Summary:
This proposal aims to integrate Visa and Revolut buy options on both the K9 Finance official website and the upcoming dApp. By partnering with companies like Moonpay and Revolut, this integration will allow users to purchase $KNINE and other supported tokens directly using their Visa cards or Revolut accounts, enhancing accessibility and user experience.
Motivation:
As K9 Finance grows, providing easy and flexible payment options, such as Visa and Revolut, will attract more users and increase adoption. This integration will lower the entry barrier and enhance the overall user experience by offering multiple, popular payment methods. Personally, I believe this would be highly beneficial for K9 Finance, as I would use it every time I have money to invest. Fewer transaction steps mean more funds can be directly allocated to investments, which is crucial for those making smaller, frequent purchases. Additionally, this integration would complement the overall simplification that is becoming a hallmark of K9 Finance, aligning perfectly with the user-friendly design of our dApp.
Proposal Details:
Objective: To integrate Visa and Revolut buy options on the K9 Finance official website and dApp.
Implementation:
Partnership: Partner with companies that hold an MSB license, such as Moonpay and Revolut, to handle the transactions.
Integration: Implement the Visa and Revolut buy options on both the website and the dApp. The estimated build time for this integration is 1-2 weeks.
Liquidity Provision: Due to the volatility of $KNINE, the DAO may need to provide liquidity to the payment providers as part of the partnership agreements.
Cost: While the exact cost is not yet known, it has been speculated that the integration could cost between $10,000 to $20,000. The community will need to evaluate if this cost is justified by the potential increase in user adoption and transaction volume.
Revenue Model: The DAO could earn a percentage of the transaction fees, with the majority going to the payment providers.
Risks and Considerations:
Volatility of $KNINE: The volatility of $KNINE may require additional liquidity management by the DAO.
Cost vs. Benefit: The community must consider whether the integration cost, estimated between $10,000 to $20,000, is worth the potential market impact.
Regulatory Compliance: Ensure that the partner companies, including Revolut and Moonpay, are fully compliant with all relevant regulations to avoid legal issues.
Benefits:
Increased Accessibility: Users can buy $KNINE directly with their Visa cards or through Revolut, providing flexible and convenient payment options.
Potential Revenue: The DAO may earn a percentage of the transaction fees from these purchases.
User Growth: Easier purchase options, including the popular Revolut, are likely to attract more users, increasing the overall adoption of K9 Finance.
User Experience: This integration aligns with K9 Finance’s commitment to simplicity and user-friendliness, reinforcing our brand’s reputation for making DeFi accessible to everyone.
Next Steps:
Cost Analysis: Conduct a detailed analysis to determine the exact costs associated with the integration.
Community Discussion: Engage the community to gather feedback and gauge interest in the Visa and Revolut buy options.
Voting: Once the cost analysis and community discussion are complete, proceed to a DAO vote to approve or reject the proposal.
Conclusion:
Integrating Visa and Revolut buy options on the K9 Finance website and dApp will make it easier for users to purchase $KNINE, enhancing user experience and potentially driving adoption. As someone who values simplicity and efficiency, I am confident this feature will greatly benefit our community. I encourage the community to support this proposal and move forward with the integration.
Need to perform cost analysis before taking it up for further community discussion with concrete numbers and then Roundtable of Dogs vote and community vote.
Since Shib.io has already successfully implemented something similar, it would be beneficial for the K9 team to reach out to their counterparts at Shib.io. Learning from their experience, cost and potentially collaborating could help streamline the integration process for K9 Finance. I’m all for the K9 team hooking up with the Shib.io team, if possible?!
As for the Revolut, I do enjoy purchasing some crypto via Revolut. However what you purchase on Revolut will remain on Revolut, and you cant transfer it to your wallet. So there wont be any staking available when you purchase K9 via Revolut.
I love the idea. I would like to see a solid partnership with the payment company to keep the fees stable and low.
For example: Buying Bone on shib.io and shibarium.shib.io has a 4% fee. MetaMask has a few options for the user to choose which company they’d like to go with, sorted by lowest fee to highest fee.
If we can negotiate with a single entity for the lowest fees (and static), that would entice users to use the utility. Especially right now when ETH gas fees are in the pennies to low dollar amounts.
What if we work with WEEX to add KNINE as a token to buy directly on Shibarium and then integrate that on k9finance.com? Same concept as the proposal, just powered by WEEX instead of MoonPay/Revolut
Remember that there is always fee’s buying crypto with card, either its on DEX or CEX, so whenever u are going buy crypto with cash and want them on Shibarium, this is the best way. afaik . . .
Right. What I’m saying is (Take BONE on shib.io as the example):
4% of $1000 is $40.
Right now, ETH gas fees are only a few cents to a couple dollars. So I can buy ETH from Coinbase for an $11 fee, go to Uniswap and swap ETH for KNINE for $1 and bridge the KNINE to Shibarium for an additional $5 after the approve and bridge transactions. So $17 in fees is less than the 4% fee.
That’s why I’m advocating if the DAO does pass this proposal, that we negotiate with whatever payment company that’s chosen to make it worthwhile for the buyers with a low and static fee.
As the bull run picks up steam, a 4% fee could be better than spending $100+ in gas fees, but as of today, that’s a hefty fee comparatively.
It could be different depending on the region you live in. In your case, a direct purchase option with a 4% fee isn’t so bad.
I buy my ETH from Coinbase using my Coinbase Wallet. I don’t have Premium. When I just mimicked buying ETH, the network fee was $.16 and the fee from Coinbase was $18.75.
I’m not against the proposal at all. I agree it would be beneficial. I’m just nudging for negotiations to make it enticing for all users to want to go that route.
Some great conversation…My thoughts without more research…We already have an option within Shib.io for direct purchases.Do we need more options at a cost to the DAO?
Thank you for presenting this comprehensive proposal for integrating Visa and Revolut buy options on the K9 Finance official website and dApp. I appreciate the effort and thoughtfulness that has gone into outlining the objectives, implementation strategies, and potential benefits of this initiative.
I wholeheartedly support this proposal, as I believe that providing users with flexible and accessible payment options will significantly enhance the user experience and encourage greater adoption of $KNINE. The ability to invest more conveniently aligns perfectly with K9 Finance’s commitment to simplicity and user-friendliness, making it easier for both new and existing users to participate in our ecosystem.
I look forward to engaging with the community during the upcoming discussions and participating in the voting process. Thank you for your dedication to making K9 Finance a more accessible platform for everyone.
Thank you so much for your warm welcome and kind words! I truly appreciate your support and encouragement.
It’s great to hear that you enjoy my style. I believe that respectful communication can make a significant difference, and I’m glad to know you share that sentiment.
If you’re interested, I would love to connect with you on Twitter. My Twitter handle is the same as my name here, Toxon_1405.
I look forward to engaging with you and the rest of the community in the future.
Will the payments be made on the Eth chain or on Shibarium? I’m in favor if the integration will be on Shibarium. We just have to increase adoption of Shibarium.
