Building In Bears

An overview of Sonar 2022 and a glimpse into 2023 — A message from the CEO

Back when I was writing 2021’s “end of year” article, our team had laid out future plans with a projected bear market in mind. Who would have known that 2022 would be marred by war, recession, inflation, and the collapse of crypto giants (like FTX and LUNA)?

Such harsh times might be painful, but they also present us with incredible opportunities. 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.”

Despite the challenges presented by unprepared projects, Sonar is still standing strong and well on its way to building its ecosystem step-by-step. It’s important to remember that bear markets are the time for building and nurturing. Plans are always subject to change, but our main goal has always been evident:

Sonar seeks to democratize Web3 opportunities by removing disorganization from decentralization.

Sonar’s Biggest Achievements in 2022

Infrastructure

2021 was mainly focused on the launch of Sonar token whilst building the team and community (which together serve as the foundations of the Sonar ecosystem). In 2022, the priority focus evolved into building the infrastructure through constructing our backend tech. This included all the gathering, processing and storing of data, indexing multiple chains while simultaneously developing the first Alpha versions of our products.

Incorporation

In April 2022, Sonar became a legally established entity within the jurisdiction of Malta, under the umbrella of Resonance Labs Ltd. This is a major step towards being a transparent, sustainable, and credible operation.

Sonar Studio Rebranding

The rebranding of Sonar Studio came into force, including all charting for BSC, ETH, Avax chains, and many others planned for the coming weeks. Our Newsroom, AI sentiment, and general design were updated, whilst the Beta 0.3 launch included our first articles in the Sonar Academy.

Sonar Wallet Alpha 0.1

Last but not least, we’ll end 2022 with the launch of our Multichain Web3 Sonar Wallet. The Sonar Wallet Alpha 0.1 will be made available to our NFT holders on December 30th, ensuring that we follow the roadmap targets and bring the public a timely DeFi solution for personal custody.

Other Noteworthy Achievements

Over these 12 months, we’ve:

• refined our product vision
• built our entire business model, plans, & financial projections
• hired experts and advisors
• initiated talks with multiple VCs, investors and large corporations with the intent of closing a substantial funding round in 2023.

What to Watch for in 2023

After 24 months of (mostly) backend work and Alpha/Beta versions of our product, 2023 should finally allow us to launch the robust versions of our products. This will initiate our first revenue streams with a major focus on user acquisition and retention. Next year, we’ll start obliterating the barriers for the next wave of Web3 adopters.

The plans for 2023 are highly flexible and timelines are subject to massive changes (depending on if/when we secure funding). Funding would expedite our progress considerably and shorten our timeframes by months.

MiCA Endorsement

Sonar is prepared to be one of the first crypto companies to endorse MiCA. We’re hoping that this will allow us to list on some of the major centralized exchanges while increasing our transparency and credibility. Compliance with regulations should be followed by the issuance of Sonar Whitepaper 0.3 (which will depict a clearer view of our main products and goals).

Building a Stronger Audience Base

Last but not least, 2023 should be the year that expands our brand awareness. Gradually attracting new users will help us build an even stronger base for the next bull run. Though the main target during bearish times is all about “sustainability and survival”, it doesn’t detract from Sonar’s goals to grow and expand. Even during last year’s massive tech lay-offs, Sonar continued to grow and improve its structure, efficiency, and overall quality of results.

Thank You for Your Continued Support

As I wrote last year, “All of this is only possible thanks to you all, our dear community.” We’d already built bonds that went well beyond a business-consumer relationship, and one year later, we’ve still got your incredible support. Our community fuels our energy, relentlessness, and success — and you’re the reason we’re here to stay..

Thank you for your continued support and Happy New Year. 2023 is the year we’ll make an even bigger difference together as pioneers in the DeFi space.

Your friendly neighborhood CEO,

Jacob