST per year from the pool. 1 million per person per year. Can you share more information about your costs?

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Wait, you can actually keep this 2022 roadmap in time?? I thought another lies and delays will come again. That’s my prophecy. What will you tell the community this time???

This is something i would like to know as well. TWD team is receiving a insane amount of funding for the project and here the team is telling us that they’re hiring more staff for communication. Is this a joke? $ 2.5 Million per month is no small amount, its a ridiculous amount of revenue for the half-baked progress they’ve shown us in their twitter announcements. Any 3d animation company can create what they’ve created for less than half that revenue in a matter of a few months, and yet they’re busy giving ridiculous excuses and been sidetracking their own roadmap with no end in sight. In order to gain back the trust that the TWD team has utterly lost , they need to buckle up and make some solid releases showing great progress or else they’re going to lose funding in a matter of weeks the way things are going.

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TWD
Thanks for the preview, to be frank it is underwhelming.
How much runway does your team have? You should be able to operate for at least 6 months on existing funds right?

Everyone else
We should put a proposal out that will give stakers the option to divert deposited funds for 6 months to a “Mine pool”

The pool will use returns to purchase Mine from the open market this will provide 2 benefits

  1. Taking funding away from a project that isn’t delivering progress / sufficient updates
  2. Providing buyside demand for the Mine token

After 6 months the funds will default stay in the Mine pool unless we vote to return the pool to fund the TWD project.

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Hey one other thing TWD - if we have 30 people working on this fulltime - why isn’t the team completely doxed? Everyone who is devoting their time to the project should be willing to identify themselves?

What am I missing here?

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