Nakama: A 2023 Recap and Glimpse into 2024

By Nakama Labs Last updated Jan 2, 2024

As the year draws to a close and we’re enjoying the holiday season, we want to take a moment to reflect on the significant milestones we have accomplished throughout this remarkable year at Nakama. While it might be tempting to simply revel in our achievements, we’re not content to rest on our laurels. In this article, we’ll not only review the highlights of 2023 but also provide a glimpse into what lies ahead in 2024. Far from slowing down, we have exciting developments to unveil, and while we can only share a few details here, the excitement is tangible. So, without further ado, let’s commence by revisiting the key moments of 2023.

Deepr Finance

Maiden test phase for Deepr Finance

In 2023, Nakama’s decentralized lending and borrowing platform, Deepr Finance, experienced significant progress. In May, Deepr Finance participated in the two-week-long incentive campaign Treasures of Shimmer. The primary goal was to rigorously test the ShimmerEVM testnet, and the outcomes exceeded expectations. Our community and we experienced a smoothly functioning network, coupled with stable performance from Deepr Finance. Benefiting from insightful feedback provided by users, our developers made minor refinements to the dApp, ensuring its optimal readiness for the mainnet release.

It’s worth noting that Deepr Finance enhanced the security and efficiency by partnering with Pyth, a leading pricing oracle service, integrating real-time, accurate data to ensure precise assessment of collateral values, ultimately fortifying the stability and transparency of the protocol.

Meme tokens on Deepr Degen

In October we launched Deepr Degen, a meme token-based version of the protocol. This version served as a dedicated playground, allowing users to test and experience Deepr Finance in a unique low risk environment before the official launch.

Deepr Degen witnessed the introduction of two tokens, FISH (ShimmerSea’s inaugural community token) and WEN (a token that pays tribute to the IOTA and Shimmer communities’ notorious wen questions).

We’re delighted to report that the feedback from users has been overwhelmingly positive, and it’s with pride that we affirm Deepr Degen has operated seamlessly since its inception, without encountering any issues.

DEEPR fair launch: 2-minute blast

On October 28, Deepr Finance successfully launched its native token, DEEPR, on ShimmerSea DEX. The fair launch unfolded seamlessly, resulting in an impressive sell-out within a remarkable span of under 2 minutes. Access to the coveted spots on the whitelist for the fair launch was exclusively available to holders of either a Lumie NFT or a Subie NFT. For details on the tokenomics of Deepr Finance, make sure to read this blog post.

Besides the fair launch, we also celebrated the minting of our Subie NFTs. The Subies stand as the very first collection of NFTs generatively minted on ShimmerEVM. They signify your status as an original member of the Deepr Finance community. Acquire yours on the ShimmerSea NFT marketplace.

Outlook for Deepr Finance

Following the introduction of the LayerZero bridge on ShimmerEVM, there are no more hindrances that would deter us from launching the full version of Deepr Finance on the Shimmer network.

It’s crucial to highlight that initially, the distribution of DEEPR tokens as community liquidity incentives is notably high, especially in the first days and weeks upon the platform launch, gradually decreasing over time as illustrated in our token emission chart below. Thus, early participation is advantageous.

Owning DEEPR tokens offers significant advantages. Users will have the opportunity to stake their DEEPR tokens and receive 50% of the fees generated by the protocol. Furthermore, we plan to progressively transition governance to our community, ensuring users play a pivotal role in shaping the future development of the protocol.

For details on the upcoming milestones leading to the launch of Deepr Finance, see below:

December 27, 2023
Launch of LayerZero Bridge

December 29, 2023
Unlock $DEEPR tokens to multisig wallet

January 2–7, 2024
Evaluate market liquidity to identify assets for launch of Deepr Finance

January 8, 2024
Closed Deepr Finance launch testing

January 10, 2024
Open launch of Deepr Finance

January 11, 2024
Start of market activity incentivization (community liquidity incentives)

Virtue

Launch and successful testing

In 2023, we were thrilled to unveil Virtue, an over-collateralized stablecoin borrowing platform with 0% interest rates. Virtue is a modified fork of the battle-tested decentralized stablecoin borrowing protocol Liquity with an enhancement to the borrowing experience that introduces multi-collateral deposits. Virtue’s native stablecoin vUSD provides liquidity while maintaining a 1:1 peg to the US Dollar.

The protocol is currently running smoothly on the ShimmerEVM testnet, as our developers make final adjustments to the dApp before its mainnet launch.

In September, Virtue announced its partnership with ShimmerSea. Virtue will utilize ShimmerSea’s platform for its Initial Liquidity Offering, ensuring a smooth introduction of its native token to the market, offering liquidity incentives for ShimmerSea, relying on its pricing data for platform security, and promoting wide adoption of vUSD on ShimmerSea’s decentralized exchange.

Last month, Virtue partnered with HashEx to conduct a comprehensive audit of Virtue’s smart contracts, ensuring the utmost security and peace of mind for our users. The audit is progressing well, and there have been no significant findings thus far. We will provide the final report once the audit is complete.

Meet the GOATs

Very recently, we unveiled the GOAT NFTs, a generative mint offering one-of-a-kind NFTs with various rarity levels. These GOATs serve as your entry pass for the upcoming fair launch of VIRTUE, the utility token associated with Virtue. Engage in Virtue’s raffles, and with a bit of luck, you may emerge as a winner and secure a place on the fair launch whitelist.

Outlook for Virtue

While we are initiating the launch of Deepr Finance first, Virtue is scheduled to follow suit and will be introduced once Deepr Finance is operational. This approach allows us to ensure a sufficient gap between the two protocol launches. We eagerly anticipate introducing a secure and dependable stablecoin borrowing platform to the ecosystem and will provide further updates regarding the GOAT NFT minting, the VIRTUE fair launch, and the protocol release in due course.

Accumulator

From testnet to mainnet

In May, Accumulator, a decentralized yield optimizer for DeFi investors, participated in the ShimmerEVM testnet campaign. Five months later, Accumulator hit ShimmerEVM mainnet.

Accumulator maximizes cryptocurrency yield securely by employing smart contracts and diverse investment strategies, automating the optimization of user rewards across decentralized exchanges and DeFi yield farming through compounding.

Currently, Accumulator offers access to five distinct pools, including DEEPR/SMR and SMR/LUM. Overall, we received highly positive feedback from users, underscoring their satisfaction with this dApp.

Outlook for Accumulator

Looking ahead, Accumulator users can anticipate the introduction of the utility token ACCU, poised to play a pivotal role in the platform’s ecosystem. Stay tuned for more details on the token’s specific utility. Moreover, an exciting NFT collection is on the horizon, providing exclusive benefits for NFT holders.

Genie’s Bounty

Proof of Concept on ShimmerEVM

In 2023, Genie’s Bounty, Nakama’s debut dApp on the ShimmerEVM mainnet, marked a significant achievement as an innovative Proof of Concept for a transparent and secure gaming experience. Utilizing Shimmer’s on-chain randomness, it ensures complete fairness and tamper-proof integrity, distinguishing itself from traditional and Web3 randomized games.

The platform is making use of the valueless CHIP token, paving the way for upcoming community gambling events with some nice prizes.

Nakama Labs

In addition to the significant advancements in Nakama’s dApps, noteworthy progress has been made in various other areas:

Community events

In 2023, our engagement in community events significantly intensified. Whether participating in AMA sessions, organizing X Spaces, or hosting Discord live demos, we recognize the invaluable role our community plays. This acknowledgment fuels our commitment to expand community events even more in 2024, aiming to share knowledge and showcase our latest developments. We eagerly anticipate your participation and look forward to welcoming you to our upcoming events. Frequently, there is an opportunity to secure a small prize.

Educational postings

Throughout 2023, our increased focus on educational blog posts went beyond merely explaining our dApps. As one of the biggest Web3 teams in the IOTA and Shimmer ecosystem, our goal is to establish ourselves as key opinion leaders, actively sharing our knowledge with the community. Medium stands as a central platform for disseminating this knowledge, serving as a core pillar for us. Looking ahead, we are committed to publishing many more Web3-related articles in the coming year.

We are happy to share some highlights from this year:

GODAI NFTs

This year, we introduced the GODAI NFT collection. These utility NFTs are highly exclusive, with a maximum supply of around 500. They serve as your key to Nakama’s ecosystem, providing benefits like small token allocations, early access, and Discord privileges. Stay tuned as we are about to share news about the minting process soon. Learn more about the GODAI NFTs.

Team

The strength of a company lies in its employees, and we consider ourselves fortunate to have welcomed valuable additions to our core team recently. With nearly 20 members, our team is substantial and brings together a wealth of expertise.

Recently, we have initiated a series that spotlights our team members, offering insights into their roles at Nakama. Be sure to explore it, and stay tuned for a new episode premiering in early 2024.

Outlook

In 2024, Nakama anticipates a year of strong innovation and growth, building on the achievements of 2023. Deepr Finance is set to shine with its imminent full release. Virtue, our stablecoin borrowing platform, will follow with the fair launch of VIRTUE happening first. Accumulator will introduce the ACCU token and an exclusive NFT collection. Overall, Nakama remains dedicated to community engagement and education, fostering a vibrant ecosystem within the IOTA and Shimmer communities.

There’s nothing more to add except for wishing you a remarkable start to 2024! We eagerly look forward to the exciting developments ahead and are thrilled to have you as a part of it.

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