Unfortunate Circumstances, Growth & Answers For Monks Community
From The Monastery…
Immortals and all Monastery participants, we want to first start off with an apology.
Many of you have said we rugged or blatantly scammed and that is nothing but lies to fabricate a story that was articulated by some of our own Monastery team members.
Unfortunate Circumstances
As many of you are aware there have been many accusations and lies being thrown around about the Monastery. Before we even dive deep into this — we had every opportunity to ‘scam’ / rug / soft rug — whatever you wish to call it.
We are still here trying to do our best even with all the backlash coming from the community.
Let’s first address a few points.
A) Immortal Monk NFT — Monk NFT utility was supposed to be boosted APY in the rebasing DAO which was a OHM Fork.
The Monk NFT was added into the OHM Fork code to work with boosting APY in the DAO.
B) Monastery DAO — We have been working on and delivering the Monastery for all participants. Yes, there were bugs that came up along the way. There were hiccups that we couldn’t have predicted such as glitches on the user interface and others.
One of the biggest issues was the bonding calculations to grow the Monastery treasury.
The BCV (bond control value) was pushed to the limits but we ensured that it was fixed asap once we noticed it. We even took measures to shut off the bonding to ensure more stability.
All of our best efforts were made to keep things stable and growing. To clarify, the team spent significant capital on R&D, hard development costs and more to establish the OHM Fork in which no money was made by the team as we only received MONK when bonds would take place.
We want to reinforce that we made no profits / revenue on the DAO whatsoever.
Regarding the deliverables — they were delivered as stated from day one.
We also put it to a vote in the discord if participants / holders wanted us to roll out the governance tokens or use the liquidity left ($300k) from the ICO to redistribute back to holders.
The vote was for redistribution which is exactly what we also delivered (and currently still delivering on).
There are many other key points such as lack of efficient marketing, deployment of treasury investments, etc.
We want to make it very clear; we could’ve at any moment easily disappeared with the funds but we are still here trying to make this right for all holders and still grow from here. Our goal from the start was to never fail, unfortunately we did.
This does not mean we are stopping. We know the trust from the community will be hard to regain but we aren’t asking for a single thing from any member. We are going to continue to build and our plans will come out soon.
We will release information on building once we have redistributed to holders successfully.
Growth…
As stated above, we don’t plan on stopping here. As a matter of fact, the NFT’s aren’t useless at all. From the beginning we wanted to build an encompassing ecosystem, not just a DAO.
The DAO was going to be a stepping stone to help grow this vision of ours. We now realized our shortcomings and flaws we had as a team.
The NFT’s still will retain utility (more on this coming with our plans after the reimbursement phase is over).
We still want to develop in DeFi, but as we stated we know the community trust is something we have to garner all over again. We may never fully regain it, but it won’t stop us from trying.
Rather than traveling down the traditional venues in the DeFi world we are going to build first and not do any type of capital raising. We are simply going to work on development first and most importantly incorporate the NFT’s with more utility.
Many community members might laugh and poke fun at this attempt, but it won’t deter us. We know deep down we aren’t here to scam or steal from anyone. We will keep pushing forward no matter how disheartening it might be for us.
Answers For The Monks Community
We are going to handle this as a FAQ section.
Q: What are we refunding exactly?
A: The ICO & Bonds currently. What we have left over we will also distribute to NFT minters.
Q: Will the NFT’s be reimbursed?
A: We aren’t discontinuing the development of the NFT utility / Monks. We are using these funds for development (have been) and other hard costs we have. Whatever is left over from ICO reimbursement we will distribute evenly to minters.
Q: How does the reimbursement work? Where are the funds coming from?
A: The $300k liquidity from the governance pool we had planned. We are also withdrawing from the treasury once the 300k DAI from governance LP is used. We are using ALL those funds to redistribute back to everyone who fills out the form found on this proposal page: https://www.monasteryforum.xyz/t/mip-executive-reimbursement-order/225
Conclusion
As of right now our first phase is to redistribute bonds & ICO participants to the fullest extent.
We are going to be providing updates in Discord as well as Twitter. We will start creating formal announcements similar to these on Medium so please make sure to sign up for notifications.
If you have any questions that you wish us to address in our next FAQ medium post we release please go ahead and leave a comment here on this post.
Blessings,
Woke
