Web3 Advancements — Aptos Foundation Grant Elevates Kana Labs Paymaster

Hey Kana Knights!!!

We are extremely happy and proud to announce that we have received a grant from the Aptos Foundation for our Paymaster offering. As you know from previous hints dropped in the newsletter and social media updates, we received a grant from the Aptos Foundation. But you might be wondering what we received this grant for & how are we going to use the grant.

So here’s an update from us shedding some light on the same. We received the grant from the Aptos Foundation for our Paymaster offering earlier this March. While many of you might have heard of the term Paymaster, not many would know what exactly it is used for. But anyone familiar with the cryptocurrency and blockchain market by now is well aware of the feature, “Sponsored Transaction.”

Sponsored Transaction is a feature that enables dApps to sponsor the gas fees for transactions performed by users on their platform. Paymaster is the blockchain infrastructure that a dApp needs to facilitate the sponsored transaction. In simpler terms, Paymaster is an account where dApps or an external third party store their tokens with which they will pay the gas fees for transactions performed by the user.

Kana Labs’ Paymaster is a highly sought-after product from the Kana Labs suite of Web3 and blockchain B2B offerings. It’s an in-demand piece of blockchain technology in today’s market researched even by the likes of Visa and Mastercard who are also looking to facilitate crypto-payments in their payment platforms. Our Paymaster is the premier Paymaster offering available in the Aptos ecosystem and is currently being used by Chingari, a fast-growing and super popular Web3-based short video-sharing social media platform.

How will the Grant be put to use?

The grant from Aptos will be used to develop further and maintain our Paymaster offering.

What’s special about Kana Labs Paymaster?

As a premier paymaster offering in the Aptos ecosystem, we offer a wide range of capabilities and a complementary dashboard UI which helps dApps easily integrate and control their Paymaster account.

Aside from the obvious, here are some of its popular features -

• Multi-Agent Transactions — Support for Multi-Agent Transactions
• User Whitelisting — This feature allows dApps to select individual wallets to sponsor transactions.
• Function Whitelisting — This feature allows dApps to select just one particular function for which they sponsor the gas fees. In a scenario where multiple functions/transactions may be involved, the dApps can choose which particular function/transaction type they wish to sponsor the gas fee for.
• Dashboard — A dashboard UI using which dApps can easily navigate and control various features available in our Paymaster offering.

Our Paymaster is currently sponsoring more than 1 million transactions per week and since it went live mid-Feb 2024, we have sponsored more than 5 million transactions in 5 weeks worth around 2150 APT tokens.

Here’s a chart showing our growth -

We are excited to share our growth and happiness with our ardent supporters. Keep following our official social media channels for more information on future events and updates.

Thanks and Regards,

Team Kana Labs