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June 6, 2024 AMA Recap

Onchain Listing and Checkout

In our latest AMA held on June 6, 2024, we delved into some exciting developments and challenges faced by our team. Here's a comprehensive overview of the key points discussed during the session.

Infrastructure Evolution

Phil’s Question on Ramps and On-Chain Listing: Phil asked about the ramps and the on-chain listing product. Jason explained the complexities of the infrastructure, emphasizing the initial reliance on Circle’s developer-controlled MPC wallets. These wallets facilitated the execution of on-chain transactions by lending on-chain capital, which was later settled with USDC. Initially, the infrastructure was built on Polygon due to its efficiency and wide usage. However, the deprecation of the Mumbai testnet and the transition to Amoy created significant challenges, prompting a reevaluation of our approach.

Overcoming Single Points of Failure

Jason highlighted the unexpected hurdles faced due to the testnet changes, which affected many projects, including ours. The team had to quickly adapt by testing new solutions to eliminate single points of failure. This involved leveraging account abstraction and developing a new float that could be deployed across multiple chains. This adaptability showcases our commitment to maintaining a robust and resilient infrastructure.

On-Chain Checkout and Listing

Akira’s Question on On-Chain Checkout Release: Regarding the on-chain checkout, Jason admitted that development was taking longer than anticipated. The complexity of creating an on-chain checkout flow, unprecedented in the industry, has presented unique challenges. The focus has been on ensuring accuracy and efficiency, particularly in the quoting system for on-chain pair swaps. The team has achieved significant milestones in this regard, ensuring price accuracy and incorporating gas fees into the process.

Innovation and Continuous Improvement

Jason emphasized the innovative nature of our work, comparing it to building unique Lego pieces in an industry where such pieces do not exist. This approach has led to delays but ensures that the end product is genuinely groundbreaking. The analogy to manufacturing before mass production underscores the bespoke nature of our development process.

Development Is Not Linear

Dan reiterated that development is rarely a straight path. The team often takes one step back to take two steps forward, constantly learning and adapting. The year 2024 has epitomized this iterative process, leading to significant advancements in our products.

Go-to-Market Strategy

Go-to-Market Strategy: The discussion also touched upon our go-to-market strategy. Jason described how moving from a fixed supply to a limitless supply unlocks new opportunities and creates challenges. He likened the current state of crypto payments to the pre-interoperability era of traditional currencies. Our vision for on-chain checkout aims to render obsolete the limitations of current systems, much like how credit cards transformed financial transactions.

The Future of On-Chain Payments

Jason painted a picture of a future where on-chain payments are as seamless and integrated as traditional financial systems. This vision drives our development, pushing us to innovate and build the necessary infrastructure from scratch.

Upcoming Developments

Podcast and Telegram ByBot: The AMA also covered the upcoming podcast, which will focus on broadening our audience and educating the public about our technologies. Additionally, the Telegram ByBot, while currently on hold, will eventually become an extension of our on-chain checkout, leveraging our robust infrastructure.

Closing Thoughts

The AMA concluded with a reflection on our current position. Dan affirmed that we are in the best position we’ve ever been, thanks to the continuous efforts and dedication of our team. The path to innovation is challenging, but it’s one that we are committed to navigating.

In summary, our recent AMA highlighted the progress, challenges, and future directions of our projects. As we continue to innovate and build, we remain focused on creating solutions that will revolutionize the crypto space. Thank you to everyone who joined the session and contributed with insightful questions. We look forward to sharing more updates in the coming weeks.

Watch the full AMA below!

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