Launching a cannabis venture is usually complicated. Launching a cannabis project in the context of crypto is extra complicated. Launching a DeFi and DAO cannabis project, which will legitimately revolutionize the cannabis industry finance, gives a whole new definition of “complicated” in our book.
At CannaDAO, we want to make it possible for anyone in the world to participate in the yields from real-world grow harvests. From a legal standpoint, the project has to be watertight, both for the community members as well as for the canna contributors spearheading the advancement of the project. On the technical side, an infrastructure needs to be built to make sure that the DAO and its treasury can be managed sensibly and in the best interest of the community. Moreover, CannaDAO is not only about tokenizing real-world cannabis or being a DAO. There is also the fun aspect: It will branch into a Cannaverse, a metaverse revisited, starting with NFTs and a fun play-to-earn game, Canna∙Farm.
Many components and various facets are in motion, much more than in a “normal” crypto project: Getting it all flawlessly to the finish line is a huge enterprise. But we are pioneers, experienced in both the cannabis and the crypto industries, and we are 100% laser focused on delivering the project and the vision becoming real. Aware of the many challenges, we have assembled a team of very strong advisors, our “canna contributors”, each bringing their expertise and fully committed to make this project a success.
Why this huge commitment? Because the potential is immense: An often overlooked fact is that the cannabis industry is bigger than the crypto industry. CannaDAO has the potential and ambition to attract major liquidity from the cannabis industry into crypto: Just imagine the combination of these two industries in one single project!
One of the essential decisions was to define which ecosystems/blockchains to operate: Initially, we considered the NEAR ecosystem. Their philosophies were (and still are!) very much aligned with ours: Green, low fees, sustainability, community governance. Of course, other chains were also considered: Many new networks have seen the light in the past years (be it layer 1 or 2), EVM compatible or non-EVM compatible, each attempting to address a set of use cases or problems. Lots of noises have been made around new networks… which also meant fragmentation of the liquidity for many of them.
DeFi users needed to learn how to bridge assets and/or how to use different types of wallets other than the ubiquitous MetaMask. New users had to learn to be comfortable with this new aspect of DeFi and be confident enough to move funds from traditional finance to crypto, without jumping through a lot of hoops. The reality at the beginning of 2022 is that most of these new chains have not (yet) dethroned older ones in terms of TVL or communities — like Ethereum — and still remain tiny in comparison.
Ethereum is still the first port of call for new DeFi users, and has remained by far the DeFi chain with the most liquidity, not to mention the huge amount of help and support already available in the form of tutorials, articles, videos, etc to understand how to operate on it.
In February, CannaDAO participated at the ETHDenver 2022 convention. Some of our observations were that interoperability between blockchains was still a hot topic, though Ethereum still remained king. It was also encouraging to see that capital continues to flow, and that “new money” continues to enter the crypto space despite the recent market downturn. Sentiments remain overwhelmingly positive.
We had already started developing the CannaFarm game and its NFTs. We were at the stage to sign-off where to launch it to proceed to its next coding phases, and also decide where the DAO should run. Our observation was that NEAR was far from being big enough to accommodate a project with the potential size like ours. Subsequently, we have decided to launch on Ethereum. Just like cannabis being as ancient as human civilization and still being more relevant than ever today, the venerable blockchain has still continued to grow TVL wise and is still evolving tech wise. It is pivoting from a PoW to a PoS consensus, so the network will reduce its energy consumption and move into a greener blockchain.
In order to realign the timing of our deliverables, we have updated the roadmap as follows:
CannaDAO is the forefront of a new area in the cannabis industry, aiming to push the boundaries of traditional finance. Following long struggles for cannabis rights, both in recreational and medical use, significant legal breakthroughs in the past decades have led to increased tolerance, decriminalization and legalization around the world.
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