It’s been a while between updates but there have been lots going on behind the scenes.
In this update, we talk about: the state & value of CanWork, a need to review the token model, the development progress of the new Binance Smart Chain Hedged Escrow and what to expect for the rest of the year.
Since we launched the Binance Chain (BEP2) escrow payment system, 169 jobs worth ~$86,000 have been paid to freelancers through CanWork. However, recent volume has deliberately slowed as we progress the transition to Binance Smart Chain. Once we formalise the move across we will be able to address 3 key issues:
Lack of native CAN token liquidity (loss of BEPSwap)
CAN token liquidity has significantly reduced since BEPSwap was retired. BEPSwap incentivised users to stake in liquidity pools and provided excellent, instant liquidity for $CAN into a range of BEP2 assets. Since the retirement of BEPSwap, there hasn’t been a clear replacement for the Binance Chain community.
The only option for users & token holders now is the Binance DEX which does not incentivise liquidity and does not have an active enough market. We will be solving this issue on Binance Smart Chain with Pancake Swap and other options provided in the BSC ecosystem.
Binance Smart Chain (BEP20) favoured over Binance Chain (BEP2)
Dovetailing with the liquidity issues of Binance Chain, the team have observed a focus shift from Binance Chain to Binance Smart Chain from the entire industry. With the wealth of products & liquidity in the Binance Smart Chain (BSC) DeFi ecosystem, it is understandably favoured over Binance Chain even with the ability to reversibly swap between BEP2 & BEP20 assets. Just as CanWork was migrated to Binance Chain to overcome the crippling fees of Ethereum, we are now meeting the struggles of Binance Chain with a new smart-contract based escrow on BSC.
Reduced Channel / Marketing Efforts
The CanYa team intentionally pulled back from active promotion of CanWork in anticipation of a payment system overhaul and revision of the token/platform model. The team has demonstrated that we can generate usage with the right crypto ecosystem, liquidity solutions & promotional efforts; however, expanding resources on Binance Chain doesn’t currently seem prudent.
Value in the marketplace
We strongly believe there is inherent value in the CanWork.io marketplace, the platform codebase and infrastructure. We base this on our development efforts, experiences & successes over the years. If anything, the use case has increased with the wider adoption of Web 3 technologies and the shift to working from home due to COVID 19.
The CanYa team has been in discussions with new and existing stakeholders on how to take the best advantage of our current value whilst giving CanWork new life and purpose.
We have hinted at this previously but the research of such a move has taken longer than expected and we are still not in a position to make a public announcement to the CanYa community. Stay tuned for more developments!
New token model
The native token model we have for CanWork is somewhat of a barrier to usage without a compelling & integrated ecosystem. It is our belief that we can improve upon what we have experimented with so far while still keeping the native token integral to the token model. The ideal end-state will offer a wide range of payment options for both clients and freelancers while still using our hedged escrow system to protect both from volatility.
BSC Escrow Development
There are 2 major development parts to the new payment system:
Secure Hedged Escrow Smart-Contract
Accepts Deposits in $BNB, BEP20 tokens & $CAN
Automatically liquidates to $BUSD via PancakeSwap
Holds fund secure until job is completed
Pays out in $BUSD (or other BSC assets as desired)
Handles releases & admin arbitration
Supports the need for future upgrades
CanWork Web App Implementation
Support for BSC Wallets
BSC integration into job management / payment flow
Event listening & action updates
Where are we at?
Most of the Solidity / smart-contract code has been developed.
We are still undertaking security analysis and testing the external contract calls to PancakeSwap.
We have completed the following:
BSC Sign-up Flow
Mandatory BSC addresses required for Freelance & Client
BSC addresses saved to profile upon Metamask connection
Job awaiting payment to Escrow
BSC Escrow Payment: Start
BSC wallet connection status & chain switching
Wallet address check
BSC Escrow Payment: Asset Selection
Async loading of balances (CanWork approved assets)
Async asset valuation in BUSD (calling PancakeSwap contract)
Approve Button for approving spend
BSC Escrow Payment: Approval
Total payment estimate
Approval Button that spools up an ‘Approve tx’ via BSC Wallet
BSC Escrow Payment: Deposit
Final Deposit & Tx Signing
After Approval -- Deposit Button Activates
Attempt end-to-end escrow payment flow via CanWork (testnet)
Test mainnet quotes & swaps
Refine ancillary functions of the contract
Revise the escrow contract security
Call for remaining DAO stakers
Almost all token holders removed their CAN-token stakes when the community dismantled the DAO some time ago; unfortunately, not all were so active in the community.
After CanYaDAO.com was taken offline, we maintained BEPTools.org with an ‘unfreeze’ tool that allowed lingering members to access their frozen tokens.
Currently, BEPTools is offline due to maintenance issues with WalletConnect. The team is working hard to provide solutions for at least 1 remaining member.
If you still have frozen assets, please get in contact with us via Telegram or email firstname.lastname@example.org ASAP. Similar to the token upgrade from Ethereum (ERC-20 $CAN), support for inactive community members will not be able to be offered ad infinitum.
Expectations for Q4
This quarter we aim to:
Update community on CanWork repurpose
Outline new token model & benefits for token holders
Implement the BSC Escrow
Formalise the transition to BSC and spool up liquidity options.
If you want more information or want to see how you can get involved, join the community Telegram channel.