SORA x Palmatrix AMA
On Thursday, June 6th, the SORA community hosted an AMA on the SORA Telegram chat with Jernej Vrčko and Dorian from Palmatrix, covering updates from the newest SORA Builders.
SORA Telegram group members were treated to an interesting AMA, during which updates on the SORA Builders and Palmatrix were covered, along with interesting questions about the Palmabot feature. Here is a transcript of the AMA in the SORA Telegram community.
The questions have been edited and ordered for clarity.
Welcome everyone to the AMA with Palmatrix's very own Jernej 💯🙏💯🙏
The chat will be temporarily muted while he shares some updates with us, and then the room will reopen for the AMA session 💬
Jernej: Thank you for having us!
It is a real pleasure… Here are some updates.
Final version: 🌴 Palmatrix-SORA DEX-CEX Bridge 🌴
🔥 Weekly Updates 🔥
The R&D part of this partnership is reaching the next level — ending the Phase1 while starting the Phase 2.
Thus, we are ready to present our achievements, findings, and plans and would like to provide you weekly updates — maybe not absolutely every week 🙌😁❤️
🚀 Today we would like to this AMA session with Palmatrix technical team. Feedback, questions welcome 🙏
🚀 At this point today we are inviting those that would like to have a look at the Prorotype yet POC version of Palma Virtual Assistant’s SORA wallet integration, please join the group and wait for further infos in the coming weeks here.
🚀 Yet, exclusively for you — the PalmaTestBot is accessible via the Telegram handle: @Palma_test_new_bot
HINT: When chatting with Palma use command /sorawallet
WARNING: Do not use prototype created wallets to send funds to! SEED Phrase exposed due to test reasons.
🚀 For tech savvy members here is some open source code.
🔥 If you have any questions that you would like to see answered, please post it here and we will be happy to provide information and facts to enable understanding of this project for everyone 🔥
Does bridging DEX and CEX mean that both types of exchanges will have access to Sora ecosystem-based tokens?
J: Hey, thank you for the question!
Yes, this is part of the plan 👍
What are the main concerns using ALT, connecting DEXs with CEXs?
Discussion points recommended:
- Hacking
- Regulatory restrictions
- KYC restrictions
J: Thanks!
Hacking — security concerns are the same as for the ones for trading (same level)
Regulatory restrictions — here we are most far from the traditional needs — but we bet on traceability, which means restrictions will see a huge turn in this respect. And this should answer as well the KYC restrictions. The main point is — we are in process with institutional level organizations helping them to understand better. For now.
Can you summarize again what Milestone 1 entailed?
J: Yes, please:
1. POC on integrating SORA Wallet to PalmaBot’s Zero Data App architecture.
2. Defined requirements to connect Polkaswap with professional trading tools using CCXT
What can users do with PalmaBot in a nutshell?
J: Basically, it is a personal asset management tool with a wallet feature for controling funds on 40 CEXs and now soon as well on Polkaswap / SORA wallet. Comparing prices, analyzing, executing trades, portfolio management, etc.
The vision is to enable natural language recognition as the crucial feature on top.
Vision — decentralized and transaprent future
Goal — connecting traditional financial world with DeFi
Does this integration eliminate the need for CEX listing?
J: I wouldn’t say eliminate is the right answer. But for certain needs definitely it will replace the need for CEXs. However, I am not brave enough to say we will manage to lower the fees so much that CEXs will not be needed anymore.
Beno: CEX listing of SORA tokens will always be welcome to create a better market and get more exposure.
Has Palmatrix made this integration before with another chain?
J: No, this is the first in a fully native way. Else we do support 5000+ tokens/coins, but not in a non-custodial way 🙏
Is SORA/Polkaswap the first DEX in PalmaBot ?
J: Yes! And we are very proud of that! The first fully native access ❤️
Is your platform suitable for crypto beginners? Or is it only limited to professional users?
J: As we began, the user experience (UX) was usable only for pros. But through years we are making it more and more accessible for beginners.
I would say the part with news and price movements already reached that phase, while trading part is being improved in parallel with SORA wallet integration. Especially we count a lot on AI and natural language recognition.
Dorian: You can already use palmabot via websockets/webhook and automate your trading. we are planning on an opening our api via websocket/rpc and rest endpoints. you will be able to connect your bot to these endpoints.
Do you plan to make everything you develop open source, or can you elaborate on the plans?
D: yes, everything we develop here will be open sourced!
The total amount requested is the equivalent of $90K. These payments will be broken down into three milestones of $30K USD, which are documented within this issue.
SORA-Palmatrix Polkaswap-CEX Bridge Phase 1, Payment 1 (VAS), Amount: USD$40,000
Milestone two — Paid in full — Can’t find the amount.
The first part of Milestone Three, Amount: $45 K worth of TBCD
Let’s say that milestone Two was also like milestone One 40k. We have a total of $125.000, but the total amount requested was the equivalent of $90K, and we are still not done since we only paid the first part of milestone Three. What is going on? How much more do we need to pay before you launch your product?
J: We received 60k for now. As we speak we are collaborating to close the Phase 1 with the last 30k $ (to top up 90k $). And start the Phase 2.
Could you outline the key benefits it will bring to Polkaswap?
J: Listing of Polkaswap in CCXT ad bringing in more traders / liquidity.
Enabling easier market overview — especially it will be interesting to see prices of trading pairs comparable between DEXs and CEXs.
Could you briefly outline the user flow for the Palmatrix bot?
J: Here, thanks for the question:
1. add Palma as a chat friend (as any other via handle)
2. click “start”
3. and begin to communicate
However, the most important feature is I believe signaling when something important happens. And enabling to react properly.
More here palmabot.com
PalmaBot looks like the first delivery from the Palmatrix team; what will be the second?
J: Yes, the second delivery will be in parallel:
- The service that upgrades Polkaswap trading API
- Plus the CCXT connector open source API to enable any trading engine to connect to Polkaswap in the CCXT standardized format.
Does Palmatrix have social accounts where we can follow the progress?
D: you can find Palmatrix:
And progress will be reported to SORA-Palmatrix DEX-CEX Bridge channel.
J: And also weeklty updates will be shared here in this group (SORA_XOR).
When a CEX user buys from the SORA ecosystem, do the coins cross the bridge to become a CEX asset, or do they remain in the SORA ecosystem as non-custodial?
J: Both options are possible — depending if the CEX supports SORA token.
The product has various phases. Will there be a release for each phase with smaller features, or will it only be functional when all the phases are completed?
J: Launch at least every phase. 🙏
Do you have daily statistics such as users, TX volume, and the number of TX in Palmatrix?
J: Users: 3000
Tx Volume: between $1000 and $30,000 daily
Number of Tx: between 10 and 100 daily
NOTICE: this are numbers including instituional side Exchange, Asset Management, and B2C side with PalmaBot and PalmaExecutor.
Will Palmatrix bring more liquidity to SORA?
J: We already are 🙏🏻🙂
Oh, nice 👍 Are there statistics?
J: Not official ones. Will make sure to provide when significant volumes start happening. 👍
Awesome, thank you for all the updates and insights, Jernej.
J: Thank you again! Amazing community 🙌🏼❤️
Thank you for your time and information; let’s do this again soon! 🔥
D: Thanks everyone for joining and we will keep you posted.
About SORA
SORA is an innovative, adaptive, non-debt-based monetary framework that facilitates economic stability, particularly for financially vulnerable countries. As a groundbreaking platform, SORA exemplifies the potential of blockchain technology in fostering a more inclusive and stable global financial system. Its integration in projects like the Bokolo Cash CBDC signifies a new era in digital currency, aligning technological advancements to achieve broader economic stability and resilience. Through its unique approach and capabilities, SORA plays a pivotal role in the evolution of global finance, particularly by supporting economies that need innovative and sustainable financial solutions the most.
