Catoshi’s weekend round-up; Certik audit passed and other news
The last week has seen the global markets recover a little. The news from the Federal Open Market Committee (FOMC) seemed to be received well and as a result the markets, including crypto, have had a broadly ‘green’ week. Whether this is a ‘Bear Market rally’ or the start of a recovery waits to be seen, but for many the sight of price increases is very welcome.
Certik audit is passed, well done Catoshi devs
On the 28th July it was announced that the CertiK audit for the ApexBridge to the Hedera Hashgraph Network was completed. This will be the first bridge between the Avalanche and Hedera networks. Now that the bridge has passed an audit with Certik it will undergo extensive penetration tests by Halborn and further examination by the partnered insurer, UnoRe.
It is incredibly positive news for the ApexBridge which is actually multiple bridges under the ApexBridge umbrella. 4 bridges have been announced to date including this one between ApexBridge to the Hedera Hashgraph Network. The other 3 ApexBridges will also undergo Certik audits as will any future addition to the ApexBridge.
Given that Catoshi provides the underlying bridging technology for the ApexBridges, the passing of the Certik audit is testament to the high standard of development work from the Catoshi dev team. Great job guys.
Staking, website and other development news
The staking platform is almost ready to go live. Last week I said that there had been a few bugs found in the UI and I am pleased to report that they have been addressed. The question now turns to when the bridge fee staking platform should go live. This is an important decision for the team.
There is no question that the launch of the bridge fee staking platform will be very newsworthy. Especially given the nature of the platform is different, and in my view better, than most standard staking systems. From a marketing perspective announcing things in isolation often falls flat. As such it would likely be more effective to launch the staking platform once Catoshi bridges have more volume across them. At present the returns from the fees would not be particularly high due to the size of the bridges we have and the nature of the market. However, the ApexBridges should be going live once the Apex DEX is upgraded to v3 in the coming months. We are also looking at other possibilities for increased bridge volume that could potentially add a lot to the bridge volume but may be a few months away. As such the Catoshi team need to think very strategically about the launch of the staking platform and when it should go live for the benefit of the project and token holders. I am sure further discussions will take place over the coming weeks and I will update once more when I have more news.
The new website continues to be worked on but is not in a position to be launched just yet. The website will be incredibly important for the marketability and presentation of Catoshi, especially moving forward when more attention will likely be on the project. 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. It is my view that the website needs to be as good as it can be prior to the expected increase in attention we shall have in the coming months. I am hopeful that the website should be ready to go live in the next week or two.
The team has been involved in many meeting this week. We have had not only a substantial internal meeting on Thursday but also meetings with other teams. The difficulty I often find writing these updates is that I am privy to information that can’t be made public just yet. Some of this information is often small ongoing positive developments. On other occasions it is more significant. This week we have been discussing the future of the project, where we want to go and how we want to achieve that. The progress and ambition I see is impressive, yet achievable. I am excited by the potential announcements and updates that should be coming over the coming months.
Last week we announced a reduction in prices of the White Label and the Crossing bridge options.
Catoshi launched two promotions. The first has reduced the price of a White Label Bridge to 12.5k USDT. The White Label bridging option is fantastic for projects that want to keep complete control of their branding. The bespoke bridge UI is located on the project’s own website keeping consistency of branding design as required. The technical work and support all happens in the background and there is absolutely no indication to the public that Catoshi is involved which for many projects is important to their marketing.
The second promotion has reduced the price of a bridge on The Crossing to 6k USDT. With this option the UI for the bridge is hosted on The Crossing website run by Catoshi. The technology used is the same as for other types of Catoshi bridges, only the location of the bridge and the UI branding is different. This enables the Catoshi developers to very efficiently and effectively build the bridges on The Crossing which lowers the cost to Catoshi. The reduced cost is then passed on to the project buying the bridge. This option provides a full bridging service that will function fully for any type of project, but may be better suited to those smaller projects where growth expenditure is more restricted.
The team also announced a change to the bounties being offered and this change will be in place throughout the summer
Catoshi has been running a referral bounty for some time. However, the reward for successfully referring a project to have a White Label bridge built has now increased to 1.5k USDT. There is no limit to the amount of bounties a person can earn and as such this has the potential to result in a sizable payment for anyone who is good at bringing projects together.
The bounty for a successful referral to The Crossing remains 1k USDT. However, the lowered cost to the project may make it a little easier for people’s efforts to result in a successful referral.
So at a time when financial gains in the crypto space are more difficult than 6 months ago, the Catoshi bounty offers a way to earn at least 1k USDT with no maximum amount. The more bridges you refer the more you earn.
Have a great week ahead everyone.
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