In the ever-evolving world of NFTs, the Solana Blockchain has become a focal point for innovation, attracting developers and traders alike with its fast and low-cost transactions. One prominent project making waves in this space is Potato Cat, a new platform designed to revolutionize the way users trade and manage their NFT portfolios.
In this exclusive question and answer, we sit together John EnnisCreator of Potato Cat, to explore the platform's inspiration, the cutting-edge technology that drives its proposition engine, and its ambitious plans to change the landscape of NFT trading.
From addressing the challenges of bid/ask expansion to introducing unique features such as feature-based differentiation and reward incentives, Ennis shares how Potato Cat aims to create an integrated and efficient marketplace for NFT exchanges. Whether you are a seasoned trader or a curious newcomer, Potato Cat promises innovative solutions that can transform your NFT experience at Solana.
What inspired you to create Potato Cat and how does it address the current challenges in NFT trading in Solana?
Most NFT traders and collectors don't appreciate how much money they lose when they cross the bid/ask when trading NFTs. With Potato Cat, we help our users avoid this fragmented intersection to save significant money by helping match users with complementary interests. Currently, people trying to prevent its spread do so through traditional OTC swaps, but finding people to trade with them takes time and still requires negotiating a deal that works for both. The party is acceptable. At Potato Cat, we remove this friction to create an “exchange market”.
Can you explain the technology behind the potato cat recommendation engine and how to determine fair trades for NFT exchanges?
Our offer engine analyzes the chain order books of existing NFT markets to determine a fair trade for both parties, then shows users the savings they would realize compared to selling and then buying on the open market.
How do you see Potato Cat changing the way users manage and reposition their NFT portfolios?
As PotatoCat evolves, users can specify their goals in increasingly general terms, and PotatoCat will automatically match them, allowing them to match with maximum economy and minimum friction. change their workplace.
What are the key advantages of using Potato Cats compared to traditional NFT markets?
Potato Cat is a new type of NFT market that can best be thought of as an “exchange market”. It sits between a traditional marketplace like Tensor and a pure OTC exchange platform like FoxySwap to provide the low friction of a market with the savings of an OTC exchange platform.
Can you explain the concept of “potatoes” and how they motivate the early adopters of the platform?
Potatoes are our reward points and we plan to launch the Potato memecoin token in the future to add a fun element to our platform.
How does Potato Cat plan to include feature-based differentiation for NFTs in future updates?
We are implementing feature-based trading on our platform, just as we currently do fair trade for both parties when trading between sets at a floor price. This system works similarly to our floor-based exchange, in that we analyze the market's order books to determine what is a fair trade for both sides of the exchange and show them that compared to buying How much do they save through direct exchange? and selling through traditional markets to achieve similar goals.
Can you talk about some of Potato Cat's partnerships with big projects like Mad Lads and Backpack and how those partnerships benefit users?
We've been fortunate to partner with many of the top NFT communities in Solana, including Mad Lads, MonkeDAO, Tensorians, Claynosaurz, Chads, and more. Members of these communities receive a potato boost and will soon have access to community-specific trading tools that take features into account when finding fair trades. Backpack users also get Potato Boost, and we hope to one day be able to include potato cat swapping capabilities directly in the backpack.
What measures has Potato Cat taken to ensure the safety and fairness of NFT exchanges on the platform?
Fairness of exchanges is determined by analyzing market order books, as discussed above. Our smart contracts have already been audited by Quantstamp and a version of our multi-party exchange contract has been open sourced thanks to a grant from the Solana Foundation.
How do you see Potato Cat evolving over the next year and what new features can users expect?
As noted above, we expect the expression of user intent to become more and more public with recommendations based on analysis of user activity on our platform and based on chain analytics. We also expect that using a chatbot using Tulle will reduce interaction to help the user better understand their goals and make chain commitments easier.
As the founder, what is your long-term vision for Potato Cat's role in the Solana NFT ecosystem?
Potato Cat is unique in Web 3 because it is the only replacement product of its kind. We'd love to see the under-the-hood technology in Potato Cat, built by our parent company, Tulle, be pervasive throughout the ecosystem and directly benefit Match users. The vision here is a new type of business that is more efficient and requires far less currency to operate. Interested readers can learn more about Tulle's vision https://tulle.cc/thesis.
