Catoshi’s weekend roundup; Another high profile insured bridge is to be built, this time it’s XRP
The tripartite partnership of Catoshi, Apex, and UnoRe are collaborating with Ripple. Also the first round of voting has taken place in our NFT competition.
The last week in the wider space has been described by many as ‘choppy’. No major sustained moves have been made by BTC either up or down. Commentators seem split on whether there is still lots of room to the downside or if we are close to reaching the floor. Either way the overall mood still seems fearful. This is the ideal time for building to occur to be prepared for when a bullish market returns, and building is something that Catoshi is very good at.
Catoshi, Apex and UnoRe do it again, this time the bridge is for XRP
We have previously discussed the ongoing partnership between Catoshi, Apex and UnoRe. To date two fully insured bridges, involving the Fantom Foundation and Syscoin, have been announced that will sit as part of the ApexBridge. This week, on Tuesday the 31st May, it was announced that the 3 teams will together be building a fully insured bridge between the Avalanche chain and XRP Ledger (XRPL) to go live by the end of August 2022.
ApexBridge will facilitate a fast and safe transfer of wrapped XRP tokens from the XRP Ledger (XRPL), an open-source, public and decentralized blockchain, to Avalanche and other EVM (Ethereum Virtual Machine) Networks. Source
XRP is a long standing top 10 project with incredibly high daily trade volume. The collaboration shows the significant moves Catoshi, Apex and UnoRe are making in the blockchain space. The ability to be able to bridge wrapped XRP to and from EVM Networks exposes XRP and the XRP Ledger to a wider user base, including the DeFi space. The resulting potential for bridge volume is incredibly high, a bridge built by Catoshi as part of the ApexBridge.
Before going live, ApexBridge will undergo thorough audits by UnoRe and CertiK, as well as extensive penetration tests via Halbourne. Catoshi built bridges have a lock/unlock mechanism with node scripts. They are more centralised which currently provides the safest way to ensure fewer vectors of attack. In phase two we will be using the highest standard technology to decentralise the bridges in the most efficient and safest manner.
The NFT design competition
This last week saw the closing for entries to the NFT competition and the first round of voting took place. We had over 30 entries that were voted for by the community. The top 9 have progressed to the second round of voting which will take place in the coming week. The standard of entry has been high with many differing styles and interpretations. The top prize wins not only a cash prize but also has their design minted as an official Catoshi NFT, which is incredibly exciting for not only the winner but also the team. We have a fantastic relationship with our community and we very much try to involve them whenever possible. The NFT design competition is a very visual way of doing this.
Though now closed to entries the competition poster is below showing the criteria and prizes.
Website and staking
Progress is continuing well on our new website. We are at a point where the design ideas are finalised and our web designer is about to work his magic. We have updated the website copy to expand the content we have for our services and products, and this will be edited further as needed. Catoshi has grown in regards to what we offer projects and it is only right that the website reflects this in a suitably professional manner.
The bridge fee staking platform is very close to completion. The UI is completed and the final stages of coding are being worked on. We are predicting a launch in the next week to 10 days but as always the quality of the product is paramount.
We are very excited by our bridge fee staking offering. As mentioned in the community before, this is not a standard type of staking. Instead it is a bridge fee share to those that lock up tokens. Rewards will be in the tokens of the projects that are using the bridge rather than just Catoshi tokens. This means that the bundle of tokens will be broad, reducing the risk of the bundle losing value and increasing the chance that one of the tokens will be a ‘moonshot’. It also means that unlike standard staking rewards there will be limited sell pressure on our chart. The rewards are directly linked to bridge volume, so as the project grows the bridge fees being distributed will also grow. This is realistic and sustainable, built on traditional economic and business ideas that rewards should be in relation to income.
Just as previous weeks the bounty of $1,000 is ongoing. If you can connect a project to the Catoshi team and the project then onboards, you will be eligible to receive $1000. We have already seen community members receive bounties. There is no limit to the amount of bounties a person can receive, therefore if you successfully connect 10 projects and they are onboarded you could be eligible for $10,000. Please ask a team member for further details.
Have a great week ahead everyone
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