As I sit down to write this letter, I find myself filled with a sense of gratitude, humility, and a powerful surge of determination. It’s our second anniversary today, marking two full years since Position Exchange embarked on its journey to reshape the landscape of decentralized finance. This journey, though demanding, has been incredibly enriching, and I am thrilled to share our reflections and plans with all of you.
Looking back on the path we’ve traveled, the most striking feature is the series of challenges we’ve encountered, each one seeming bigger and more daunting than the last. The most recent and evident of these is the sharp fall in the value of $POSI, our native token. From an all-time high of $7, the price has depreciated to just $0.03. This drastic fall is undoubtedly a tough pill to swallow. We understand the disappointment that many in our community feel. This isn’t the outcome we strived for, and it certainly doesn’t reflect the blood, sweat, and tears our dedicated team has poured into this project.
However, it’s during such trying times that our character as an organization is truly tested. We believe every adversity we face is a stepping stone towards a stronger Position Exchange. We consider them learning opportunities that force us to reevaluate our strategies, re-examine our capabilities, and recommit ourselves to our vision. While this setback hurts, it does not deter us from our mission. Rather, it fuels us to work harder, dream bigger, and reach higher. It strengthens our resolve to prove our mettle and deliver on our promises.
But our journey has not just been about overcoming adversity. Over the past two years, we’ve managed to hit some significant milestones that underscore the growth potential and robustness of our platform. In April 2022, we tested the first version of our Decentralized Perpetual Trading Protocol (DPTP), a vital piece of our ecosystem.
The initial testing phase was followed by rigorous fine-tuning and refinements based on community feedback and internal assessments. In June 2022, we went ahead with the development of our first Decentralized Exchange (DEX) with an order book. It represented a big step forward in our mission to create a more accessible and transparent trading ecosystem.
Our biggest achievement of the year, however, was the successful launch of the first version of DPTP in December 2022. This ambitious project has surpassed our expectations in terms of both user adoption and trade volume. The DPTP platform consistently ranks among the top Dapps worldwide in terms of 24-hour user count. We’re averaging a daily trade volume of around $10M and have burned a significant number of POSI, which is an impressive feat.
Despite these successes, we’ve also had our share of setbacks. After the launch of our DEX, despite incorporating advanced technology and innovative features, the outcomes were not as we had anticipated. The lack of liquidity and challenging market dynamics proved to be a bigger hurdle than we had foreseen. Moreover, DPTP faced challenges due to insufficient liquidity and became a target of numerous cheats, leading to a loss of liquidity. Consequently, we had to temporarily suspend operations for three months to reinforce our systems with the next version - FuturX.
However please remember that, at Position Exchange, we see every failure as a stepping stone. It’s an opportunity for us to learn, innovate, and improve. We’re already leveraging our experiences from these setbacks to refine our strategies and ensure better outcomes in the future.
As we step into the third year of our journey, we carry forward the wisdom we’ve gained from our past experiences. Our vision remains unchanged: to establish Position Exchange as a leading decentralized exchange. We are determined to persevere in our mission, continually striving to enhance the value we provide to our community and token holders.
As part of this pursuit, we are currently in the development phase of FuturX, a revolutionary product that we believe will significantly enhance the trading experience on our platform. The development of FuturX hasn’t been without its challenges – from resource constraints to technological obstacles and time pressures – but rest assured, our team is working around the clock to overcome these hurdles.
Finally, I would like to take a moment to express my profound gratitude. To our community - for your unwavering faith in us, for being with us during our highs and lows, and for continually pushing us to do better. To our team - for your relentless hard work, for standing firm in the face of challenges, and for your unyielding commitment to our mission.
As we celebrate this second anniversary, let us not just reflect on our past but look forward to the future. A future where Position Exchange will continue to innovate, grow, and work tirelessly to realize our shared vision. Together, let’s make this dream a reality.
Happy birthday, Position Exchange!
On behalf of the Position Exchange Team,