Dear VOX community,
Our intention since day one with the VOX ecosystem was to build a platform which would be secure, transparent and welcoming to crypto enthusiasts who were interested into yield-farming projects.
We think we’ve more than delivered to those promises;
- Security — since day one our platform has not experienced one malfunction, one error or any kind of issue. User funds have been safekept with top priority, which has been confirmed by our own expenses in requesting a total of three audits, two by Arcadia and one by Hacken. Unlike most similar projects, Vox Finance has not seen any exploits, flash-loan attacks or anything similar.
- Transparency — all the details about background development and other steps were discussed with the community. Projected plans, problems with finding funds for the private pools, collaborations with other projects, governance votes were announced to our members prior to any changes and your opinion has been more than helpful to push the project forward.
- Governance — whether you realize it as a user of our platform or not, this project is community-oriented and currently also community-funded. The project treasury itself has no meaningful funds with which to cover the costs of the project. That is why it is important that each member of the community voices his support and gives feedback and support for the project.
Use-cases and where we are now
During the previous days, we’ve seen a large impact on the price of the token for reasons like “the developer team is abandoning the project”, when all we’ve given is our suggestion on how to move forward with the project. The idea of migrating over to Binance Smart Chain was merely a way to see what the community thinks of such a plan.
As a user of the platform, nothing has changed for your own personal experience in the last month and will continue to be the same platform that you’ve grown to be accustomed to.
Vox Finance has and always will be a yield-farming project. That is what it was set up to be and that is the platform we have built with pride. To emphasize again — the platform works exactly like it was planned out to do.
Steps going forward
The Vox Finance project will never be abandoned and/or closed. It will be maintained and supported for as long as there is a community behind it. The smart contracts enabling the platform are completely decentralized and can be accessed directly from the blockchain meaning that continuity is ensured.
Our current developments are:
- Stablecoin swap platform. We have been exploring and creating the platform for the last month and are approaching a final version which could be released to the public with some precautions. An announcement regarding this will be made soon.
- Mobile application. Our mobile application is still on track for a release in February 2021 if everything goes as planned. This application will enable you to access and use all features of the platform on a seamless and easy-to-use mobile experience.
Shortcomings of the current platform
As you’ve probably already heard, smart contracts are immutable — which means they can not be altered after deployment on the blockchain. The smart contracts design behind VOX has proven that there are certain aspects of the system which could be improved which is normal to expect from a novel project that set out as an experiment.
Unfortunately, these shortcomings can not be remediated without creating new contracts. This means that the entire system would need to be migrated.
We’ve seen the community’s response to our proposed changes as extremely negative, even though our only ambition was to provide a solution. Obviously our members do not see it in the same light, therefore we will not be following up on this idea and we will instead try to adjust the current VOX protocol as best as we can.
Before we finish up this article, we would like to express our own personal opinion on the project and community surrounding it.
Vox Finance started out as our first project and merely as an experiment — we had never imagined it would have received the attention it did. We tried our best to feed every appetite and to promote the project to new heights. However, it was not possible to always keep up with the demand.
Updates can not happen every day and improvements can not be made if there is no way to implement them. Vox Finance managed to deliver on the promises it set out to do — to make a low supply and secure yield-farming platform that would be community-oriented.
We’re eagerly awaiting the results of our fourth community vote which will decide how the token supply will expand in the near future. We will follow up with the plans regarding our stablecoin swap platform in the near future.
About Vox Finance
“Vox Finance is a decentralized finance (DeFi) project developed by an independent team of developers, seeking to bring an innovative approach to the new emerging market by providing high-quality and profitable services while relying on the voice of the people to bring in community engagement to the underlying protocol.”