Dear Centric Community,
We want to update everyone on our evolving strategy in light of the bear market.
May 2022 brought the collapse of the Terra-Luna ecosystem—the first in a series of events triggering and sustaining a significant downturn in the entire crypto market. After several sluggish months, the market suffered another shock in November from the high-profile collapse of crypto exchange FTX and the subsequent arrest of its founder. While we cannot predict the length of the bear market, the prospect of a global recession does not seem to signal a full recovery soon.
Having survived previous bear markets, we know times like this can exert a significant drain on a project’s resources. Ever since last Spring, we’ve been watching even more closely our monthly expenditures and tightening the belt wherever feasible. This has included both reducing the size of our staff, and limiting the hours of the remaining staff. While not without its challenges, the decision to operate lean arises from our commitment to the long-term sustainability of the project.
Make no mistake, however.
Centric Foundation is still here, and we aren’t going anywhere.
We expect, however, to continue a reduced public presence over the coming months. We’ll continue to limit administrative and other expenses to a minimum. As we continue to network and develop strategic relationships, we’ll hold most announcements until the market improves. Finally, while we remain committed to exceptional support, customers may experience delays, especially during peak times.
Despite the challenges, our action to conserve resources will ensure that whenever the market recovers, Centric will be positioned to rebuild and rebound.
For holders of Centric Rise (CNR), keep in mind there’s an additional upside to a poorly performing market that’s unique to our protocol. It’s like gasoline for the hourly burn of Centric Rise (CNR). Every hour, the supply of CNR reduces, increasing its scarcity, and increasing the market share of all CNR holders. The market conditions only intensify this effect.
We extend a deep thank you to the entire Centric community for your continued support. Please know this: our decisions remain always guided by our mandate—to promote the long-term global adoption of Centric.
–Centric Foundation
