October Recap

October was huge for Prosper and $PROS holders. We began the launch of Prosper’s new chapter at the start of the month, and within one month, the team has reached a number of meaningful milestones and seen a lot of positive traction as a result.

Read on for a recap of all things that happened in October!

New App Launch + Reward Campaign

We launched the Prosper V1 web app, together with our first reward campaign, allowing $PROS holders to earn wrapped $BTC rewards in a preview of the functionality to come while we bring hashrate online in November. In just the first few days after launch, close to 1% of total supply of $PROS has already been staked by holders.

The app also features direct access to governance proposals and voting platform, enabling holders to easily participate in the governance of the protocol and vote on Prosper's future.

Finally, the web app allows $PROS holders to keep an eye on DAO mining operations (once hashrate comes online), $PROS token stats, and key Bitcoin network stats.

(Note: security is a top priority for Prosper—the smart contract suite used in the V1 web app has been audited by SlowMist)

Litepaper Release

We released the Prosper litepaper, detailing information about our long-term vision for the protocol.

It also covers:

• Key protocol mechanics
• Value proposition and creation
• Community governance
• Other resources and more

The litepaper is a living document, updated as we continue to deliver on Prosper’s new strategic direction.

Website + New Branding

Complementing our new branding, our slick new website went live at https://www.prosper-fi.com/. From here, $PROS holders can learn everything they need to know about the protocol, including:

• What Prosper is trying to achieve
• How Prosper works
• How to get started with Prosper

The new website also plays an important role in educating and onboarding new users about Prosper's goals and strategy.

Groundwork for DAO Governance

We introduced Prosper Improvement Proposals (PIPs). These PIPs demonstrate our commitment to being a community-driven protocol, with $PROS holders voting on decisions about the future of the project.

These PIPs, alongside the legal structuring that we are implementing (including the establishment of a Cayman foundation company), help to establish the groundwork for DAO governance and long-term sustainability and viability of the protocol.

New Investors and Partners

Prosper announced an investment by Metalpha, a global digital assets wealth management company. Metalpha has invested in the $PROS token following Prosper's strategic direction change and focus on bridging institutional-grade Bitcoin mining power on-chain.

This partnership will also allow Prosper to take advantage of Metalpha's industry-leading expertise.

Animoca Brands also announced its intention to purchase additional $PROS tokens from the open market.

In addition to welcoming a new investor, we announced exciting partnerships with top-tier projects including but not limited to StakeStone and Open Campus.

Education

We launched 13 different blog articles as part of our Prosper 101 edu-series, covering topics such as mining, hashrate, wrapped Bitcoin, etc.

This series was launched to properly inform both existing and new community members about Prosper’s new protocol before they engage with it, in order to build stronger long-term alignment, understanding, and adoption.

Questing Campaigns

We launched campaigns on both QuestN and TaskOn with a total prize pool of 3,500 USDT. Users can complete tasks and earn rewards.

We also launched a campaign with Gate.io, where users are able to earn a share of a $5,000 reward by trading $PROS, inviting new users to trade on Gate.io, or RT'ing Gate.io's announcement post.

Community Growth

Prosper has also started ramping up efforts to improve community engagement and social media activities to get the word out about our exciting plans for the protocol.

Through our first Binance Live event, where we discussed about Prosper and the rise of Bitcoin and its mining ecosystem, we were able to reach an audience of 34K and almost 9K likes in an hour.

In October, the Prosper X account reached over 80K followers (an increase of 190%). We also grew our Telegram channel by 161% to over 12,000 members.

Market Reaction

$PROS spot trading volume also saw significant growth in October, exceeding $360M, up from an average monthly volume of $85M in the first three quarters of 2024. $PROS was ranked as a top Gainer on Binance more than five times in the month of October.

What's Next?

October has only just finished, but we're not taking a break. We've completed all of the necessary operational prep work for hashrate to go live in November, so keep your eyes peeled for some exciting upcoming announcements!