In light of recent events regarding FTX, Mirror World has received multiple inquiries regarding the current situation on our project. To offer more transparency to holders that have supported us throughout the way, we decided to draft this letter to explain the impact to everyone who’s been supporting us throughout the way. It’s been an exciting couple of months for us product-wise despite the unfortunate downturn of the market, but we are progressing insanely quickly and this event will not stop us from growing.
Usage and metrics since Launch
Mirror World SDK
In September, Mirror World was able to successfully launch our mobile SDK offering, starting from one of the highest community votes on Solana’s Summer Camp Hackathon. In the two months since launch, we have onboarded 300+ developers with 100+ active projects building with Mirror World since their very inception! I am happy to say that there are more and more ecosystem partners that have heard of our name with one of the highest votes on Product Hunt. As a result, for the past month, we saw a 57.7% increase in documentation reads and a 54.1% increase in dashboard access. Additionally, SDK usage has seen a significant increase in the past month, with more than 3000 users having onboarded through our SDK. This represents an increase of 180% over the previous month.
At the beginning of the month, we were invited by the Solana Games team to attend Solana Games Day event in Lisbon with 33 other amazing teams and were able to close key partners such as Kaiju Cards / Rage Effect / Canoe Finance. We have a focus on extremely developer friendly documentation and have shown promise in the ecosystem. Even with the market conditions, it seems that the demand for a faster iteration cycle and monetization with a focus on mobile is growing stronger, with documentation views increasing by 50% MoM.
Mirror World Game
The Mirror World community also held Halloween events, World Cup events and more during this time, with a cumulative total of over 40,000 members. Our Twitter and Discord have also grown during this time to become a super community with over 120 K members!
In terms of chain exposure, we are not limited to the Solana chain as we have designed our framework to be multi-chain. We are currently in conversation with Polygon Studio to roll out our Polygon-compatible SDK in the next 45 days; we are also speaking to Mysten Labs and are involved with designing the NFT standard with their core protocol teams in the ecosystem. The timeline there is a bit more flexible but we want to be at the forefront of creating the foundation of SUI NFTs (Just look at Metaplex’s involvement in Solana). I believe with these entities’ focus on gaming and NFTs, we will be able to offer immense value and propel the movement for mobile dApp creation, regardless of which chain our customers want to build on.
That being said, Solana is indeed facing challenges. The ecosystem still has good fundamentals when it comes to adoption & technical progress in the last year. However, with many projects’ treasuries being maintained on FTX, we are seeing long-tail impact slowly unfolding. We will still focus on product distribution on Solana as we are feature complete there and it is a terrific time to capture market share, but our engineering resources will start moving towards new chain integrations.
Recent Event Impact
For full transparency, below are some stats that pertain to our exposure to FTX Saga. We were previously in the middle of a new round of fundraise with Alchemy committing already. We still hope to engage in this round with calculated optimism, raising a couple million dollars on an 80 Million FDV. We’d appreciate it greatly if there’s any intro from investors that might be interested to see our traction in the last two months, the timeline for this fundraise is flexible.
Counter-party exposure to FTX / Alameda
- Some funds are stuck on FTX.
Custodial arrangements with FTX / Alameda
- No agreement with FTX/Alameda, was in conversation about MM but decided against it
Asset holdings such as FTT?
- No exposure to FTT
Is FTX / Alameda an investor?
- Yes, they were one of our co-leads.
Is FTX / Alameda a user, customer, or transaction party to your company?
Is there any regulatory licensing risk that may be affected?
- End-of-year hackathon in mobile track with Moonshot
- Lowering Solana marketplace fee to 0% for 3 months for projects impacted by current events
- Testing new developer relationship strategies
- Growth: Broke 300 + projects created, #5 on product hunt of the week, reached 3000+ end point user
- Commercialization: Onboarded 3 official studio clients
- Product Feature: Released full Solana feature set
- Ecosystem: Solana Games Day presentation, SUI conversation
- Funding: Closing with Alchemy, engaging with Mysten Labs and many more
- FTX Exposure internally
- Customers affected by FTX caused a delay in some commercial agreements
Focus for next bi-month
- Bring on 10 more gaming customers
- Onboard 300 + developers, 150 more projects created
- Double average API usage across customers
- Continue to update the completed game
No winter lasts forever, every spring is sure to follow. It’s been an exciting couple of months for us product-wise despite the unfortunate downturn of the market, but we are progressing insanely quickly and this event will not stop us from growing.
Develop Worlds as Games!