Quick recap

The Fio steering committee meeting covered infrastructure updates, financial reports, and marketing strategies. The committee discussed budget underspending, board changes, and the foundation's financial situation, including handle registrations and treasury growth. Marketing activities, partnerships, and strategies for increasing handle registrations and revenue were also addressed, along with potential integrations with major companies and the future of free field handles.

Summary

Fio Infrastructure Worker Proposal Review

In the monthly steering committee call for the Fioda, Pawel reviewed the infrastructure worker proposal for the month of April. The budget for the entire 3 months was significantly under budget, with a $65,000 underspend. The team had to scale down the blockchain team, resulting in fewer releases. The focus in April was on completing the Faffia relic backend functionality and the corresponding Faffia block explorer. The Fio app development team was redirected to complete the Faffia-based block explorer, which is now up and running. The team will now move back to working on the backlog of the Fio app issues.

Board Meetings and Foundation Finances

Pawel discussed the upcoming board meetings in May and the resignation of a board member. He mentioned that the board will decide on the next count, which could be in June or July, or on August 15th. Pawel encouraged the community to put forward their candidacy for the board and to vote for both block producers and the board. He also discussed the financial situation of the foundation, noting a drop in income due to fewer handle registrations and a reduction in expenses. The treasury increased by 3% and the runway extended to 34 months. Pawel clarified that all 20,000 handle registrations are real humans, with very few paid registrations.

Block Producers Budget and Payments

Pawel welcomed the block producers to the steering committee call and encouraged them to participate in discussions. Luke discussed the changes to the budget and the potential delays in payments due to the need to request funds from the market maker. He also mentioned that he would be making payments as he was able to, and that he was using the Rabi wallet for individual payments. Wayne was set to discuss his next topic.

Budget Review and Growth Strategies

Wayne discussed the company's budget and growth report for the three-month period, noting they were under budget. He also mentioned a reduction in ongoing work proposals and the need to focus on foundation-generated revenue, audience growth, and domain handles. Wayne highlighted a drop in foundation-generated revenue in April and identified trust wallet as a significant contributor to this. He also mentioned strategies to improve audience growth and the need for handle registration promotions. The company's domain registrations and renewals were also discussed, with a focus on increasing partner domains and affiliate campaigns.

Marketing Activities and Partnerships Discussion

Wayne discussed the marketing activities and partnerships for the month, including a 6-month sponsorship with Crypto Canal and the addition of a new KOL, Z Crypto. He also mentioned the launch of a 5-year anniversary campaign, a trading competition, and a campaign with Diamond Hands. Wayne also discussed the integration of Fio with various partners, including My Circle, Metamy, and Neo. He mentioned the need to optimize the work proposal and the plan to focus on closing large partners like OKX, Kraken, and Bybit. Wayne also discussed the need to increase handle registration promotions as the market picks up and the creation of a funnel of how-to video content and guides.

Fireblocks, Ledger, and Institutional Integration

Wayne discussed the challenges of working with Fireblocks, a competitor, and the potential benefits of integrating with other companies like Ledger, Institutional, and Utility. He also mentioned pursuing Rabi wallet. Luke suggested that having a major company like Fireblocks on board could make it easier for others to join. Pawel proposed leveraging the concept of private domains to retain security benefits while opening up to other users. Rob suggested exploring potential integration with Volta, a rebranded Eos company, and its institutional custodian partners. Luke brought up the issue of bucket usage, but no further details were provided

Transitioning to Paid Field Handles

Pawel discussed the strategy for handling free field handles, which were initially funded by the foundation. He mentioned that the funds are being depleted and the rate of depletion is dependent on the token price and the number of free handle registrations. Pawel suggested that the community needs to start discussing the best strategy for accommodating the transition to paid field handles or finding alternative funding sources. Luke suggested that the community may need to consider the value of a crypto handle by having every participant pay for it. Rob and Sarn agreed with Pawel's strategy and emphasized the importance of focusing on file handles for sustainable revenue. Wayne added that the messaging should highlight the need for multiple field handles, as people may need one for each exchange account or wallet.

Next steps

• Wayne to meet with the Trust team to discuss optimization of Fio handle registration settings.

• Wayne to conduct a group demo with institutional wallet service providers (Ledger Institutional, Utilla, and others) on Thursday.

• Wayne to pursue integration with Rabi wallet.

• Wayne to investigate potential integration opportunities with Eos/Volta ecosystem.

• Steering committee to initiate discussions with the community regarding strategies for transitioning to paid Fio handles as the free handle bucket depletes.

• Wayne to implement new marketing strategies focusing on Fio handles and the problems they solve.

• Wayne to pursue closing deals with large partners such as OKX, Kraken, and Bybit.

• Wayne to create landing pages and how-to video content for using Fio handles with non-integrated exchanges and wallets.

• Wayne to implement handle registration promotions emphasizing the need for multiple handles per user.

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