This update is slightly bigger than normal with a lot to cover. April and May will be busy months for the CanYa team and community!
In this update we cover:
Token Swap News
Token Liquidity Update
April Provider Spotlight
Freelancer sign up competition
Binance Smart Chain Progress
As always, if you have any further questions about anything covered in the update get in touch with the community and team in our Telegram channel:
What’s happened since the last update?
Minor maintenance on BEP-Escrow service
We took the escrow service offline for the first time since mid-2020 to fix a bug introduced with BUSD-payment changes and update some dependencies. Everything is functioning again but we deferred significant upgrades because we will retire the BEP2 service when the Binance Smart Chain, smart-contract escrow is launched mid-year.
We continued development on Binance Smart Chain (BSC) payments for CanWork:
Hedged-escrow smart contract.
A basic smart-contract with simple deposit & release functions has been written. Advanced hedging functionality with 3rd-party token valuations & swapping is in development, in addition to expanded release options such as admin override and split payments.
Web3 ‘tech spike’
The dev team developed a no-frills web-to-BSC app (using ether.js to satisfy fundamental requirements of interacting with wallets, the BSC blockchain & smart-contracts. Full requirements for the payment selection and escrow functions are in development.
User Interface (UI)
We hired a designer from CanWork (you have seen the job post) to assist us with the user experience & interface design for the new escrow payment flow and will share mock-ups with the community in time.
The focus is on the getting the Binance Smart Chain escrow system released ASAP:
Advanced escrow contract functionality
BSC integration for CanWork
Payment flow & interface design
We hope to release a blog in May dedicated to the new escrow system and its anticipated roll-out mid-year.
NFT research: Due to increasing community interest, a small allocation of resources will be used to dip-our-toes into the technical aspects of NFT’s.
Token Swap News
We will be closing the bridge to Ethereum by the end of April. If you have not swapped your ERC20 $CAN for BEP2 $CAN you need to do it ASAP!
Instructions can be found here and the team are always available to assist in the Telegram community:
TOKEN SWAP GUIDE
Following a community vote in May 2019, we migrated the CanYa ecosystem & token from Ethereum (ERC20) to Binance Chain (BEP2). Reasons for this included:
Significantly reduced fees on Binance Chain over Ethereum (as highlighted over the last few months)
Faster transaction times
Opportunity to be part of the Binance Ecosystem and be an early mover in the ecosystem.
The token swap from ERC20 $CAN to BEP2 $CAN opened in May of 2019 with the community encouraged to swap their tokens ASAP. The swap is still available to this day via Binance.com.
Shortly after the move to Binance Chain, ERC20 $CAN functionality was dropped from the CanWork platform and removed from a number of exchanges, including Kucoin.
In late 2020, Kucoin was anonymously hacked and over $200m USD of assets were stolen from the platform. Unfortunately, there were still members who left their $CAN on this exchange (despite it being over a year after the token was delisted). We must take this time to re-enforce to our community to never store your $CAN tokens (or any other currencies) on an exchange!
The Binance Bridge
Keeping the bridge open is a burden on the team & the community. So, after two years— and the aforementioned hacking of Kucoin— the team & community feel it is time to close the ERC20 to BEP2 bridge. . This also denies the Kucoin hacker to sell the stolen $CAN tokens on the market.
We will update the circulating supply following the bridge closure but at least 7.6m $CAN will be removed from the circulating supply (the hacker’s holdings), we anticipate the final number to be greater than this.
Many in the CanYa community are familiar with their first product to market BEPSwap . Here, the CanYa community pooled nearly $400,000 USD of $CAN liquidity, collectively made over $102,000 USD in earnings at around 150% APY.
The release of Multichain Chaosnet (MCCN) will be gradually tested & iterated until full mainnet— expected later this year. With this release, BEPSwap will be slowly phased out. There is no rush for $CAN token liquidity providers remove their liquidity at this stage. We will provide further guidance as Thorchain provides updates for its BEPSwap plans.
As stated above (and discussed at length in the community) we will migrate the CanYa / CanWork ecosystem to Binance Smart Chain in the coming months. This will open up a number of new liquidity & staking options for our platform users and token holders. Some that immediately come to mind are the highly successful PanCakeSwap— and our friends over at the Spartan Protocol.
In case you missed it, we released the first ‘Freelance Spotlight’ last month. This is a tool to promote one CanWork provider across our channels each month. It helps these providers gain exposure while showing the world some of the great freelancers we have available on the platform.
This month the attention turns to Ersagun, a video editor/designer from Turkey.
Ersagun found CanWork via a Google search and immediately saw the benefit to his life as a digital freelance worker. He has previously done work for Samsung, Turkish TV and a number of other high profile brands. He has completed 11 jobs on the platform all receiving 5 star reviews:
The age we live in requires us to be flexible. This is why I find CanWork, which enables working together no matter where in the world, very appealing. It saves you from international headaches such as not being able to receive payments or transfer money. It only has a 1% payment fee meaning you keep almost all of your payments. I am very happy to be able to do business on this exciting new platform
Throughout March & April we are running a competition to grow the number of quality freelancers on the CanWork platform. The prize pool is over $3500 USD.
To enter people will simply need to recommend a quality freelancer to CanWork.io and have them sign up using the referrer’s referral code.
Prizes will be handed out as follows:
Most referrals: $2000 USD in $BNB
2nd most referrals: $700 USD in $BNB
3rd most referrals $300 USD in $BNB
Additionally, we will also be handing out $100 USD in $BNB plus a CanYa Ledger Nano S to 5 freelancers whose profiles have been successfully approved in the month of March or April.
We hope this competition will be a fun way to start our growth strategy for 2021. We feel it important to focus on getting a core of quality freelancers across a range of disciplines before pushing for client and job side demand.
As discussed last update and in the community channels the CanYa dev team are working furiously to transition the project across to Binance Smart Chain. This will provide the following benefits to our users and token holders:
Ability to further decentralise the Hedged Escrow using the smart contract functionality of BSC
Allow our clients to pay freelancers in an increasing range of cryptocurrencies
Give freelancers the choice to accept payments in stablecoinssuch as $BUSD
Revised tokenomics & use-case for the $CAN token
Increase liquidity & staking options for the $CAN token (eg. PanCakeSwap)
We will have a dedicated blog post regarding all things CanYa / CanWork on Binance Smart Chain next month so keep an eye out for that!
Paid advertising for CanWork has been progressing this month particularly on Facebook. The team has been testing and adjusting various audiences and delivery methods to find the optimal solution. The images for the advertising campaign were commissioned by one of our very own CanWork Freelancers. Omatayo (last month’s provider spotlight feature) did a great job of creating vibrant images that capture the global nature of our CanWork freelancers.
The focus has been to sign up providers at this point in time. We will be pushing the advertising budget harder and focussing on both sides of the marketplace once the transition to Binance Smart Chain has been completed. This is due to the fact that transitioning to BSC will allow for much wider payment options for our clients and freelancers (ie the ability to pay and receive in USD stable coins as an example).
Having said that, our advertising efforts have gained a good amount of traction and seen a positive uptick in sessions and CanWork and profile sign ups.
Across the month our highly targeted Facebook ads made 100,000 impressions with over 20,000 engagements. We also increased CanWork’s Google Analytics user count to 4,000 MAU:
We will continue to optimise our paid advertising and commensurately increase the spend rate in the coming months.
Non Fungible Tokens (NFTs) on CanWork
Non Fungible Tokens (NFTs) have exploded in 2021. NFTs basically allow individuals to create a digital asset with a unique identification that is stored on a blockchain. This unique identification gives it its ‘non-fungibility’ meaning it cannot be copied.
So far artists and musicians have really embraced the idea with multiple one-of-a-kind creations being sold for hundreds to millions of dollars. However, many believe this space is in its infancy and everything from real estate to stocks may eventually become NFTs as well.
CanWork, being the world’s largest digital asset marketplace for freelancers is perfectly positioned to offer significant value for this space. The team is currently exploring options to have an NFT category on CanWork designed for NFT developers of all types. Additionally, we believe CanWork could also host an NFT marketplace which would facilitate the buying and selling of NFTs while using our already established Hedged Escrow System. This marketplace would also take advantage of our 1% platform fees making it the most attractive option for NFT creators and buyers.
Watch this space and get involved in the community if you have any thoughts on this matter!
Are you CanWork service provider?
Do want to be paid to create assets for CanWork, help with guides, content, socials or just show off your skills? Please get in touch with CanWork Community Manager, @johanlives, at our community Telegram Channel
If you want more information or want to see how you can get involved, join the community Telegram channel.