In this update we discuss the transition to Binance Chain, the Binance DEX listing of $CAN BEP2 and the latest on CanWork.
What’s happened since the last update?
June was mostly spent working with the community and the Binance team to start the transition to Binance Chain along with the listing of BEP2 $CAN on the Binance DEX.
We have also worked on a number of UI & UX improvements for CanWork and also reached a significant milestone on State of the dApps.
Binance Chain
For those that are still catching up, the CanYa ecosystem will move from Ethereum to Binance Chain. This will ensure a better user experience for CanWork (with Binance’s cheaper fees and faster transaction times) and more exposure for the CanYa brand (with Binance’s support).
You can read more about the background for the decision here:
June saw the BEP2 $CAN token go live and the first of our token holders start to swap their ERC20 $CAN for BEP2 $CAN — BEP2 is the native token format of Binance Chain.
For the swap to take place the team minted the exact same amount of BEP2 as there was ERC20 $CAN. The breakdown of this is:
20m tokens in the DAO pool
20m in the founders pool (which remains locked)
39m tokens ready for our token holders to swap.
4,173,000 burnt
It is important to note that the circulating supply of $CAN will not increase. When the ERC20 tokens are sent to the Ethereum address for the swap they are permanently destroyed and replaced in the nominated Binance address with BEP2 $CAN.
The process to complete the swap can be done in five relatively simple steps:
These steps are explained further in the following guide:
Next steps for Binance Chain?
The CanYa development team will continue to work with Binance Chain to improve its features and performance. Gradually the entire CanYa ecosystem will be pushed across to Binance. For the average user of CanWork and our other products this will be occurring in the background and will not affect their daily use. We estimate that the first major development milestone on Binance Chain will be the CanYa DAO.
For our token holders, if you are not intending to use your tokens on CanWork or trade them outside of the DEX we encourage your to swap your tokens over to BEP2 using the guide above.
Binance DEX
On the 13 June, thanks to support from the CanYa and Binance communities, $CAN received the required votes from the Binance Chain validators to list on the Binance DEX.
Following that, on the 20th of June $CAN went live for trading on the Binance DEX:
Binance is also offering listings on Binance.com for projects that show significant interest and volume on Binance DEX. To help encourage this we launched a 30 day trading competition on Binance DEX. There is 250BNB and 175,000 BEP2 $CAN up for grabs! Details in this guide:
The CanWork Platform & Marketing:
Since the last update we have continued to improve the CanWork platform including:
- Database Pruning — CanWork is a lightweight app that will be ultimately decentralised. As such we’ve implement pruning rule on the Firestore database so that old chat logs, media and jobs are removed to prevent adding to storage costs.
- Profile Image Issues— CanWork was displaying lots of blank spaces. Some of these were due to invalid custom image URL’s so we implemented a fallback solution to display user’s initials if the image cannot be loaded.
- Action log issue with escrow — We investigated and fixed a bug on the job dashboard that sometimes did not display the correct escrow action at the correct time.
- Line Breaks in Text Formatting — We introduced line breaks as part of our formatting improvements. Large bodies of text like Job Descriptions and Bio Details did not conserved line breaks from the user input fields creating blocky, unreadable displays.
- Removal of Wallet Link on Chat — The chat inbox displayed a CAN balance link but it didn’t make a lot of sense to have a web 3 connection here. So we removed the link and with it the annoying metamask popup when using the inbox.
Back in the May Update CanWork was sitting at number 67 out of about 2600 dApps on State of the dApps. This website is an aggregator that measures dApps from a number of different protocols and ranks them based on usage, volume and development. We set a goal for CanWork to break into the top 50 dApps on this website by the end of the financial year.
June turned out to be our most successful month on record and CanWork quickly climbed the rankings. We are pleased to announce that not only did we achieve our EOFY goal, we well and truly exceeded it. At one point in June CanWork sat at position number 21 out of 2,667 dApps (which puts it in the top 0.8%). CanWork also became the top dApp in its category ranking as the highest decentralised marketplace in existence:
We are very proud of this achievement and will continue to work hard on development and attracting users to maintain our performance on state of the dApps.
The marketing team spent a lot of time throughout June co-ordinating the Binance token swap and DEX listing. Although the platform posted great numbers on state of the dApps this month we are looking forward to being able to put more focus back into the CanWork platform and bringing more users into our ecosystem.
Having said this, the exposure through the Binance announcement and DEX listing brought a lot of exposure to the CanYa project and our social channels.
Our Twitter feed was particularly busy throughout June:
Additionally, through our development work on Binance Chain we recently received some praise from CZ (Binance’s CEO) which went to his 400,000 cryptocurrency followers:
Marketing focus for July & August:
The focus for July onwards will be continuing to grow the CanWork user-base. This will be done by:
- Increasing the direct advertising budget on Facebook, Twitter and online marketing,
- Directly targeting start-up hubs and freelance-rich organisations to post jobs on the platform
- Working on further strategic partnerships that have user-base crossover, and
- Running a unique competition for start-ups across the globe to use our platform to build something special.
On the last point, following feedback from our community we recently changed the trading competition prize pool to free-up additional funds for such an idea. We will have 250 $BNB and 175,000 $CAN (~$15,000 USD!) to put towards an exciting promotion that leverages the CanWork platform and brings new users into our ecosystem. We will discuss ideas for this with our community and release further details later this month.
Development Focus over the next month:
We begin developments on the Binance Chain that will eventually allow us to migrate the CanWork backend and establish the DAO. You can check out our proposed Binance Chain developments here https://beptools.org/.
The first priority is multisignature which is needed to kickstart it all off. The Hedged Escrow that is at the heart of CanWork payments is a special form of Escrow which is a special form of Multi Signature.
We will also continue to improve CanWork including:
- Desktop Notifications Feature— Currently there’s no way to understand that a new message has arrived in CanWork chat while being in another application/browser_window. We intend to implement a system notifications feature. User is able to block/allow these notifications in browser settings
- Advanced Text Formatting — Continuing to improve the profile formatting functionality.
- Custom Profile Images — There are still some unresolved issues with the custom image uploads that we will continue to investigate
- Social Links — To improve provider portfolios we aim to introduce the option to add social links
- Increased application standards —as part of our efforts to create a quality and trustworthy marketplace we aim to increase provider application standards, remove low quality profiles and help our digital service providers create engaging profiles.
Want more information? Come join the CanYa community Telegram channel.
Or hit us up on any of the links below:
Links:
- Telegram Announcements: https://t.me/canyacoin
- CanWork: https://www.canwork.io/
- Twitter: https://twitter.com/canyacoin
- Facebook: https://www.facebook.com/CanYaCoin/
- Medium: http://www.medium.com/CanYaCoin/
