![CAT Cat Appreciation Token - Progress Update - Title Image](https://cdn.steemitimages.com/DQmXGkQvXzoMZRpmhbKoznoy4Cqp2mzQPYKnKj6z8cKxXEZ/cat_tokens_progress_update_title.png) # CAT Progress Update #1. Transparent Funding and Development

It's been about ten days since CAT became available on the market and barely a week since the primary utility of the token came online. Let's take a look at how things are going: ### Token Market The market is developing well and we see a little bit of volume every day. The initial fair-price offering at 0.001 STEEM per token sold out almost immediately and we are now seeing price discovery happening on the open market. Currently with a tendency towards a price of 0.005-0.006 STEEM. @catnet continues to maintain a sell-wall on [the steem-engine DEX](https://steem-engine.com/?p=market&t=CAT), limiting price-speculation there to a ceiling of 0.010 STEEM per CAT. All offers on the market below this rate are made by users selling their own tokens. @catnet will not meddle in the price discovery or artificially manipulate the markets in any way. ### Project Funding Since the initial token offering sold out, another 17,918 tokens have been sold from the official sell-wall and additionally 1,550 tokens have been sold "under-the-counter". | INCOME | rate | tokens | income | | - | - | - | - | | intial flash-sale | 0.001 | 100,000 | 100.000 STEEMP * | | sell-wall | 0.010 | 17,918 | 179.180 STEEMP * | | under-the-counter | 0.010 | 1,550 | 15.500 STEEM | | liquid author-rewards | - | - | 10.173 STEEM | ^{* a 1% fee will get applied upon withdrawal from steem-engine} "Under-the-counter" sales are going rather slow, but that's to be expected, the tokens are quite a bit cheaper on the open market and this is mostly just an option for die-hard supporters of the project to show their support and help with funding. **All in all, @catnet has already raised funds of more than 300 STEEM.** ### Technical Development The primary token utility has successfully been deployed. The kitten-bots are showing ["Appreciation"](https://steemit.com/catnet/@catnet/appreciation-upgrade-activated), handing out small amounts of CAT, and the tokens themselves have started to work as virtual ["CATnip"](https://steemit.com/catnet/@catnet/the-catnip-feature-has-been-activated) from within users' wallets. Full disclosure: there has actually been a minor hiccup, a little oopsie so to speak, during the early roll-out of the CATnip feature. @cuddlekitten followed the smell of her own catnip and a filthy round of self-cuddling ensued after that. The kitten-bots all know their siblings by name and have learned to refrain from cuddling with each other, they also can't develop any "sympathy" for themselves, so self-cuddling has never been an issue before. It was a quick fix, though, to simply let them treat themselves like their own sibling, so this won't happen again. ### Next Steps Right now the proof-of-concept for the Cat Appreciation Token is basically complete, but we're far from done here! **STAKING** is a must-have in the longer run, first to give the CATnipping functionality more meaning and then to fix a basic vulnerability that might easily be exploited by circling token balances between a number of accounts. Enabling the staking feature for CAT on steem-engine comes at a hefty price-tag, roughly 1,000 STEEM, that's more than 15% of CAT's current total market-cap, and will likely remain out of reach for a while. To prevent any sort of potential abuse in the meantime, I will develop a "soft-staking" feature for the token, I'll share more details on this at a later date. More **INTERACTIVITY** will also follow soon. We definitely need some token-sinks and more fun stuff to do with all these CATs that are going around. CAT-whales will get the possibility to summon a kitten-bot of their choice under a steem-post they find worthy, the obligatory cuddles will come included of course! I'll keep you updated here and I'll appreciate any feedback you can give in the comments! ![catlove_thumbfit.png](https://steemitimages.com/160x0/https://files.steempeak.com/file/steempeak/catnet/ugy7r8Ab-catlove_thumbfit.png) *now go and cuddle some kittens!* *meow!*