Dear DAOBet Community Members,
After the flourishing growth of DAOGroup standalone projects the DAOBet Blockchain, BET Token, and related products, sadly, did not find the product-market fit in a legally framed ecosystem of online gambling. As a result, DAOGroup has determined to end the development of some of the DAOGroup projects, the DAOBet Blockchain and BET Token in particular. It was an incredibly hard decision to make. We knew that there was a huge potential for the projects to be a great success, but after an impressive growth, in the beginning, it has found little to no market fit due to the regulatory constraints. We're sorry to disappoint those of you who had expectations for this project but we feel this is the right move for all. We understand you as it was also hard for us to say goodbye to something that we’ve been working on for a long time.
What Has DAOGroup Faced
Notwithstanding, the regulatory environment in the sphere of online gambling was and still is a big obstacle to blockchain technologies. A lot of prospects could not use DAOGroup's standalone projects solutions and were afraid of risks connected with their local laws. It’s impossible to overcome the regulatory constraints without a radical change in the market environment. Unfortunately, we don't expect the regulatory framework to change in the nearest future and we expect the progress to be slow. This all led to no unity within the projects resulting in not matching the market product potential for DAOGroup projects to bloom successfully. Our project was too much ahead of time.
What Has DAOGroup Achieved
The goal of DAOGroup projects was to show how applying crypto-economics and blockchain as a technology is capable of solving some of the common issues in the traditional online gambling industry by removing the need for trust. For several years DAOGroup has been fortunately developing the projects and underlying technologies with additional functionality rightly developed to increase the chances of ecosystem success. It took us five years and over 50 000 hours of work to produce the finished projects. All these achievements wouldn't be possible without you, and we want to thank you for that.
What’s Next Going forward
We appreciate that the DAOBet Community Members have been excited about developing a decentralized public system for the gambling industry. We love how many people around the world have shown their support and we’re incredibly grateful for it. We pride ourselves on being not just a project, but a whole community of people. During these years we were all working together on making our ecosystem better. We want you to know that we appreciate everything you’ve done for the project - from providing feedback, to making suggestions, to just being an active member of the DAOBet Community.
We're offering you as a community to take on either developing an ecosystem as a DAO or to participate in the BET Tokens buyback in which the buyback amount will be equal to USDT 15M. In the latter case, the BET Token price will be formed by dividing the buyback amount by the total supply of BET Token on a day when emission has ended up. Therefore, DAOGroup proposes a respective call-to-action move among DAOGroup Community Members in regards to the matter. DAOGroup suggests that:
1) If the DAOBet Community Members chose to organize the BET Tokens buyback they should end up the BET Token emission and sustenance of the DAO Bet Blockchain via DAO Bet Validators at a new DAOBet Blockchain update cycle. Then, the DAOGroup will organize the BET Token buyback process with the USDT amount mentioned above to respective BET Token holders.
2) If the DAOBet Community Members decide not to end BET Token emission and sustenance of DAO Bet Blockchain via DAO Bet Validators at a new DAOBet Blockchain update cycle, the DAOGroup will organise the transfer of the buyback amount to new developers of the ecosystem.
The DAOBet Community Members should decide the fate of the DAOBet Blockchain and BET Token itself. Taking into account the choice of the DAOBet Community Members, the DAOGroup team will come out with a technical solution of the respective choice within a short time since the DAOBet Blockchain is updated.
We expect that the community vote will take place in a two-week term from the date of the announcement. We hope that you'll stay tuned and take this opportunity to voice your opinion about what you (Community Members, Validators, and BET Token holders) think should be the future of the project.