Best setup for the Grizzly.fi launch: Why we didn’t start earlier
Every day, we get bombarded with requests to launch Grizzly.fi immediately — or even sooner. But waiting a few months more has proven to be the best course of action for a number of reasons. Here, we will explain why we held out and why this was the right decision for the platform and your future investment!
Patience, young padawan
Grizzly.fi was supposed to go live in 2021. We relentlessly beat the drum to get attention for our new DeFi-Platform, so as many people as possible could profit from decentralized finance safely right from the start. And not only for business reasons, but because we truly believe in this project and its idea.
Thousands of future investors have already signed up to our newsletter to make sure they’ll be right there when the grizzly gets released. Here is the important message: We understand that it’s annoying to have to wait. Every month, you have your fingers crossed that this is the month that Grizzly.fi launches — and every month it isn’t!
But we didn’t postpone the start to torment you. We had good reasons to wait for the right time. In the fast-paced, often time reckless crypto-world, it’s not common to slow down and play it safe. Yet it’s exactly what we did: waiting for the right time instead of launching prematurely, just to make a few bucks more.
So, without any further beating around the bush, here are the reasons for the delay in the Grizzly.fi launch:
1. The market situation
The year 2021 ended with an immensely bearish crypto market. It wasn’t that surprising, considering the strong peak we saw in November with Bitcoin reaching 70,000 Dollars! People talk about “to the moon”, but nobody said that there wouldn’t be dips along the way.
Our original plan was to launch Grizzly.fi in December 2021. It turned out to be a turbulent time of great uncertainty, with the crypto market being in — what looked like — a free fall after the November peak. With the stock market going downhill as well and other factors, like the Corona-situation worsening in many countries, we decided not to launch right away but rather wait for things to stabilize.
It has proven to be a good decision: by the end of January, the market had reached rock bottom and started to recover. At this point, the fear and uncertainty of the bearish months had completely vanished. We’ve also seen that more and more parts of the world have simply stopped caring about the ongoing pandemic and eased up on restrictions, further increasing the momentum.
On top of that came a most unlikely event that shocked the world as well as the crypto market: Russia started a war against Ukraine. While the immediate reaction on the cryptocurrencies was negative, the rates have since then recovered and even profited from the event. The reason is simple: the demand for secure payment that doesn’t care about which country you’re from or where you are right now has never been higher than in these daring times. And who, if not crypto, could provide such a payment method?
Ever since that turning point in late January, we have been seeing a steady upward motion. Many fair-weather investors have left (seemingly) sinking boat between December and January. What’s left now are the more committed investors, the “true believers” in the power of cryptocurrencies.
And let’s not forget the disconnect between the crypto and stock markets that surprised many financial experts: The assumption has been for a long time now that these two markets move in similar directions. An assumption that has been proven wrong from the end of January, with the crypto market in full recovery while the global stock market is still in a bearish mood.
All in all, it has proven to be a great choice not to launch Grizzly.fi in December and instead wait for things to settle. The beginning of 2022 looks way more pleasant for cryptocurrencies and seems ripe for a new DeFi-Provider.
2. Security concerns
The DeFi-World was shaken by the hack of BadgerDAO in December 2021. Not only because the attack caused an unprecedented amount of damage (120 Million Dollars in Bitcoin and Ethereum but also because of the way it was executed: not by attacking the smart contracts that DeFi-services are usually build upon, but by exploiting the frontend of the provider’s website.
This raised security concerns for many DeFi-platforms. And we want to be honest with you: this also includes Grizzly.fi. Like most companies, we’ve focused on making sure our smart contracts are absolutely secure against any form of tempering. After all, they are usually considered the weak spot in most DeFi-applications.
We took more than appropriate measures to secure the rest of our IT as well. In fact, we went really overboard with our security: after we had already done the necessary security audit, we decided to do 7 more of those, just to be sure! You can take a look into our performance (spoiler: we got full points) on hacken.io. On top of that, we hired another highly specialized security expert to strengthen our team even further.
As we had suspected, our systems were and are safe and a hack like the one that robbed BadgerDAO Investors of Millions of Dollars would have been impossible. But we listened to our grandma’s saying “better safe than sorry” and delayed the launch of Grizzly.fi to septuple check everything.
And: yes, even our grandmas understand liquidity mining, because Grizzly.fi is that simple!
No time like the present
Overall, it was the right choice to delay the launch of Grizzly.fi. The market is currently working in our favour, as it is stable with little FOMO and no dangerous “hype” like we have seen in November 2021.
We also have increased our security even further by hiring an additional, highly qualified member to our already strong security team. The reward for our ongoing investment in the safety of the platform is the results of our (many) security audits, proving the high quality of our security measures.
The waiting is almost over – it seems to be the perfect time to launch Grizzly.fi in the next few weeks! Sign up for our newsletter and make sure to follow us on social media to make sure you don’t miss this great day!