How InfinitySwap Will Fill the Gap Left by Psychedelic DAO

Recently, Psychedelic decided to move away from the Internet Computer ecosystem to develop Omni-chain products. We wish them all the best in their future endeavors.

At InfinitySwap, we believe the Internet Computer blockchain is already the Omni-chain product, thanks to its native integration of Bitcoin, HTTPS Outcalls, and bridge-less approach to multi-chain transactions. In fact, one of ICP's primary aims is to entirely eliminate the need for intermediaries and off-chain supplementals. For us at InfinitySwap, that's great news!

Rather than having to worry about bridge security and coordinating development across multiple blockchains, InfinitySwap can focus exclusively on ensuring an unparalleled user experience, revolutionizing automated market makers (AMM), and inventing new ways to spark new projects, such as liquidity bootstrapping pools (LBP). The Internet Computer's priorities are actually a tremendous boon for projects like InfinitySwap.

Psychedelic's Change in Direction

As a disclaimer, the full reasoning behind Psychedelic's change in direction is unclear at present. Psychedelic's decision was made in good faith, and we respect their decision. What I'm going to present here is a partial reconstruction of Psychedelic's motives based on discussions on developer forums and Psychedelic's "Wish List for the Internet Computer."

Should DFINITY Focus More on Protocols and Less on Applications?

Psychedelic argued the DFINITY Foundation should decrease its attention to application development on the Internet Computer. Instead, Psychedelic wants innovation in applications to come directly from the community, with DFINITY focusing its team's talents on things like on-chain DNS, on-chain SSL certificate issuance, or the further decentralization of boundary nodes.

We can certainly understand and agree with the need for more community-directed innovation. However, DFINITY playing an active role in application development has its advantages, and there's no reason to create a false dichotomy between the two. For example, InfinitySwap is partly funded by a DFINITY grant, and our partnership with DFINITY has been extremely fruitful.

Even though our IS20 token standard was not accepted as the consensus standard for the Internet Computer, we drove the conversation forward and were encouraged in our research at every step. The community deliberations were incredible — even when they went in a different direction than ours, and the result was our heavy input in the adopted ICRC-1 standard, which is interoperable with the IS20.

That level of community involvement is exactly what we want to see here at InfinitySwap. We're here to serve the community — everything is about you, not only as a user and a customer of our exchange but also as a partner in pioneering Web3 on the Internet Computer. The Internet Computer aims to move away from development on proprietary API, which isn't possible if individuals and organizations simply recreate the situation of privately owned and developed application and token creation tools without the community getting a say.

Should DFINITY Have Less Influence over ICP's Roadmap?

Psychedelic had also argued for a crowd-sourced approach to a development roadmap for the Internet Computer. However, many Internet Computer community members are not technical experts and do not have the background needed to prioritize a development roadmap. That's part of why InfinitySwap is pioneering token creation tools that don't require technical skillsets.

We want everybody to be involved!

Of course, people who do have technical expertise have many ways to engage with the Internet Computer, including by participating in developer discussions and global R&D. InfinitySwap will offer a host of tools to allow for customization and to engage and surpass the expectations of power users. Our Bitfinity Wallet already offers the best option for surfing the Internet Computer's Web3, and we are absolutely dedicated to doing our part to help realize the vision of a reinvented Internet.

Conclusion: Onward to InfinitySwap

The implications of Psychedelic's change in direction are vast, particularly for users of the Plug Wallet. It is unclear whether and in what form support will continue for Psychedelic products that are hosted on the Internet Computer.

In the meantime, Internet Computer users have the option to migrate to InfinitySwap's Bitfinity Wallet and rest secure knowing our absolute commitment to developing in and for the ICP community. With an average rating of 4.9/5 and thousands of reviews, don't just take our word for it that the Bitfinity Wallet is now the best-loved defacto wallet on the Internet Computer.

Connect with InfinitySwap

Twitter | Website | Telegram | Discord | Github

*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of InfinitySwap itself.