Now that our Mainnet V1 is live some people may be thinking that it’s time for the team to put their feet up and enjoy a well earned rest. They couldn’t be further from the truth. Rather than this huge milestone signifying the end, it marks the beginning of our main work.
Over the coming weeks we’ll be continuing our marketing and development at pace. As we progress we’ll be sharing more details of the next features and iterations we’ll be adding to the protocol.
When we launched on mainnet some people were hoping that the value of our native token, PBX, would moon and they would get fast exponential returns. Although they were unhappy when this didn’t happen we were very happy, knowing that such quick gains can be potentially damaging for communities and projects alike.
Our main hope for the launch was that another disaster wouldn’t strike the financial or crypto markets. Over the past year the environment has been beset with several black swan events and we were delighted that we could launch in relatively calm waters.
Now that we’re on mainnet this makes all of our future adaptations much easier to implement. Although we’ll be working to raise awareness of Paribus to more users, especially those new to crypto, our main focus as always is development and making the best product possible.
Our ethos is very simple, building slowly and steadily, ensuring safety is paramount. The beauty of the present market conditions are that they give us the space needed to grow organically, rather than in unsustainable sharp bursts which can do more harm than good for the longevity of the protocol.
Everyone enjoys green candles and watching their portfolios grow in size, however it’s worth remembering the present macroeconomic conditions haven’t changed much in the past few months. If anything they’ve become a little worse.
YouTubers and Crypto Twitter influencers will always say that the next bull run is about to begin because they need dramatic content to gain traction and stay relevant. In reality inflation is still high, the banking crisis is far from over, and central banks are uncertain whether to continue plunging their respective economies headlong towards recession.
In order for the next bull run to begin the markets need a fresh injection of liquidity which usually comes from cheap finance and easing of monetary policy, or mass rebalancing of investors portfolios. The last jump in price for Bitcoin was due to the latter because of the collapse of Silicon Valley Bank and Credit Suisse.
Investors were quick to pull their funds from European and US banks that had previously been considered safe havens. Even when Credit Suisse offered yields of over 6% to investors in Asia, no one wanted to touch them.
Part of the reallocation of funds across many portfolios found its way into crypto, in particular Bitcoin. The fact that Altcoins didn’t see a comparable surge in price indicates that it was safe haven investors looking to hedge their portfolios rather than investors that deeply understand the market.
Had there been a massive price spike following our launch on mainnet this would undoubtedly have been accompanied shortly after by a price plunge. While such fluctuations are loved by swing traders they don’t help build confidence amongst long term hodlers.
Our outlook has always been long term and we’ve continually encouraged our supporters to share this view. Now that we’re live we can all look forward to steadily building out both the protocol and community.
In future posts we’ll dive a little deeper into our development process as well as continuing our drive to increase financial and blockchain literacy. We’re here for the long haul, and we’re overjoyed that we’re now live and ready to grow.