Pilgrim and PIL token re-launching proposal

Abstract

Pilgrims, Good morning. I’m Taem, captain of Test in Prod. We designed and built the Pilgrim Protocol. Nine days ago, we proposed a token hard fork due to the self-trading reward abuse.

Pilgrims, I’m writing this to ask for a big favor from you. We think that immediate hard forking does not solve any current foundational problems.

Instead, we believe we should postpone hard forking, stop round purchasing, build Pilgrim v2.0, and re-launch both Pilgrim and PIL tokens. Of course, there will be proper compensation for current PIL holders.

I’m sincerely sorry to write this, especially at the last minute, Pilgrims. Please hear me out.

Problems

We cannot explain the current version of Pilgrim without PIL tokenomics.

Pilgrim is a virtual AMM that mints NFT-backed positions, rounds. NFT holders list their NFTs to get trading fees and PIL tokens . And traders buy rounds to get PIL tokens and bet on the NFT .

However, we cannot explain this scheme without PIL tokens because a trading fee cannot be enough to list NFTs for NFT holders.

Thus, PIL tokens should retain their values to work this scheme out. We optimistically thought about it upon launch. But it turned out it was wrong after launch. We had to spend our liquidity on maintaining the AMM pool and value, which a tiny team cannot do in the long run. Therefore, we were making a product that did not deliver value to people.

We found out that tokenomics cannot make sense without delivering value to people.

The execution was wrong.

Our launching methodology was fair-launching without any event. Therefore, the liquidity cannot be enough to form a proper market.

We can do hard forking now and make Pilgrim v2.0; we have already finished all hard forking deployment scripts. However, if so, we think that what happened to current PIL tokens will happen again because there is not enough liquidity.

Therefore, we should not do hard forking now and make up for this by re-launching tokens with a proper strategy.

The product is overly complicated.

Currently, only a handful of people understands Pilgrim. Even crypto researchers cannot understand what Pilgrim is before we explain it.

It’s because the current concept of Pilgrim is too complicated, and the guidance is very lack. We should have asked users when we make the product.

Solutions - Pilgrim v2.0

We will make a protocol that makes sense itself.

We need an easily understandable protocol that can be explained itself without tokens. Not to mention, we should properly execute it.

Of course, tokenomics is an indispensable part of Pilgrim. However, as I mentioned above, tokenomics makes sense when the protocol makes sense itself. We can make a protocol that makes sense itself when we can also give a non-tokenomics value to NFT listers.

We propose an asset management feature for the solution . Using our zero-liquidity required Virtual AMM, we will implement a feature that NFT lister can use the fund in the pool to a certain LTV. We are thinking of enabling NFT-backed loans and investments in Pilgrim.

The NFT-backed loan was one of the features of Pilgrim when Daniel first came up with the idea. We thought that it would be hard to implement, but we now think that we can make it correctly at this time.

We think that an asset management feature can be one of the key motivations for NFT listers.

We will launch the token properly.

We found out that DEX liquidity is a crucial part of working tokenomics. Taking a lesson from the public beta launch, we will run an event to bootstrap liquidity to DEX . At the moment, we are thinking copper launch.

We will make the product with actual users.

Currently, no one can understand Pilgrim with the current webapp. We will run user interviews and keep getting feedback from users when we build Pilgrim v2.0. We are targeting to build an understandable webapp without docs.

Asking a favor to Pilgrims

Pilgrims, as you know, I’m writing this to ask you a favor. Please let us take a moment for a hard fork, allow us time to build Pilgrim v2.0, re-launch both Pilgrim and PIL, and make it right.

How long?

We need four months max to make it done. We can make it much faster if our task is only building. However, we need extra time to execute and make impacts properly.

Our execution was very swift, but we weren’t good at making impacts.

Roadmap and Timeline

  • April - Protocol design start
  • May - Implementation start
  • June - Set up the GTM strategy
  • July - Open LBP and pre-re-launching event
  • Early August - Open Pilgrim v2.0

Compensation

Apologize to you for postponing hard forking, Pilgrims. We will compensate all current PIL holders with more PILs upon re-launching and helps you to withdraw the NFT by transferring tokens for delist . If you would like to stay, we will thank you with extra PILs if you choose to do so.

For L2 pre-listing airdrop participants , we are so sorry for the delay. We will airdrop you without migrating upon launch. Please withdraw your NFT.

For non-pre-listing airdrop participants , we apologize for the delay. We will promise to give more airdrop to you all upon launch.

All PIL holders and Pilgrim users, please check out this doc - Notion – The all-in-one workspace for your notes, tasks, wikis, and databases..

Conclusion

Pilgrims, we are deeply sorry. We were not ready enough to launch the public beta to mainnet.

We are a group of people who wants to make something that solves a foundational problem. We are currently solving the illiquidity problem of NFTs and think we can solve that huge problem with the virtual AMM that we designed. Please allow us a few months to make it right.

I really want to solve the problem with you all successfully, Pilgrims.

Thanks,
Taem

7 Likes

The quieter you go, the further you’ll get.
I believe you guys. Long live the Pilgrim!

6 Likes

It would be hard decision for TIP team. You guys have strong determination. I respect this decision to make better Pilgrim!!

5 Likes

Well, fundamental work takes time.

Personally, I’m willing to wait and be as involved as possible. During this period, please provide some explanation of how it works or something like that… When or if the early pilgrims understand this, it will be easier for all of us in the future. Because after the launch, new pilgrims will come and we can all help them!

5 Likes

Believe, you guys can solve that huge problem

5 Likes

Thanks for sharing every plan transparently, Taem. It must be really difficult to decide. But I believe, the Pilgrim 2.0 will be much better one than current one. We can wait for the real product, not unfriendly product. We will be get richer with the sustainable economics, not current tokenomics which depend $PIL price hugely. Thanks for the suggestion and you guys effort. It will be appreciated if you guys update weekly or monthly through AMA or Dev updates by medium, twitter or whatever. Let’s prepare for getpill’d perfectly.

4 Likes

Will do. We acknowledge that we did not provide enough resources and explanations until now. While we are building v2.0, will regularly provide materials!

4 Likes

Thanks for transparent communication. Agree with that fundamental work takes time. Please keep going and just let us know the progress!

3 Likes