STORE is a new layer-one staking protocol incentivizing and securing a zero-fee Web3. $STORE is the unit of account on the STORE protocol.
June marks the end of Q2. First, a quick wrap-up of major milestones achieved to illustrate how STORE has progressed from Q1 to Q2. Q1 began in the midst of the crypto boom. STORE used this time well, focusing on research, strategic planning, and design, while announcing Liechtenstein as the foundation location.
Q2 began with a focus on launching the capex to launch the STORE Foundation. The May 7th Luna/Terra explosion, however, shifted the market in 48 hours. In parallel, and out of sight, STORE continued to make huge strides in engineering and product. Design and development went to warp speed. STORE Chain, Cloud, and Governance moved into various stages of testing and development and Dynamic Proof of Stake Surge was invented.
Continue below the break for a look at June’s progress and what is in ‘STORE’ for Q3.
Because of the sudden turbulence in the marketplace, STORE’s leadership returned to First Governance with a new ballot: June 2022 Token Reprice. This ballot had two proposals. First, whether to approve a reduction in the price of the $STORE to $0.039 per token. And second, whether to reallocate tokens to those that purchased above that amount at that token price.
Much of the focus will be on the outcome of the vote. But from an organizational perspective, STORE’s ability to execute another vote by First Governance is incredibly powerful and validating. First Governance gives qualified voters (investors of $10k or more since the project’s inception) a vote in STORE’s pricing. First Governance held the first vote in January 2021. We built infrastructure from that experience with a goal of being able to replicate in a transparent manner, the practices and procedures in the future. The STORE team was able to test that infrastructure in the June 2022 vote. And the tools and processes for the vote worked very well: First Governance was able to execute another vote, in half the time with more qualified voters. It’s a testament to the work of the last five months.
You can find more information on the outcome of June’s First Governance Vote at https://storeprotocol.medium.com/stores-first-governance-vote-june-2022-147e932e5f4e.
Explorer’s development speaks to the system design that STORE is designing and deploying. Transaction values have been added into STORE Explorer, paving the way for us to bridge Dynamic-Proof-of-Stake (DyPoS) into consensus.
At the most basic level, the Explorer provides transaction detail and block details. But much of the tooling underneath links Explorer with other tools, such as governance. These developments are the heads down grinding that defined Q2 for STORE. They are also the crucial pillars that give STORE substantive value to survive the current market.
Looking ahead, the crypto market place is still reeling. So Q3 is all about survival. But STORE has been here before during the Crypto Winter of 2018. STORE’s capex is now critical for survival and to launch the Foundation for the exchange listing.
This isn’t STORE’s first trial by fire. The crypto winter of 2018–2020 almost killed STORE, but STORE survived through persistence and support from the STORE community. Both of these strengths are needed now. For the STORE team, work hasn’t stopped in preparation for the capex. And the recent governance vote demonstrates both STORE’s flexibility to adjust to changing market conditions; and, how the existing infrastructure can move really quickly. Looking ahead, STORE will need the community. With great uncertainty in the markets, there is also great opportunity if we all pull together.
We encourage you to learn more by reading the STORE deck:
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