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!
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.
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!