Catoshi’s weekend roundup; The ‘Bear market’ is the perfect time to build and grow
Crypto and wider market difficulties, building for growth and NFT competition winners discussed today.
It has been a couple of weeks since the last Catoshi weekend update. I have been away on vacation in a remote area with little internet and phone connection. It was complete coincidence that it occurred around the time of a significant market down-turn but this has been beneficial in many ways.
It is easy to get involved in the day to day ups and downs of the crypto market and that can have a negative impact on people’s mental health, especially if the market is struggling as it has been of late. It is often said that a day in crypto is like a week in the ‘real world’ and I tend to agree. However, that also means the info that people process is relentless and time is rarely given to projects to allow them to build.
At Catoshi the community is different to many. They know that the project is building for the long term and we have been given the time and space to do so. This is one of the reasons the bear market does not concern me regarding the future of Catoshi. A huge amount of projects will not survive the next 6–12 months, just as many projects died in 2018–19.
The crypto space always sees projects with little to no fundamental business model rise during bull markets. The last cycle saw the development of projects that rely on taxation as their sole form of income. Tax is great when volume is high but means that there is no income when hype dies down or investors decide to hold on to funds during a bearish period. Catoshi does not have this issue and this is a benefit in the long term.
Sound business model for longevity
Catoshi is founded on sound business sense. It has an income from the services it provides just like many businesses in the traditional markets. This means that trading volume is not a requirement for income but bridge volume is instead. This paired with tight control of outgoings means Catoshi is on a sound footing to not only survive the next 6–12 months but thrive during it.
While the use of bridging may fall as the broader market shrinks, it is a service that will continue to be used, especially by larger projects. This is why we at Catoshi are excited by the partnership with Apex and UnoRe and the insured bridges that are in the process of being built for ApexBridge. These will enable the transfer of Syscoin, FTM and wrapped XRP cross chain (please see previous updates for further details).
In many ways the quiet market now, at a time when we are building large bridging facilities, means we will be in a strong position to take advantage of a market recovery. When the recovery will be I cannot say, but when the market does recover Catoshi will be a project with longevity in the space, market leading bridging security and significantly expanding bridging capabilities and facilities.
The projects that make the transition from the bear to the next bull market will be those with purpose and sound financial sense. Those that make that transition successfully will be in a strong position to be rewarded with significant growth as the space expands once more. Catoshi will make that transition and be stronger for it.
The NFT design competition results are in
The Catoshi community NFT competition took place across the first 2 weeks of June. The intention was for our community to design and vote for an image to be minted as an NFT. In hindsight the team were too used to a tight and friendly community spirit and it was with disappointment that voting irregularities were spotted. Some images had people that were joining the community just to vote. This was not what we had hoped for and instead we chose to introduce a small amount of technology to the process. The vote was redone and in order to join the voting group you had to connect your wallet which held at least 5000 CZATS. This meant that only token holders would be allowed to vote and if people wanted to buy tokens just for the privilege to vote then all the better. This led to renewed trust that the process was ‘by the community, for the community’. Although many had preferences and their preferred image may not have won, that is the way with voting, but it has to be seen to be fair with no possibility that people can point a finger towards cheating.
The winner received $750 and will have the image minted as an NFT. We are currently in discussion with QUAMWAY as to how this will be done and whether there is potential for a series based on the winning image. The winning image is at the top of this article but let’s share it again. Well done QUAMWAY, great job.
Second place won $250 and was highly regarded by many in the community for it’s technical ability. Congratulations HZFH.
Website and bridge fee staking
A few weeks ago I said that the intention was that the new website and bridge staking platform would both hopefully be live by mid June. The downturn in the market has meant we have been able to spend more time polishing and improving both of these areas of development. The website will be an essential part of our self promotion and will be viewed not only by investors but also bridge users and projects looking at potentially working with us. At a time when many eyes are looking at the big caps we have time to make the website as good as possible, so that it serves us well in the future and will not need over-hauling again any time soon.
The bridge fee staking platform is something that has been discussed many times and will have a dedicated article when it goes live. Currently it is undergoing significant stress testing before it is officially launched. Safety and security is always our top priority. Early investors from last year will know that we delayed our bridge service launch for a security review due to many bridge hacks other projects suffered at the time. This was the correct decision and has given us a solid basis to work from. We take the same approach with the bridge fee staking platform. We want to make sure it works perfectly. At a time of quiet with lower bridge volume prior to our ApexBridge launches, now is the perfect time to spend a little longer to make sure we are 100% happy and confident with the safety and security.
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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