Wandering Through OpenWorld - 2022/08 Memo
Note Name Change to: Wandering Through OpenWorld
From now on, instead of writing monthly update on price of $OPEN as I did in the past several months, I decided to change the approach and write more about project developments instead of writing about price developments. The reason is price developments certainly important to follow up, however, at the end of the day we’re more into building products rather than speculating in the price moving up or down. I will still, however, leave a section about price and share with the community how I personally see the price. As any comment about future price development is as speculative as it get, please take all my thinking there with a grain of salt.
Secondly, instead of writing a monthly memo as the past: State of the Market, I decided to give this note more room in the time horizon of updates. Sometime my traveling schedule is too tight and making monthly writeup a hard thing to keep, especially if I’m to bring out quality update. However if there are a lot of updates within a short time horizon, I will be happy to write a more details update in a shorter time horizon.
Still, this note will serve as my own personal read about the project, sharing what I see and pointing to some angles that I find important for the community to understand. For more official weekly/monthly update about OpenWorld from the official team, I encourage everyone to follow our:
With that out of the way, in this note, I want to talk about current financials of OpenWorld and what we can expect from here.
OpenWorld - Financials
The current financial state of the whole OpenWorld project can be traced here:
OpenWorld - Financial Google Spreadsheet
What’s cool about this spreadsheet is you actually look into a working file of the project and you can see we coordinate on this file in pretty much real time. There is nothing hidden, what we see is what you see.
There are a few big pictures ideas I want to go over here:
First of all, on stable coins, we are holding about $139K (combined of BUSD, USDT) and $16K worth of BNB. Among these, we have operational budget of about $67K with the rest of $88K are allocated in Liquidity Pools across BSC and Harmony Chain.
Secondly, the team is accountable for about 85.5M OPEN. Which mean there is 14.5M OPEN in the free float market that are held by community. Among this 86M OPEN, there is 10M belongs to bond and escrow account, which coded into smart contract and will be released to private placement investors as well as bond holders in due time. Net that 10M OPEN, the team is in control of about 75.5M OPEN. 2.2M OPEN is allocated to PancakeSwap Liquidity Pool, and about more than 1M OPEN has been burned (1.3M to be exact), making the total OPEN in control of the team is 72M. You can see all where these 72M token is allocated across Harmony (15M OPEN) and BSC (57M OPEN) from the wallets we summarize in the spreadsheet.
Thirdly, of the largest wallets that hold OPEN, there are 5:
BSC - Treasury: 0x2B0Ae181FE6C13Bd40Acd3dC9ce5B0C323a9d8Ae
BSC - Staking Reserve: 0x0c89c0407775dd89b12918b9c0aa42bf96518820
BSC - Market Liquidity Reserve: 0xc7e87456d0a3acce76237677ce9aafdf8b0caa70
Harmony - Reserve: 0x9fB83c0635De2E815fd1c21b3a292277540C2e8d
Harmony - Treasury: 0x7c9ABB808b4aC32C6C543765D26Da2befBe379Ba
These 5 combined, control 65M OPEN, or 90% of the OPEN that the team is managing.
Currently, only 2 of 5 wallets are set up as Gnosis-Safe Multisig wallet. In the future we will convert all large wallets like this into Gnosis-Safe Multisig to reduce single point of failure risk as hack has increasingly threaten Web3/Blockchain project recently.
Thirdly, looking into the details of the wallets with the largest stable coins, the most important wallet to keep track is BSC - Treasury: 0x2B0Ae181FE6C13Bd40Acd3dC9ce5B0C323a9d8Ae, this wallet is holding about 45K BUSD, 4k USDT, and 19M OPEN. This is our main wallet to fund operational expenses, which will be utilized through this next 3 wallets:
Admin Fund: 0xC96f767122178A1FF11521e2a6D74c318Bcc445F
Management & Marketing Fund: 0x2cE6Ce8c8107Cbd2Acc6c4D05E4e743eb0F0aeA5
Product Team Fund: 0xba6409427e2313266958319a9e18bdC9726d2289
Tracing on our spreadsheet and through BSC Scan, you will see exactly what we spend on, when, and how much.
Fourthly, even though currently we are holding our majority of assets (stablecoins and OPEN) through Binance Smart Chain, in the future we will move our assets over to Harmony and other chains. Making OpenWorld a truly multi-chain project.
Finally, we have burned a total of 1.3M OPEN. Though this is only about 1.3% of the Total Supply of the token, this, however, represents about 8% of the total token float on the market. As you remember, we calculate there is about 14.5M free float OPEN on the market. 1.3M Burn and 14.5M free float combines 15.8M OPEN that is not controlled by OpenWorld team. Which making the total burn/total float of about 8%, which play a key role in helping OPEN price stable during the current crypto winter.
State of the Market
Finally, to close this memo, I will briefly talk over pricing of OPEN in the market:
Currently OPEN is at 0.04333, which even though haven’t increased much from the bottom, however, it is still an outperformer in this crypto winter period. Current combined Liquidity Pool size of OPEN across all pairs (BUSD, BNB, and ONE) are about $90K+. Which have improved significantly since the past few months when I started to track this number (back then about $55K+). So the price has mild improvement and the depth of the market is also has mild improvement. Still rather quiet on the buy side, but the market does seem lack of the sell side.
With our effort in products, private placements, and the patience of the community, I do think there is much more upside than downside with OPEN and there is reasonable thinking that this 0.0400 area might already the new bottom of the chart.
Disclaimer: Not financial advise. I hold $OPEN. I’m the Co-Founder/CEO of OpenWorld.
Source: Tri’s article