Ice Open Community’s CEO printed an in depth replace on Wednesday outlining dramatic value cuts and a brand new strategic path, two days after the mission got here near saying a full shutdown following the ION token crash.
Month-to-month working prices have been lowered from roughly $400,000 to $45,000, an 89% reduce achieved in 48 hours. The CEO described it as shifting quick and chopping deep, conserving solely what is important.
“A good suggestion means nothing if execution is just too gradual,” the CEO wrote. “That’s the lesson we’re taking ahead.”
What Adjustments Instantly
The corporate is now primarily a improvement staff. Non-essential employees, overhead and facet tasks have been eliminated. The CEO mentioned he’ll personally be part of the event effort to speed up the timeline.
To fund operations, the corporate will activate an automated every day sale of $1,500 value of ION tokens from its treasury of simply over 1 billion ION. The CEO acknowledged this was not a simple determination however described it as the sensible path to conserving the mission alive over the approaching months.
The brand new product might be in-built a closed-source surroundings throughout improvement. The explanation given is pace fairly than secrecy, with the CEO stating that transport issues greater than optics at this stage.
What the Group Has Not Been Instructed
In an uncommon transfer, the CEO refused to disclose what the brand new product truly is. No particulars, no hints, no timeline past a 4 to eight week window earlier than the primary model goes reside.
“We aren’t going to repeat the error of overpromising earlier than supply,” he mentioned. “We is not going to reveal what we’re constructing till it’s prepared.”
What he did say is that the product is designed for real-world utility past the crypto trade, giving it a broader potential market than something the mission has beforehand tried. Development, he argued, can be pushed by real demand fairly than group perception alone.
The Ask
The CEO closed with a direct enchantment to no matter group stays after the token crash and the following controversy across the mission’s governance and historical past.
Give us 4 to eight extra weeks. Whether or not that is sufficient to rebuild belief after a 93% token crash and years of unmet guarantees is a query the following two months will reply.
