When we first launched on Canton Network, our goal was to explore its privacy infrastructure and make sure our users could send money from point A to point B without exposing sensitive details like transaction amounts. Following the rollout of Bridge by Roots in late March, we realized something huge. There is massive potential for user acquisition and a whole new landscape of users ready to connect to our card issuing product.
Over the past month, we have worked closely with our community to build a product that truly meets their needs. More importantly, we realized that what we have built is the foundation for something much bigger. It is the stepping stone to enabling non custodial crypto debit cards that are private by design. Doubling down means betting on a vision and believing it will succeed. That is exactly where we stand after a month as a featured app on Canton Network.
To make Canton ready for our payment solution, we first had to identify the key hurdles:
- High traffic costs when settling in USD dominated stablecoins.
- Inefficiencies across all apps regarding traffic saving solutions.
- App rewards not fully outweighing traffic costs, though they are necessary to bootstrap the network initially.
The Roots team has officially started the Research and Development phase for the following solutions:
- Bringing an EVM equivalent wrapper to each validator for any token, and assisting the foundation in making it a potential CIP standard. This will save traffic costs and make interactions on Canton much cheaper.
- Proposing a credit protocol solution built on top of BME and validator specific cases to utilize liquidity and reward earnings on Canton. We will use this to match bank like credit lines and offer a credit card equivalent experience, matching Liquidity Providers with users based on earnings to secure undercollateralized credit lines.
- Rolling out the Roots SDK on Canton with a fully fleshed out payment solution ranging from Point of Sale systems to mobile devices.
Starting today, we are pushing these solutions directly to our live products:
- The Roots Mobile App is getting a new version featuring full Canton support and a seamless payment solution via our SDK.
- Bridge by Roots will be fully integrated into the Roots Mobile App.
Our ultimate goal is to offer a card payment solution with incredibly low fees to all our customers and partners. While we are absolutely doubling down on @CantonNetwork, we are still committed to expanding our SDK support across multiple EVM chains. Right now, we are live on @base, with plans to expand to @ethereum and @monad very soon. Through an exciting, yet to be announced product, builders will be able to access the Canton privacy infrastructure while remaining entirely within the EVM.
Thank you for your continuous support. We cannot wait to show you the new versions of Roots and Roots Pay!
