Mayur (CEO Arcana Network) AMA with OKX community Recap

by

Ajay Shetty

Announcements

|

Dec 6, 2023

At Arcana Network, we were delighted to join OKX Wallet’s community to do an AMA for the XAR token sale. OKX appreciates the importance of sharing our project and its mission with its extensive Telegram community, boasting over 110,000 active users. This invitation offered us the opportunity to engage with a wider audience and provide valuable insights into our upcoming token sale. We were humbled by the interest and collaboration and were eager to share the story behind Arcana Network, our vision, and the exciting journey that lies ahead. In this collaborative effort with OKX Wallet, we aim to demystify our project and its potential, embracing the shared spirit of blockchain and decentralized finance

Here is a short recap on how the AMA went answering some important questions that were asked in the AMA

We started with a short intro about the offerings and how we align with OKX. 

Syah from OKX: We are glad to have you here. I am sure that our guest today, @mayur_5, is also excited to share valuable information with dear users. Mayur, please introduce yourself and also the core team behind Arcana Network.

Mayur: Sure, I am Mayur, the founder and CEO of Arcana. I’ve worked in tech for the last 18 years. Spent the last 6 years in the crypto space.

At Arcana, we are a team of 20 designers, developers, cryptographers, business development and ops folks. Arcana was founded in 2021 and the goal of Arcana is to help improve the UX in Web3. It's been quite the ride these last 2 years but we are only getting started and getting set to take things to the next level. As part of that next step, I am so happy that I have the chance to share our story and plans with you amazing folks.


Syah from OKX: Can you give us an overview of the products that are live?

Mayur: Sure, just for some context, Arcana is a UX-focused app chain on top of which we build products that significantly impact Web3 UX.

We intend to build a slew of B2B products and consumer apps on top of this core infra. On the B2B side, we have:
1. Arcana Auth - It's an MPC wallet SDK. Developers can integrate this SDK into their apps and allow users to log in with email or social accounts so users don’t have to install 3rd party extensions or manage seed phrases or private keys.

Imagine going to a Web3 dApp and simply logging into the app with your email and seeing a secure, non-custodial wallet right inside the app.

2. Arcana Gasless - It is an Account Abstraction (ERC4337) based SDK that developers can use to sponsor gas fees for their users. Now, users don’t need to have ETH, MATIC or BNB in their wallets to submit transactions on Ethereum, Polygon, or BNB Chain.

On the B2C side, we have an app called SendIt. SendIT is like PayPal for crypto. Anyone can now send crypto to an email id or Twitter handle. This is a complete P2P transaction, and the recipient does not need to be an existing SendIt user.

Syah from OKX: Our community here is definitely interested in how you have raised any funding so far. Who are the investors contributing to the growth of Arcana at the moment?


Mayur: Yes, we have raised a total of >$4M in 3 rounds so far. We’ve raised from some of the top investors in the space. From people like Balaji, CTO of Coinbase, Aniket Jindal - Founder Biconomy, Sandeep & JD, founders of Polygon, and funds like Woodstock, Republic, Fenbushi, and DCG. We have received great support and have excellent long-term alignment with all of them

Syah from OKX: Who are your targeted customers, and how are they responding to it so far?


Mayur: Great question. Our users and our traction is everything to us. It's proof that we are not simply an idea or some vaporware that no one uses. On the B2B side, our customers are developers and projects. For our Auth SDK, we have over 80+ projects built with us, including games, NFT projects, and Web3 social apps. We add about 10 projects a month as customers. SendIt is built on top of our Auth SDK as an experiment, a way to market the Auth SDK. We still set lofty goals for it by having a target of reaching 50k users in 2 months. We got 50k users in 6 days! We got 100k users in 12! Now 3 months in, we have around 500k users. ​​

Syah from OKX: As mentioned earlier - Arcana Network is still new in the industry and I am sure you are having a good projection of where your team is heading. What does your roadmap look like?

Mayur: Absolutely. After spending the first 1.5 years deep in development, building stuff, breaking stuff, and getting things right, we now have a rule at Arcana that we need to have one major release every quarter. ​​SendIt in Q2. Arcana Gasless in Q3. So you can always expect a packed roadmap from us. In Q4 this year we launch our app chain’s testnet with a proposed mainnet in Q1 of next year. We have our Access SDK scheduled for release in Q2 of ’24. It will give a way for developers to token gate anything like a file, arbitrary data or any secrets. Also, we are very excited about Arcana CredIt, a whole new way to transact crypto, due for release in Q2/Q3 of ’24.

Syah from OKX: ​Tell us more about your token and its utility.

Mayur: Our goal of improving UX in Web3 would be meaningless without us stressing on the need to be decentralized. As a result, launching our products on our own app chain is extremely crucial. Our goal of improving UX in Web3 would be meaningless without us stressing on the need to be decentralized. As a result, launching our products on our own app chain is extremely crucial. The immediate utility of the $XAR token would be to bring economic security to our app chain via staking. The Arcana app chain would be a delegated Proof of Stake chain where all holders will be able to stake the $XAR token with validators and receive a reward for improving the security of the chain. In the long term, we intend to be a public good that a DAO governs. So the token would be further utilized in the governance of the overall network.

Then we opened the floor for the community AMA:

OKX Community Member: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?
Mayur: There are a total of 20 people on the team.

My co-founders and I have been in the crypto space for the last 6 years.

Our team at Arcana has been together for over a year now with people from varied Web3 and Web2 backgrounds. Designers from Adobe, PHDs in cryptography, Technical writers with over 15 years of experience, devs writing solidity and distributed systems code for many years.

So, in all modesty, I’d say yes, we have the full package 🙂


OKX Community Member: Almost 80% of investors have just focused on the token's price in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token long-term?
Mayur: We are strong product builders, crypto traders, not so much…

We know how to ideate, design, and build products that users find useful. And we know how to do so fast. We understand economics, game theory, and how the fundamentals of those apply to token economics. Another thing about us I’d like you to know is that we are greedy only for users, community, and traction. We know if we accomplish this, money will follow. Once we make information about past raises and current public sale token prices, you will see how we don’t care about short-term gains. We only care about the long-term game!


OKX Community Member: Are you a global project or local project? At present, which market are you focused on, or is it focused on building and growing to gain customers, users and partners? 

Mayur: There are no boundaries. We are a Web3 project, after all! Projects on 4 continents use our tools. In 3 months, SendIT has been used by users in 180 countries. Our focus for now is growing our user base and community. Everything else follows from here

OKX Community Member: What are your biggest advantages against your competitors?

Mayur: Our biggest advantage is how we can do a lot with very little. Case in point is us growing to 500k users on SendIt with 2M+ transactions on the back of a net marketing spend of $0.

OKX Community Member: How can account abstraction be implemented in a way that is both secure and scalable?

Mayur: This is a personal favorite topic of mine, so will pick this too.

The answer to this lies in correctly using time-tested, peer-reviewed, and audited applied cryptography. We strongly believe that the only way to solve scaling while maintaining security (with agreeable trade-offs) is through the right application of cryptographic primitives.

it is, after all, the basis for everything in the Bitcoin whitepaper and everything we know and have come to love about decentralised networks today. We invest heavily in our crypto team and audits of our implementations.

OKX Community Member: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So, I'd like to know who your ideal consumer is for your product. 

Mayur: Validating ideas and iterative testing and releasing are core tenets of product engineering. We spent all of 2022 building alpha and beta versions of our platform and testing it with potential customers. We ended up discarding several ideas and sticking only to the ones that tested well and had a promise of delivering real value to users. This meant that we took a lot of time to get to market, but it also means we can move with great velocity now. Move slow to move fast!

So In closing, we are thrilled to join hands with OKX Wallet and its vibrant community of over 110,000 members. This AMA session marks an important milestone in our journey, one that allows us to foster transparency and provide a deeper understanding of Arcana Network and our upcoming token sale. We look forward to an engaging discussion, sharing our insights, and answering your questions as we collectively explore the limitless possibilities of blockchain and decentralized finance. Thank you for your support, and we can't wait to connect with you all on this exciting journey ahead.


About Arcana

Arcana Network is an UX-focused appchain dedicated to improving Web3 UX with a suite for products for developers and users.

Its offerings include Arcana Auth for seamless user logins and web3 authentication on dApps, Arcana Gasless for frictionless Web3 transactions, SendIt for simplified crypto transfers​.

By addressing challenges like user onboarding, complex user interfaces and transaction costs, Arcana is fostering a more user-friendly and inclusive web3 ecosystem

Join the Republic Sale here: https://republic.com/arcana

Stay updated through our communities for real-time updates, insights, and essential announcements:

Official Links: Website | Telegram | TG Announcement | Twitter | GitHub | Discord|

Allowlist members are given access to the sale 48Hrs before the general audience.


Please note: https://arcana.network is the only official website to access Arcana's XAR Drop. Neither the claiming site, any member of the Arcana team, nor any community moderator will ever ask you to enter your private key or transfer tokens of any kind from your wallet. Disclaimer

May 20, 2024
Announcements

by

Andria Efstathiou

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Copyright © Arcana Technologies Ltd. All rights reserved.

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The call is completely free and no commitment is required.

Copyright © Arcana Technologies Ltd. All rights reserved.

Schedule a Demo

The call is completely free and no commitment is required.

Schedule a Demo

The call is completely free and no commitment is required.

Schedule a Demo

The call is completely free and

no commitment is required.