One of the things we are building at ToniqLabs (and have received grant funding for - thanks guys!) is EXT - the Extendable Token standard. I know I’ve mentioned it here a few times, but I wanted to cover a use-case that I think adds a ton of benefits to users and developers.
Our standard is similar to ERC1155 (we based it on it actually), which is a multi token standard. This means we can have any number of tokens, NFTs or traditional tokens, running from a single canister. Think VMs/VPSs - multiple virtual machines running from a single dedicated machine.
So what’s the point? Well…
- Lower storage costs (1 instance of the codebase)
- Better interoperability to “sister” tokens, e.g. tokens on the same canister. We can complete an exchange within a single atomic call.
- Lower computation costs for things like the above
- Only need to complete a security audit once for the canister
There are some drawbacks - the biggest is who pays for cycles? We believe this is something can also be handled on chain (and we are building a solution already) - charging a tx fee in a given token, then using a LP/AMM to swap it for cycles/WTC.
We deployed a canister that you can use to deploy your own tokens: https://k6exx-uqaaa-aaaah-qadba-cai.raw.ic0.app/ - tokens cost less than 60M cycles to create, so enjoy! You can use EXT interface to integrate this token, and we are developing libraries and a CLI tool to help with this too ! Add tokens to Stoic to check out the integration as well