Development Update Feb. 24th 2023
About them fees
A hot topic regarding Linx Wallet has been the fees, and while we prepare Linx Wallet beta to release publicly, I thought this would be a good time to revisit that topic.
Let’s first address something related to fees, that might give a better understanding of why we are using fees in the first place: ThinEdgeLabs LLC (TEL) currently exists of 3 people, 1 experienced software architect (Radu), 1 experienced UI/UX designer (Raul) and 1 experienced engineer (me) who happens to know how to code (and is a diy guy).
We started developing in June 2022, me full-time and Radu with all the time available besides his contracting work. We took the leap to start TEL because we were convinced we could build something amazing together, we had a different and unseen view on a lot of things inside the Kadena ecosystem and we got a ‘figure it out and get shit done’ mentality. And as said before, we wanted everything to be backed by a real company so products would have a future, making a profit is necessary though for this (as I don’t believe in a model where you survive on funding for years and then suddenly scam your users with fees for something that was free to become profitable).
At the time we were hoping to find some funding along the way to get Radu to switch to full-time as well and expand to a bigger team possibly to accelerate development. Unfortunately for us, Koala wallet came out unexpectedly, and got a grant. With 2 wallets being supported by Kadena Eco, means our chances of getting some funds to accelerate development became close to none.
To summarize, all we have build so far is done by 2 developers and 1 designer and we paid for it for almost a year out of our own pockets. If we look at it from an investor point of view, we invested more than 2000 of actual working hours in TEL (I think a lot more by now tbh), at a modest $75 an hour (we could have easily earned doing something else) we invested more than $ 150,000 so far into TEL. This is how much we believe in our products and this is what makes us determined to succeed.
Chainless Experience for everyone
One of the things we are most proud of in Linx is the chainless experience. Because we chose the approach to let users pay for gas in any token, we needed to add a fee there. But, we also think this experience should be available to everyone so:
Today we are announcing Linx Wallet will be the first chainless and gas-free wallet in the Kadena Ecosystem. (And the first truly gas free wallet in THE WORLD!)
We are removing the fees from the chainless experience, so everyone can experience chainless transfers without paying for fees or gas.
Swaps
Swapping in Linx wallet will be available immediately in the public beta release, and because our swap automatically gets you the best possible price over all exchanges, there basically is no reason not to use Linx to swap your favorite tokens.
We believe in the value for value model, which means we deliver a value and ask for some value in return. We are doing this with a fee on the swap of 1%. This 1% consists of the liquidity provider fee (0.3%) and Linx fee (0.7%) and is of course gas-free.
Even with this fee, Linx swap will still give you the best return on your swap AND a chainless experience.
We can’t wait to get our wallets in the hands of the masses and we have so much more lined up… This year is honestly going to be extremely exciting.
For now I’m taking a week off to visit the snow in France to charge up for an exciting March!
Yours truly,
Floppie
