Catoshi is starting 2023 with a bang!!
NFT staking is live and decentralisation is coming.
Happy New Year everyone. The end of the year in the markets was quiet, this is common in December. The wider global economy is still looking weak but there are signs that inflation in many countries is starting to slow and even reduce. This is positive but it is early days yet. The crypto space has had a hard time recently, the collapse of FTX making the sentiment even worse. However, crypto has survived such things before and no doubt will again. In the mean time it is the focused, solution orientated projects that will survive. Many will fall away before the market improves. The best projects will survive and flourish.
Catoshi is not one that will fall away. Indeed, as time progresses the business case for Catoshi improves. Catoshi has a financial business model like many traditional businesses. Fees are taken for use of a service Catoshi provides, mainly fees from people and other businesses using Catoshi bridges. The more the bridges are used the higher the income. There is no reliance on trade volume, a weakness of many projects that rely on trade taxation rather than selling a service. The team is very aware that they need the best bridges possible to attract a user base. Even when it seems the project is quiet, the work behind the scenes is to achieve this aim, to build the most user friendly and safest bridges possible.
NFT Staking is LIVE
On January 7th Catoshi announced that their NFT staking was live. The V1 Catoshi NFT was given to those that used the portal to swap their V1 tokens to V2 tokens in late 2021. The NFTs were free to all of those eligible and were given as a thank you. These NFTs have now been given utility. Once the NFT is staked at nft.catoshi.tech you will be rewarded with 1 $Cats, if using Metamask on mobile you will need to use the Metamask browser. Over time this reward will accumulate and potentially be valuable in line with Catoshi’s growth.
Decentralisation and other news
A few months ago Catoshi announced that it was working with another project in order to make Catoshi bridges fully decentralised. This is now very close to completion and the team are working towards a full release later this month, January 2023. The goal has always been to have fully decentralised bridges but until the technology was available Catoshi took another path. Many of the bridge hacks that have been seen in the space are linked to weaknesses in the decentralisation. Catoshi decided it was better to be more centralised and safe in the short term and only move to decentralised when the appropriate technology was available. Due to excellent networking by the team Catoshi now has access to the best decentralised bridge technology available and the new Catoshi bridge is close to launch. A detailed post will be made close to launch with the bridge tech and processes being explained fully. This is a huge leap forward for the Catoshi project as the new decentralised bridge will include 17 chains and 1400+ tokens (including stable coins). More details very soon.
The Catoshi bridge fee staking platform is something that I have discussed previously and I am very excited about the potential returns it can provide. However, it relies on volume across the Catoshi powered bridges and in this current market volume will not be as high compared to when the market is more bullish. Therefore the decision is when to launch the staking platform for it to have maximum impact for the project, token holders and token price.
The new website is having final tweaks so that it is ready for the launch of the decentralised bridge to maximise marketability. A professional, user friendly website will represent the project before companies, bridge users or investors have even made contact with the team. It will be the first point of contact and information for anyone wanting to find out more about Catoshi and what it offers.
