Encore Project Scope and Announcement of Roadmap, version 1.1
The Encore team is pleased to share our proposed project roadmap, version 1.0. This article showcases the first phase of product development, with several future project items to grow Encore. We welcome community feedback on this roadmap. If you would like to contribute to the discussion on our roadmap, please join our official Telegram group here.
1. New website [✓]
We have launched our new site, which is cleaner than our previous site. If you would like to visit it just click here. If you would like to use our old 8-bit site, you can go to classic.evault.finance
2. Additional LP Pools [Postponed]
We are currently adding additional LP pools for increased staking options within the Encore project scope. The development team has already completed the addition of one pool, which is undergoing testing.
3. Token burn [✓]
We have added a burn of 0.1% on each transaction. More details have been explained by IronEncore here
4. Auto-vaults [TBD]
We are currently discussing with our development team the addition of auto-vaults to the project scope of Encore. We have included it in this roadmap due to the rapid progress in discussions with our developers. Encore will offer auto-vaults with attractive APY for those users who wish to take part in this protocol. We will add complete information here once we’ve finalized discussions with our developers on the best vault structure and strategies to provide users.
5. Professional Audit [TBD]
We have reached out to several reputable third-party smart contract auditing firms to review existing and future contracts deployed for Encore. The goal is to build a fully audited ecosystem that is safe with a modern and robust code structure and syntax. When we settle on a firm and have negotiated a reasonable budget for an audit, we will update the community of its progress through social media and community announcements.
Proposed Future Roadmap Items:
1. Tiered rewards based on a locked LP token period.
We may introduce, based on community acceptance, the following updates to the staking rewards scheme. Users who lock their LP tokens for varying term periods will receive a more significant share of rewards payouts based on the time length they select. For example, User A locks their LP tokens for 30 days, and they receive the maximum percentage of rewards for payout. In contrast, User B, who locks for 14 days, receives 50% of total rewards paid out. This proposal will need to be approved by the community through governance voting. The Encore development team will provide more information regarding voting when it becomes available.
2. LP token provisioning for 3rd party projects.
We are exploring the possibility of creating a contract product that allows us to issue Encore LP tokens to other projects, to increase their liquidity. Encore LP token holders will receive a portion of the fees. Currently, there is a significant amount of liquidity locked in the Encore LP token pool, and we want to benefit Encore token holders as maximally as possible. We will make more information on this proposal available as it develops.
3. Migration to DAO structure
We are discussing Encore’s long-term plans to include a migration to a DAO (Decentralized Autonomous Organization) structure to handle future governance of the token ecosystem. Currently, there is no date set for this migration. For now, we will continue to engage our community for feedback on project improvements.✓
