Catoshi’s weekend roundup; Big partnership announcement with Apex
Catoshi and Apex join forces to build a partner bridge from Fantom ($FTM) to Avalanche ($AVAX)
The last week has been incredibly turbulent for the entire crypto space, this will not come as news to readers. We have seen a weak Bitcoin lead a pullback across the wider market which led to mainstream news outlets reporting negatively about crypto currency once again. This was followed by the problem with $UST losing it’s peg which led to the collapse of $LUNA. There is no need to discuss these events here as it has dominated the crypto space over the last few days. It has also been covered in the mainstream media adding another negative view of crypto and blockchain in general. However, Catoshi has held well this week. In fact, we have every reason to be happy because…
…we announced a partnership with Apex.
Partnership with Apex, plus more
We were delighted to be able to announce that we have entered a partnership with Apex. We are building a White Label bridge for them which enables the fast and safe transfer of $FTM tokens from the Fantom chain to the Avalanche and other Ethereum Virtual Machine (EVM) networks. This should be live by the end of July 2022.
The ApexBridge will be insured by UnoRE creating further security for bridge users above and beyond the existing market leading security and safety that Catoshi bridges provide. This is especially important at a time when we are still seeing bridge exploits, though they occur on bridges using a different bridging technology to that of Catoshi.
Catoshi and Apex will also work closely with the Fantom Foundation. This gives key technical support for the Fantom network and provides an official stamp of approval from the creators of a layer 1 project, Fantom.
The partnership with Apex and working relationships with UnoRe and the Fantom Foundation are a huge achievement for Catoshi. They give a significant amount of exposure and legitimacy to our project which will not only see positive returns in its own right, but also will support discussions with other projects of size.
For further information regarding the ApexBridge please read this Medium article by the Apex team.
Partnerships and on-boardings
Although we have confirmed the Apex partnership we are still in discussions with other sizable 3rd parties and these negotiations are progressing well.
As announced last week, Lil Floki’s bridge is launching on Monday 16th May. Please visit the Lil Floki website, Twitter and Telegram to find out more about the project and what they have planned for the bridge launch party.
We are still in discussion with 6 other projects. However, due to the nature of the wider market, progression has slowed with these smaller projects to allow for a more receptive market to better utilise bridge launches. It is reassuring that larger projects are not so dependent on positive market sentiment to proceed with growth factors such as cross chain bridging services.
1 year celebrations
It is nearly 1 year ago, on the 25th of May 2021, that Catoshi was launched. Crypto is a space where it is rare for projects to last a few months, let alone a year. We are very proud that we have not only lasted this time but have grown from being a meme token with a tiny presale and launch, to what we are now, a well functioning bridge tech project with multiple partnerships and ongoing growth. Here at Catoshi HQ we are discussing multiple events and activities that we can provide to celebrate our 1 year anniversary. In the coming week we should have details of what we have planned for the 25th of May, but we certainly want to have the opportunity to celebrate with our community.
NFTs
It is still our intent to distribute the V1 migration ‘thank you’ NFTs by the end of May. This is to show our love and thanks to those V1 holders who used the migration portal when we had our first token swap.
We also have an ongoing NFT design competition. We have started seeing some entries being submitted to the team already and I know that many of the community are working on entries as we speak. We are excited to see what designs our community make and guessing which one our members will vote as the winner. Please see our previous update for more details, as well as the flyer below;
Website and staking
Progress is continuing well on our new website design. I have seen design ideas becoming more focused and it seems we are at a point where the UI and UX are now being tweaked and finalised before implementation. We are currently writing the website copy to expand the content we have for our services and products. We have grown in regards to what we offer projects and it is only right that our website reflects this in a suitably professional manner.
The staking front end is almost finalised and the backend is being built. We still intend to have staking live by the end of May. I am very excited by our 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 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 no 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
powered by ⚡️ Catoshi.tech
