Budget 2019 and Progress to Date for 2020

We hope that everyone is staying safe and healthy in these challenging times. Not too long ago we celebrated the end of 2019 and the end of our swap to mainnet.

Speaking of 2019 we could finally put together the annual budget for 2019. It was a year full of important goals and achievements for our project.

With regard to SWAPS Network, we have concluded a very long investigation into the swap.

This investigation has included going over transactions and amounts sent and has also included multiple communications with our lawyers. As some of you know, payments were even on hold to some users for about 3 weeks to figure out what SWAPS Network was doing as we picked up that their numbers didn’t add up towards the end.

The conclusion is that SWAPS Network over-paid users by about 1.8 Billion coins. Not all users were overpaid, it was only some.

We have not been able to determine who was overpaid as we are a privacy coin and of course we don’t keep user data, but we can state and have calculated that 1.8 billion more coins were paid out by SWAPS Network than what they were supposed to send due to flaws in their system. Obviously this is a terrible thing to have happened but the positive side of it is that the coins are in the community members hands and not lost or in a hackers hands.

The team was not aware of this until the last day of the swap where we calculated the remaining figure to be swapped and the next day SWAPS Network asked for more coins. This alerted us to the fact that there must be something wrong in their systems.

From there, we began the investigation.

What we have concluded so far is: (all figures are rounded up)

Remaining DAPS Tokens: 11.2 Billion – as seen on the ERC contract.

DAPS Token Dev Fund: 4.6 Billion that wasn’t burned and still part of the figure above.

Dev Fund at the time swap ended: 4.8 Billion DAPS coins.

This leaves 1.8 Billion outstanding and also matches with the figures that SWAPS Network said they have overpaid.

Total dev fund: 4.8 + 4.6 billion = 9.4 billion DAPS

Calculation:

11.2 Billion shown on ERC contract

4.6 Billion was not burnt which was the old dev fund

11.2 – 1.8 (swaps overpaid) = 9.4 billion DAPS

Funds left after mainnet swap completed = 4.8 Billion

From 1 October 2019 until end of April 2020 multiple costs were paid for and partial refunds were allocated which is about -+ 4.6 billion used to date over the past 7.5 months.

After transfers for team allocations / exchanges / competitions / project running costs / Arcadia / Red4Sec / SecuX deposit, legal etc, the current dev fund stands at 4.3 Billion coins.

Please note this excludes taking off all refunds due for 2019 that are still due to be refunded to different parties which we will do once the market is better so the coins needed are much lower to safe on the dev fund total.

We are still pursuing legal action against SWAPS Network to refund the lost coins, it is a complicated case as they are based in Russia. To avoid stress for legal costs during the coronavirus downturn, the case is currently on hold. The legal firm dealing with this is Agile Legal based in Melbourne Australia. 

Project Costs for 2019

It was a big year for DAPS with lots of events, development, mainnet, listings, integrations, marketing and more. We have summarized the costs below. 2019 was a very expensive year for DAPS but we made it without ICO or anything else and we are proud of that. Numbers are in USD and the budget includes total running costs involved for running the project as a business which includes ALL costs, not just development of the code by Arcadia.

Budget-DAPS-2019

Project Costs for 2020

The current running costs for DAPS excluding any compensation for team members, marketing, exchanges, SecuX, market making and legal are:

$3900 USD per month.

SecuX development is ongoing and on time to date – but we still need your support in selling at least 50 hardware wallets.

We are also pursuing a possible listing on HitBTC as they are the only top 5 exchange at this time approving us for a listing at a big discounted rate (to support us as a community project) that we’ve been negotiating with them since January 2020. HitBTC can lead to DAPS being finally available on Tradingview which has millions of traders plus HitBTC is a CMC data partner which improves our ranking due to their new methodology policies.

We thank you for your ongoing support in building this project. Next stop is our mobile, web and hardware wallets which everyone is very excited about.

Thank you.
DAPS team.

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