On November 11, 2022, FTX, the third-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy protection in the United States. On the same day, we launched Exactly Protocol on Ethereum Mainnet to bring the benefits of decentralized finance to the end consumer. Since then, our vision has been to build a lending protocol that tackles real-world challenges while moving toward a fully decentralized governance model that encourages our community to operate and govern the project.
The earliest stage of building Exactly Protocol began in 2021 with a team of stakeholders with expertise in technology, economics, finance, and math. We launched the protocol to Ethereum Mainnet in November 2022, and to OP Mainnet in March 2023. From then until today, our core team has driven all the decisions maintaining a rapid execution capability to find product-market fit.
During this time, we have built a lending and borrowing protocol from scratch that allows users to lend and borrow at both fixed and variable interest rates in a decentralized way and without intermediaries — providing a simple and efficient user experience.
Building Exactly, our team has followed open-source best practices to foster transparency. Our GitHub repository was made public, we elaborated high-quality documentation and launched a bug bounty program in partnership with Immunefi.
Upon the Exactly’s launch, all our efforts have been focused on improving the protocol guided by the feedback from our community. During this stage, our community has grown fast on Discord and Twitter, which has provided us with valuable insights to continue improving the lending and borrowing experience for our users.
We took community interaction a step further by opening a Proposals channel on Discord, inviting members to share their ideas for potential enhancements in the protocol. All the proposals and the community feedback we received on Discord have been carefully reviewed and considered by our team.
On this path to Exactly Protocol’s decentralization, we have also open-sourced our web app, encouraging developers, researchers, and enthusiasts to actively contribute to the growth and improvement of the protocol.
In addition, to ensure a sustainable revenue source for the protocol in the future, a few weeks ago, we activated the Treasury Fee parameter, a percentage of interest rate charges paid by borrowers that the protocol retains for its treasury.
Moving towards a fully decentralized governance model is a gradual journey that demands time and certainty of the protocol’s product market fit. To make Exactly a sustainable community-governed protocol, our core team is committed to making it possible by following a gradual process.
The following major milestones will be the launch of a governance token as an instrument for effectively distributing the ownership and value of the project and the launch of a DAO for the protocol’s governance. By doing so, we will achieve one of the most important steps to the Exactly Protocol’s decentralization.