An overview of Sonar 2023 and a glimpse into 2024

A message from the CEO

During the festive season I find myself revisiting my past “end-of-year” articles, providing me with a valuable opportunity for introspection on the preceding year. One particular quote from the 2022 article stands out:

Each aspect of life is governed by a cyclical nature, and the financial world is no different. After all, “Millionaires are born in bears and made in bulls.”

Interestingly, this insight was shared when Bitcoin was valued at $15,000 USD, just a week prior to its upward surge. It brought a smile to my face, prompting contemplation on how swiftly sentiments and trends can transform within the cryptocurrency space. What was once a narrative of crypto failure 12 months ago has now evolved into a very optimistic outlook. Within the space of 1 quarter, the mood changed from doom to moon.

Nevertheless, the startup landscape continues to face challenges. Securing funding remains a formidable task, investors exercise extreme caution, and global economic concerns persist, albeit at less alarming rates of inflation. Despite these hurdles, Sonar has navigated through with unwavering resilience and astute strategic planning, emerging in a stronger position than ever. Bear markets serve as periods for groundwork and cultivation, and now is the time for a reckoning.

Sonar’s Biggest Announcements in 2023

Sonar Wallet Alpha 0.1

We started 2023 with the Sonar Wallet Alpha 0.1 launch. Access was initially limited to Sonar Genesis NFT holders and then extended to BETA subscribers. The launch was extremely successful, with very positive reviews.

Funding

Despite facing exceptionally challenging market conditions, our team’s primary focus over the past year has been securing the necessary capital to elevate Sonar into a household name. The first half of the year saw a temporary slowdown in our efforts, coinciding with the aftermath of the FTX debacle that sent shockwaves through the world. However, we regrouped with renewed energy in the subsequent quarters, namely Q3 and Q4, and are currently engaged in collaborative efforts with various entities, funds, and accelerators. Together, we are determined to bring about the transformation we envision. Whilst I cannot divulge our progress today, I can assure you that you will be informed of our exciting progress very soon. Exciting times are near!

Transition from BSC to Arbitrum

The latter part of the year was mainly focused on the preparation for the transition to Arbitrum and the much awaited launch of PING. After more than 12 months of meticulous strategic planning, legal groundwork, and the formulation of an elaborate marketing strategy aimed at ushering in the next wave of Sonarians. Key milestones during this period included the unveiling of PING tokenomics, the release of the Sonar Litepaper, and the introduction of our new website. These initiatives collectively offered our followers a clearer perspective on the ongoing efforts, providing an insightful overview of Sonar’s vision and future plans

What to Watch for in 2024

ICO and Launch of PING on ERC-20 and Arbitrum-One

With the ICO and launch of PING, along with the ICO-related marketing, an updated version of our product, listing on Uniswap as well as Centralised Exchanges, the announcement of collaborations and partnerships, Q1 2024 is expected to kick off with a bang for Sonar. We project the first weeks of next year to be filled with exciting news, announcements, partners and a growing community.

Enjoy your holidays with your families, but in January, turn the Sonar notifications back on!

Company Structure

The company is presently undergoing a restructuring phase. The Head Office is relocating to Singapore, a strategic move that aims to tap into the vast Asian market. Simultaneously, a BVI company is being set up which will serve as the host for the ICO, while the Malta-based entity will be retained for operational purposes and to ensure compliance with MiCA regulations. This revised structure positions us to adhere to global regulatory standards, broadens our access to international markets, and streamlines our legal and financial processes. This transformation is pivotal as we transition from a startup to a well-established international corporation.

Version 1.0 Launch and Portfolio Analytics

The product is currently undergoing intensive refining, and during the first half of the year, features and tools (such as portfolio analytics) are being added to Studio. Studio and Wallet shall both undergo security audits and possible bug bounty campaigns. This shall culminate into the release of VERSION 1.0 approximately 6 months post-ICO. This will coincide with a robust ecosystem with sustainable revenue streams projected within our business model, as well as provide a strong utility for the PING token and a base for sustainable growth and scaling.

Marketing and User Acquisition

The year will start with the initiation of our ICO Marketing Plan, aiming at increasing the awareness of Sonar and the launch of PING. Post-ICO, the marketing will start shifting towards the launch of the much awaited Version 1. Sonar is partnering with high quality marketing partners and together we are finalising a strategic plan for our product launch, with emphasis on the months leading up to launch. This will then transition into a global campaign.

Following the launch of V1 approximately six months post-ICO, the company will intensify its marketing efforts towards user acquisition, aiming to grow from 50,000 to 470,000 users by year-end. These users are integral to our ecosystem, relying on our product, with PING as the utility token fueling this dynamic. By targeting this user base, we not only establish our product as a sustainable revenue-generating entity but also position the PING token as a self-sustaining, long-term utility. This strategic approach sets in motion network effects driven by our product, wherein acquired users are retained, encouraging other users, developers, or companies to leverage our offerings, thereby attracting even more users. This creates a cascading effect of continual growth in both users and PING holders, establishing a self-perpetuating cycle

A message to our Sonarian OGs

We need you!

Dear Sonarian OGs, you are never-wavering, always loyal. We will need you now more than ever. Sonar started as a small group with a common core principle of providing a financial ecosystem to all, even the most disadvantaged communities. We are on the doorstep of beginning to fulfill this promise.

As we usher in a new era, the intensification of brand awareness will lead to new people from all around the world seeking to join the Sonarian family. I implore you to welcome these communities, listen to them, and guide them. We want these communities to feel part of our family, a safe haven for learning and nurturing. The product attracts and retains users, but the community attracts and retains MEMBERS.

Thank You for Your Continued Support

Year after year, I find myself echoing the same sentiment: “All of this is only possible thanks to you all, our dear community.” Sonar, at its core, is an ecosystem crafted for the people, by the people. You are the lifeblood that propels us forward, and your unwavering support is our greatest motivation.

As we usher in the New Year, I want to express my deepest gratitude for your continued support. 2024 is poised to be the year when we shed our camouflaged vest and reveal ourselves as DeFi’s entry vehicle, aiming to bank the unbanked. Together, let’s make a difference!

Wishing you all a Happy New Year!

Your friendly neighborhood CEO,

Jacob