Sat.is Community Update #1

Sat.is Community Update #1

The Start of a Multichain Adventure

It has been 10 days since we started our community building. We are very much overwhelmed by the support shown by everyone in the community. In this short period of time, we witnessed passionate and talented community members contributing in various ways to the collective goal of creating the best possible multichain DEX, as well as slowly cultivating a welcoming culture within Discord. This gives us immense confidence in our journey to deliver what we have envisioned.

It has been one hell of a ride and it’s just the beginning. Let’s go through it all!

Wen Testnet?

This is probably the most asked question in Discord. While we do not have a fixed date yet for our Alpha Testnet launch, we do have some sneak peeks into our smart contract development work behind the scenes for you to digest.

Smart Contracts for Deposits and Withdrawals

  • We use smart contracts to handle users’ deposits and withdrawals with low trust, meaning users don’t have to trust us to handle their money. To prepare for trading, users deposit their funds into smart contracts instead of any centralized entity.
  • Under the smart contract specifications, users can always withdraw as much of their crypto assets as they desire with no waiting period. Assets are only bound to the corresponding posted order.
  • Every deposit and withdrawal triggers smart contracts, which means the data are written on-chain and hence requires gas fees. However, as Sat.is will be deployed on multiple Layer 2 implementations, we foresee that the gas fees will be sufficiently cheap to non-existent.
  • Initially, we were having some smart contract bugs for the withdrawal of funds on the Boba Testnet. After discussing the issue with the Boba Network dev team, we managed to resolve it and have subsequently backtested 100 times of deposits and withdrawals successfully.
  • As our Alpha Testnet launch is approaching, we have already deployed a faucet token bot for users to get test tokens to interact with the Sat.is testnet interface and to pay for gas fees.

Community News

In just 10 days, we have garnered over 2,000 community members in Discord and gained over 700 followers on Twitter. We have also rewarded our passionate community members with the Osiris role which entitled them to future perks and drops.

Besides, we introduced a set of emojis (🌊, 🏜️) which very much represent the Satis Goddess, an Egyptian Goddess who came to personify the former annual flooding of the Nile River.

We also hosted our first Twitter giveaway in conjunction with reaching 1,000 members in our Discord server. The giveaway saw a strong participation rate and 10 winners winning 100,000 $SATIS tokens.

Once again, we are very grateful for all the support shown. The Sat.is Alpha Testnet is imminent, join our discord for more info!

Feel free to contact us at team@sat.is
Join us:
Discord: https://discord.gg/ErSH6TzsUM
Twitter: https://twitter.com/SatisDEX
Telegram: https://t.me/Satis_Channel

--

--

--

The DEX for the Interoperable Future

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Verse10 Features

How to launch Urls in Flutter

19 Reasons Exchange Online is Winning

The Process of Hiring Offshore Developers : Aalpha

Navigating with Kubernetes

Learning C++: Using Sets and Multisets

solehead customer care number 6289687993//6289687993solehead customer care number…

Openshift and Kubernetes Expert Session

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Sat.is

Sat.is

The DEX for the Interoperable Future

More from Medium

CODI Finance Staking Goes Live Soon As We Start a New Chapter

Bitlocus Staking Program — Everything you need to know about the $BTL Staking Programs

Xeta Mainnet Launches!

How To Participate in Standard IDOs on FairMeme_Algo Launchpad