TEST FARMING (UPDATE): How 11 EARLYBIRD FARMERS raked 1,000,000 NGN (30.55% ROI inclusive) from EarlyBird Test Farming in 11 weeks.
Blockchain & cryptocurrency is the technology of the age. Its transparent, its a most amazing tech of the century. Its actually freedom to investments and finances.
Fishfactory Protocol is a Blockchain Farm Initiative that zeros on solving food deficits and generating bfi-jobs. Its a protocol that is set to launch (in Q1, 2022) and for a grand launch, We invited community to EarlyBirds farming, just so as to PROVE IF THE CONCEPT OF FISHFARMING on blockchain infrastructure can work.
This has been proven in this batch as 13 wallets bought 20,000,000 Fishfactory P ($XFP) tokens in 48 hours to kickstart the test farming. The protocol is owned and operated by BFI FISHFACTORY LTD (RC — 1812854), with staff strength of 6–7 members from team & contract workers, altogether. We are proud to make this real-life utility come real on blockchain.
We embarked on the first test farming with 7000 fingerlings, 👉 Read the full report here. This digest is on the second test farming, which was budgeted for with 10,000 fingerlings but later was stocked as 20,000 fingerlings. This batch of test farming gave us an eye opener of the massive need to solve the unlimited problem of food deficit via catfish farming on a large scale and also exposed some challenges we encountered at farm.
Sequel to the 👉 EARLYBIRD CONSCRIPTION PROPOSAL issued on July 26, 2021 and updated on August 24th, 2021, We had started the second batch of fish farming with 20,000 fingerlings as against earlier proposed 10,000 fingerlings. In 11 weeks, all the fishes were harvested and 1,000,000 NGN is was set to be returned & shared by 11 users holding Fishfactory P ($XFP) tokens on their waves blockchain wallets. Below is the distribution according to user’s holdings of the tokens on dev.pywaves {2 wallets (#3 & #4)} belonging to the team is not enable to share in rewards, hence 15,318,726.79 XFP shall be valued at 0.065 NGN/XFP. All wallet participated in the earlybird conscription at 0.05 NGN/XFP, and the profit yield at return is 30.55%.
This batch of test farming yield is low for several reasons as its explained below. There was an oversight that was not captured early enough and our team takes the blame, so we were impacted. Yet, 30.55% is achieved and returned to all investors except the team:
In this test farming, 1 $XFP was sold for $0.0001 (0.05 NGN) when the parallel market rate was 500 NGN/$, thus we’re maintaining that rate in ROI (return on investment) to all investors and to be received in the Naira value (We hope to improve on this before launch in Q1, 2022)…
WHAT WERE THE CHALLENGES WITH THIS TEST FARMING AND HOW WE SOLVED THEM?
There was an oversight for the 20,000 fingerlings, because the earlier budget that was accounted for is 10,000 fingerlings to be farmed in 5 SMP (Standard Mobile Ponds), which was sufficient for the batch. But, instead of a budget of 200 bags of feeds and 10 SMPs; We failed to capture these requirement and update in the budget, hence the challenges. This primarily led to the poor turnout of this batch of earlybirds farming and the following happened:
#1. Congestion — No adequate space at test-farm to hold the fast growing 20,000 post-juveniles catfishes after 5 weeks and we hadn’t noticed this early until after about 700 mortality. In resolving the congestion, it took an extra 3 weeks to build 4 extra SMPs at an averaging cost of over 800k NGN. Hence there was correction but the live-stocks had lost growth (or stunted growth has occurred).
#2. Varied Prices and Poor Weight: Due to #1 reason above and shortage of feeds (as earlier budget was just 80 bags of fees), most fishes could not reach our approved midrange sizes. Our team bought extra 27 bags of feeds. Yet, stunted growth could not be averted and poor weight was the result. We had targeted 2500 KG at 700 NGN/KG. But, we couldn’t achieve it with available resources, hence the sale price was varied from 650 NGN/KG, 670 NGN/KG, 680 NGN/KG & 700 NGN/KG.
#3. Climate Change & Mortality: Late in August and early September, there was a partial climate change that made mortality to spike in addition to the congestion and we lost a total of about 2,340 fishes to mortality from this batch. We corrected this order with soda-ash mixture and other treatment in our water on regular basis until the climate disorder was over & corrected within 2 weeks.
TEST FARM SOLVED
At the end of the earlybird test farming, we have expanded from 5 SMPs to 9 SMPs. We also want to say a big thank you to EarlyBird farms who come to our aid financially.
SALES REPORT OF EARLYBIRDS (HOW IT HAPPENED)
🔹 On Saturday, 22nd of October, 2021:
We started the sales at 700 NGN/KG & 650 NGN/KG due to varied sizes of the midrange fishes:
👉 A 296 KG was sold at 700 NGN/KG. This means: 207,200 NGN.
👉 A 470 KG was sold at 650 NGN/KG. This means: 305,500 NGN.
At this point, we noted that over 6,500 fishes that would have scaled between 900–950KG, had weighed 470 KG only. We know this, simply because the first batch of test-farming had 760kg of well grown midrange catfishes, sold at 700/kg which were only 5000 fishes in that batch of stock). With this alone, we lost over half of the expected yield.
🔹 On Monday 25th of October, 2021:
👉 A fewer midrange fishes was sold totaling 147 KG at 700 NGN/KG. Also 3 SMP was cleared for 670 NGN/KG (470 KG sold) & 680 NGN/KG (150KG sold). This means: 519,800 NGN
🔹 Total Sales: 1,032,500 NGN and All 11 wallets has been paid, 1,000,000 NGN which amounted to 30.55% ROI (Return On Investment)
Its obvious to note that Outside of mortality, We have been impacted by the stunted growth (which resulted from the congestion in 2–3 weeks of expansion) and the feeding budget for 10,000 fingerlings as against 20,000 juveniles. We had carried all early bird investors along in a private group on telegram and considerably they agreed with the outcome of this batch of farming as there was also a representative who participated in the sales from Lagos state..
WHAT EARLYBIRDS INVESTED, THEIR ROI AND HOW THEY GOT RETURNS?
Again EarlyBirds, we have all become a big family, So as this is test farming of what we are projecting into 2022 and beyond. The Fishfactory Protocol team has transparently worked with all 11 participants and we did our very best to preserve your investments with addition of 30.55% ROI. Hence we are returning 1,000,000 NGN to all 11 wallets. All EarlyBirds have $XFP in 11 Wallets out of 13 wallets (the two remaining wallets were bought by teams during the sales), meaning that only 15,318,726.79 $XFP is not within our reach. All 15.3 million XFP were bought at 0.05 NGN and shall be repaid as 0.065 NGN, amounting to 30.55% ROI.
HOW WE CALCULATED ROI
IVI = 15,318,726.79 $XFP x 0.05 NGN
IVI = 765,936.3395 NGN (Cost of Investment)
FV1 = 1,000,000 NGN
ROI = 30.55%
After All Fishfactory P ($XFP) tokens is returned to contract issuer address, and ROI + Capital is paid, Fishfactory P ($XFP) will be burnt, except for 2 users who have opted to keep and reinvest their funds into the presale already.
Lastly, We have learnt a great deal from this batch of farming, We have schedule the Official Sales of Fishfactory P for Q1, 2022 with aggressive marketing. IF you miss $SHIBA-INU, Don’t Miss the first Blockchain Farm Initiative about to launch.
We currently have in preparations 40 plots of land for fish-farming starting from Q1 after Sales. Fishfactory P will be launching on Waves Network and Binance Smart Chain.
Just at the conclusion of the sales on Monday 25th, there came a rush as more fish customers came to site and others started calling our office contact asking for produce, but unfortunately, no more products for sales. This is how lucrative fishfarming utility is when brought on blockchain infrastructure.
TESTIMONIALS SENT TO US BY EARLYBIRDS
TOKENOMICS (UPDATE) & WHEN IS LAUNCH AND SALES DETAILS:
The tokenomics has been updated above and sales is schedule to commence by Q1, 2022. learn about us here
Read details on our Website: https://fishfactory.cc/#faq
Read roadmap on Website: https://fishfactory.cc/#roadmap
Read and join our community: t.me/ffprotocol
Follow Us on Twitter handle: twitter.com/ffprotocol
