CYCLES-TRANSFER-STATION Q1-2024 Overview, Updates, and Q2 Roadmap

Greetings World Computer Community!

The CYCLES-TRANSFER-STATION is an on-chain order-book market trading platform for ICRC tokens. The market tokens trade against the CYCLES creating a stable trading scenario.

This post is an overview of the goals and milestones completed in Q1 of this year, and a roadmap on the path forward.

Q1 Goals and Milestones Overview

Following the launch of the CTS in December of last year, Q1 of this year focused on calibrating the architecture with the needs of the community. The main change was creating the CTS-CYCLES-BANK - an ICRC-1 ledger that holds and transfers the cycles for every user, therefore removing the membership fee that was required for users to create their own canister to hold their own cycles. Original post here.

February was filled with the next step, finding people that need cycles to sell their tokens at the market. The OpenChat SNS voted to put CHAT tokens for sale at the CTS market. The cycles received for the trades will be used by OpenChat to fuel their many canisters. After a series of successful proposals, the OpenChat SNS’s autonomous governance system placed the orders at the CTS without any centralized intermediaries. This forged the pathway for the decentralized integration with the SNSs and other autonomous smart contracts.

The team then tackled some low-hanging fruit optimizations in the frontend to make sure that the frontend stays fast and efficient when there are many tokens trading in the market. The backend architecture was already built to handle infinite amount of tokens and trading pairs. When these optimizations were complete, the team then launched the trading pairs for many of the SNS tokens, and more are coming soon.

Q1 finishes with a space for some calm and re-charge, balancing out our hard work, and celebrating the completion of our milestones.

Q2 Outlook and Roadmap

Moving forward through Q2, the team is building on the system-foundation and features completed in Q1. Market growth, user-experience, more functionality, more SNS integrations, and publicity, are some of the main focus points of Q2.

Some of the upcoming features on the list are trade-volume-stats, complete custom candlestick chart with historical and real-time data with many candlestick-segment-length viewing options, various types of orders, and a new home page that better shows the services of the CTS.

A key point in this journey is moving the CTS into the SNS governance model where the system is controlled by autonomous smart-contracts performing the will of the votes of the token neuron shareholders. As more value is held in the CTS markets, the safety and security of the platform becomes crucial for the longevity and growth of the CTS. The SNS framework spreads out the surface area of the control of the system and is a requirement for creating a decentralized public good. The CYCLES-TRANSFER-STATION SNS decentralization sale will take place within Q2 of this year, a forum post specific for the SNS will come soon.

Thanks for reading, the team is looking forward.