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The new Coast ‘Buy’ feature allows users in more than 50 countries to buy PLS, PLSX, HEX and WAIT gaslessly using fiat currency. Ok, what does that all mean? If you don’t have any PLS to pay for an on-chain transaction like minting $CST, you can now get PLS sent directly to your external wallet.
If you already have a Coast account, you will find the new feature in the left hand navigation. No account? Click here to create one.
Allowing users to buy PLS, PLSX, HEX and WAIT with the balance of their digital account ($USD) aims to solve three primary issues that impact a huge number of our users:
1. New PulseChain users don’t have any PLS for transactions
This should have been obvious, but it was something we overlooked in the design of $CST. Minting $CST requires that the user run two functions: 1. Pay where funds are sent from the user’s digital account to the $CST collateral account and their wallet is approved. And 2. Mint, when the user creates the $CST by running an on-chain transaction.
Minting $CST is currently impossible without PLS. So the new Buy feature will be the perfect way to Buy PLS for the first time.
2. Minting $CST is an advanced, multi-step process
Many of our users aren’t just new to PulseChain, they’re new to cryptocurrencies generally. In the past 5 months, we have responded to some 3,600 individual support requests. The vast majority of these tickets are related to first-time Minting and Burning.
The Buy feature will be a much easier way for new users to get PLS for the first time. Perfect for onboarding new PulseChain users!
Since we launched $CST, there have been 165 failed approval transactions on PulseChain due to our reliance on the public RPC. This represents about one in 35-40 Mint transactions requiring us to manually approve the user to mint using a multi-auth backup system.
This experience is stressful for new users and time consuming for us internally. The Buy feature incorporates a different mechanism for queueing and re-trying on-chain transactions and should be significantly more reliable.
3. Without instant arbitrage, $CST is too volatile
The arbitrage market on PulseChain is still in its infancy. Very few tools currently exist to automatically arbitrage the price of $CST back to $1. Remember that $CST is created to be sold. This results in significant sell pressure on the token and thus the constant de-pegging of the price below $1.00.
As part of the Buy feature releasing, we will be deploying a semi-automated arbitrage strategy that will help maintain the $CST peg above $0.995, giving users better order execution on all their $CST sells and direct PLS, PLSX and HEX Buys.
Coast is not a centralized cryptocurrency exchange. YES, you can ‘buy’ PLS, PLSX and HEX using Coast. But we deliberately do not provide custody, the price calls, the liquidity or the swap mechanism. Instead, we have grouped together a series of off-chain (Fortress Trust) and on-chain (Piteas.io) functions within a single user experience by connecting our dApp to those services using their APIs.
1. On the ‘Buy‘ page – The user selects the amount of $USD they want to spend. This amount cannot exceed the balance of the user’s digital account. Clicking ‘Check Price’ then initiates a price call via the Piteas API. The app retrieves the quote data from Piteas and displays to the user a close approximation of the amount of PLS, PLSX, HEX or WAIT they will receive.
2. The ‘Buy’ button turns blue and the user can accept the price and initiate the trade. $USD from the user’s custodial account (in Fortress) is sent to the buy account (also in Fortress). When the USD settles in the buy account, the Piteas ‘swap’ function is triggered. This may take up to 12:30 mins to complete.
3. When the Piteas swap function completes, the corresponding amount of PLS, PLSX, HEX or WAIT is sent to the user. This may take up to 12:30 mins to complete.
4. At no point does the user need to pay for an on-chain transaction. However, they do need to link their external wallet to the dApp so it knows where to send the PLS, PLSX, HEX or WAIT.
All platform fees can be found on the Fees page of the Coast dApp. These fees have been radically reduced (up to 75%) for the remainder of 2023. Happy Holidays everyone!
This product release aims to make it easier for PulseChain users to buy the core assets on PulseChain. We have no incentive to make it easier to sell #PulseChain assets. You can still utilize our off-ramp by burning $CST to receive Fiat in your digital account.
Please use the website chat feature and a member of our customer service team will be in touch during regular Eastern US business hours. Thanks and happy onramping!
