We are sorry to have to tell you that we have made a difficult decision to let go of our Technical Lead, Sylvain Cormier. It wasn’t an easy decision to let go of such a talented professional, and we want to thank him for his hard work and dedication to developing the Kylin Network Truth Machine. Sylvain put in his best and most impactful efforts in the eight months he worked with us. We are particularly grateful for his contributions, including the completion of several significant technological milestones for our product, which helped us secure a Polkadot Parachain and the delivery of our MVP.
We arrived at this decision considering that we have much fewer technological needs with the MVP completed and currently in testing and under review by the Substrate Builders Program. Usually, these would be features and not bugs for the project’s development. However, the unfortunate reality is that our treasury is depleted after almost three years of development after our relatively small initial raise. Although we are very much an OG and blue chip project in the Dotsama space, compared to our peers like Acala, Astar, and Moonbeam, our raised resourcing is a fraction of theirs. Usually, the recourse in these situations (and something many projects had as a plan B) is the liquidation of team tokens. Given the current market, this option is not viable. Our option of last resort, then, is to shrink our operational burn costs. Thus, here we are.
It’s important to highlight that this does not — in any way — mean that our project is going bankrupt or shutting down. We have an existing team of talented engineers (Bart and Jacky et al.) who are capable of building and sustaining our project from where our Tech Lead left off (and indeed have been the primary implementers of many of our milestones thus far. We are making organizational changes to ensure we can continue thriving in the current market environment for an extended period.
It’s a case of needing a level of efficiency that, unfortunately, requires us to make some hard decisions to ensure we stay alive and thrive.
We wish Sylvain the best in his future endeavors and will continue working hard to achieve our mission. We appreciate the community’s understanding and support during this time of transition.
On the bright side, we’ll commence the $PCHU monthly lock drop rewards this month! As mentioned in the PCHU tokenomics and later in one of Kylin’s Weekly updates, for ten months, 0.5% $PCHU will be airdropped to $KYL holders who hold their eth-native $KYL on Non-custodial wallets.
We keep BUIDLing!