It's been a few weeks since the White Lotus launch! so far it had good success in showcasing a new token generation event that allows for new primitives to be built on top, and inspired many users and builders!

Forks and new experiments launched, so far they seem to end in the same state (or worst) as the og White Lotus, while adding complexity and risk.

The White Lotus V1 was intentionally kept simple and immutable. Just having a pegged(ish) asset in a token generation event won't create ongoing demand, there needs to be a product supporting it.

Currently, I'm working on designing White Lotus v2. I'll announce a specific timeline for users to migrate and obtain LOTUS v2 Tokens. The process involves depositing LOTUS v1 into a contract, which automatically sells it into the JOE pool, and you'll receive LOTUS v2 tokens upon its launch.

If you miss the swap deadline, you will still be able to sell your V1 LOTUS into the JOE pool and get ETH back, but you won't be able to get v2 tokens unless you participate in the new launch.

The design of v2 is more complex and risky, so it will take some time to develop. It won't be expected to launch within the next 1.5 months.

I'll share more details and updates on v2 as we approach the migration date. v2 will be trust-minimized and launched as initially designed, with no possibility of further upgrades or a DAO involved since the contracts will be immutable.

I might also airdrop the NFT i spoke about, but still thinking about it. no promises here.

Lending

Currently, whenever someone supplies ETH, it gets borrowed right after in the pool. We've hit the protocol limit of 10 ETH.

I've made the decision to shift my focus away from this lending platform because version 2 will introduce a brand new lending system. Since a token migration will be necessary, it would unnecessarily complicate things for existing users who borrow, lend, or get liquidated when it's time to migrate.

As a result, the lending limit will stay at 10 ETH and will work as intended for borrowers and lenders. However, it won't be further developed in its current form.

So far the lotus experiment has been going well, the mechanics are standing and the floor price is strong. Now is the time to really see if a community can form by itself around a backed asset, users who join now have very little risk as lotus is pegged to eth and we are close to the floor price.

It's only day 3 and many forks started popping, overall this is good for LOTUS, just be careful as there will be many scams.

A good thing the community can do is go to the forks community channels and ask them to mention lotus in their marketing so we all get bigger.

Another awesome thing that has been happening is a very strong chinese community is forming around lotus, hope it can grow more.

Staking is live

Staking is live on the site https://thewhitelotus.xyz!, the new staking doesn't have a timelock.

rewards are currently going to the MUSE DAO multi sig, we will drip past rewards to the staking contract in the coming days to give time to more stakers to stake and get their share.

So far no many sells occured at the floor price or above active bins, so staking rewards are small. You might even get better rewards by adding liquidity to lotus-eth.

Bugged Staking Contract

Some users staked into a contract that was never announced, unfortunately there isn't much to do as new lotus can't be minted, and the team has no funds. this was a fair launch. It is not our fault.

However, it is always nice to try and do good if possible so if the protocol grows and generates revenue will be good to send them lotus back and it's one of my first priorities when possible.

If lotus grows and my dev rewards become substantial, I will donate from myself to past stakers.

Also if we do any airdrop or get airdrops from other communities for LOTUS holders I will make sure they are included.

Roadmap

As per the docs the next step is to release a launchpad/factory contract built on top of Lotus and Joe, I will be working on that for the next few weeks and will announce when it's live, probably around mid June.

The idea here is there may be teams that launch with the lotus factory contract and can airdrop the original LOTUS community or pay a fee for using it, we'll support them and grow their backed liquidity when they launch.

This project is part of the MUSE DAO, if you want to check out what else we worked on visit https://musedao.io