Thank you, that's what I wanted you to say:

You're trying to create a buzz by making it seem like it's a physical debit card, when in reality it's a virtual debit card.

We both know that for a physical bank card, the delay can take up to 3 months.

Don't you think that you would have been more honest to specify that the time indicated corresponded only to the virtual bank card, and therefore, no physical card to be able to pay in store or withdraw money from ATMs ;)?

Thank you, that's what I wanted you to say:

You're trying to create a buzz by making it seem like it's a physical debit card, when in reality it's a virtual debit card.

We both know that for a physical bank card, the delay can take up to 3 months.

Don't you think that you would have been more honest to specify that the time indicated corresponded only to the virtual bank card, and therefore, no physical card to be able to pay in store or withdraw money from ATMs ;)?

Thank you for your comments.

Firstly, we apologize for not making it clear that this card would initially be a “virtual” card because we didn't anticipate that this aspect would be a topic for discussion. We mistakenly took it for granted that most Degens would prefer a virtual card.

Secondly, strictly speaking, the Fiat24 card is not a “virtual” card but rather a "tokenized card." The difference lies in the fact that a virtual card consists of just the digital information of a physical card (such as card number, expiration date, CVV, etc.), and can only be used for online transactions (e.g., Amazon). On the other hand, a tokenized card, in addition to the digital information of a virtual card, can also be added to Apple Wallet, Google Wallet, and Samsung Wallet. This means it can be used for both online and offline transactions (e.g., McDonald's), and an increasing number of bank ATMs also support withdrawing cash using cards stored in Apple/Google Wallet. It's worth noting that as long as you can issue a virtual card, you can also issue a physical card, but the reverse is not necessarily true; not all physical cards can be tokenized. If our memory serves us right, for some obvious reason, Binance Card and Crypto.com Card cannot be added to Apple Pay, so they must issue a physical card; otherwise, they would miss out on the iPhone user base.

Speaking of Binance, we believe that with the development of DEX, it will eventually replace CEX. However, DEX has an inherent flaw compared to CEX when it comes to supporting fiat currencies. This is because DEX is a protocol, and banks are not willing to open fiat on-ramp and off-ramp accounts for a protocol. Even if they were willing to do so, DEX and traditional banks would not be able to open APIs for each other because DEX lacks APIs. Therefore, this issue can be resolved using a web3 approach. Fiat24 provides a solution for this, as we are also a protocol.

Fiat24 encrypts traditional finance (TradFi) information and puts it on the blockchain, verifying clients through NFTs, allowing clients to access their banking information in any non-custodial wallet. Since the KYC is completed at the NFT level, the individual remains anonymous in the DeFi world. We hope that this solution can address the pain point of DeFi/DEX having difficulty in supporting fiat currencies.

While Uniswap can swap any token for any other token, it cannot swap any token for fiat (real) USD. Fiat24 bridges this last step in a DeFi way.

Finally, regarding the question of honesty - if you were to ask us if we want to create some buzz, our most honest answer would be YES, who doesn't? But if you were to ask us if creating buzz is the primary purpose of this initiative, our most honest answer would be NO. This is because we are proud in our belief that our product can address some of the issues in DeFi and make a valuable contribution. DeFi is still a relatively small community, and any builder who can offer contribution to this niche group is genuinely exciting. So, if it were you, wouldn't you be excited to invite more DeFi players to try out your innovation?

Thanks again for your interest and feedback, like that of all the community members participating so far.

Thank you for your feedback.

For the trademark, thanks for pointing it out - we are already in touch with Uniswap Labs. We can assure you that we will get all necessary approvals from both DAO and the owner of the logo before we implement the proposal.

In terms of what benefits the card provides, I refer you to the following:

1. It is not a random Visa card, but the first Visa card which has transactions booked directly on a public blockchain (Arbitrum), and uses Uniswap as the single liquidity provider
2. This is a small step for us, but we believe it is a milestone for the ecosystem to be accepted by the mainstream financial industry. Therefore, this proposal is not arbitrary, or simply for branding purposes. Rather, it is meaningful and serves a purpose and a role model for further adoption.
3. We have also created a pool on Uniswap for USD and Euro trading pairs. We believe that the current FX market is functioning in the same way as Uniswap does, but using AMM is far more efficient. We wish to give inspiration to the market and promote real-use cases rather than derivatives and GameFi.

We are one of the first regulated financial institutions to use Uniswap as liquidity provider, even though we are not as prominent as - for example - JP Morgan. Still, we hope that we can provide a showcase to the industry.

Hopefully, the community can support us.

Thanks for your feedback @Doo_StableLab Yes, you understand correctly - there is no effort required from the Uniswap DAO. We also do wish to have an endorsement.

Here are our rationales:

1. It is not a random Visa card, but the first Visa card which has transactions booked directly on a public blockchain (Arbitrum), and uses Uniswap as the single liquidity provider
2. This is a small step for us, but we believe it is a milestone for the ecosystem to be accepted by the mainstream financial industry. Therefore, this proposal is not arbitrary, or simply for branding purposes. Rather, it is meaningful and serves a purpose and a role model for further adoption.
3. We have also created a pool on Uniswap for USD and Euro trading pairs. We believe that the current FX market is functioning in the same way as Uniswap does, but using AMM is far more efficient. We wish to give inspiration to the market and promote real-use cases rather than derivatives and GameFi.

I hope this clarifies things and thank you for your interest.

Thank you for your comments.

Firstly, we apologize for not making it clear that this card would initially be a “virtual” card because we didn't anticipate that this aspect would be a topic for discussion. We mistakenly took it for granted that most Degens would prefer a virtual card.

Secondly, strictly speaking, the Fiat24 card is not a “virtual” card but rather a "tokenized card." The difference lies in the fact that a virtual card consists of just the digital information of a physical card (such as card number, expiration date, CVV, etc.), and can only be used for online transactions (e.g., Amazon). On the other hand, a tokenized card, in addition to the digital information of a virtual card, can also be added to Apple Wallet, Google Wallet, and Samsung Wallet. This means it can be used for both online and offline transactions (e.g., McDonald's), and an increasing number of bank ATMs also support withdrawing cash using cards stored in Apple/Google Wallet. It's worth noting that as long as you can issue a virtual card, you can also issue a physical card, but the reverse is not necessarily true; not all physical cards can be tokenized. If our memory serves us right, for some obvious reason, Binance Card and Crypto.com Card cannot be added to Apple Pay, so they must issue a physical card; otherwise, they would miss out on the iPhone user base.

Speaking of Binance, we believe that with the development of DEX, it will eventually replace CEX. However, DEX has an inherent flaw compared to CEX when it comes to supporting fiat currencies. This is because DEX is a protocol, and banks are not willing to open fiat on-ramp and off-ramp accounts for a protocol. Even if they were willing to do so, DEX and traditional banks would not be able to open APIs for each other because DEX lacks APIs. Therefore, this issue can be resolved using a web3 approach. Fiat24 provides a solution for this, as we are also a protocol.

Fiat24 encrypts traditional finance (TradFi) information and puts it on the blockchain, verifying clients through NFTs, allowing clients to access their banking information in any non-custodial wallet. Since the KYC is completed at the NFT level, the individual remains anonymous in the DeFi world. We hope that this solution can address the pain point of DeFi/DEX having difficulty in supporting fiat currencies.

While Uniswap can swap any token for any other token, it cannot swap any token for fiat (real) USD. Fiat24 bridges this last step in a DeFi way.

Finally, regarding the question of honesty - if you were to ask us if we want to create some buzz, our most honest answer would be YES, who doesn't? But if you were to ask us if creating buzz is the primary purpose of this initiative, our most honest answer would be NO. This is because we are proud in our belief that our product can address some of the issues in DeFi and make a valuable contribution. DeFi is still a relatively small community, and any builder who can offer contribution to this niche group is genuinely exciting. So, if it were you, wouldn't you be excited to invite more DeFi players to try out your innovation?

Thanks again for your interest and feedback, like that of all the community members participating so far.

Thank you for your feedback.

For the trademark, thanks for pointing it out - we are already in touch with Uniswap Labs. We can assure you that we will get all necessary approvals from both DAO and the owner of the logo before we implement the proposal.

In terms of what benefits the card provides, I refer you to the following:

1. It is not a random Visa card, but the first Visa card which has transactions booked directly on a public blockchain (Arbitrum), and uses Uniswap as the single liquidity provider
2. This is a small step for us, but we believe it is a milestone for the ecosystem to be accepted by the mainstream financial industry. Therefore, this proposal is not arbitrary, or simply for branding purposes. Rather, it is meaningful and serves a purpose and a role model for further adoption.
3. We have also created a pool on Uniswap for USD and Euro trading pairs. We believe that the current FX market is functioning in the same way as Uniswap does, but using AMM is far more efficient. We wish to give inspiration to the market and promote real-use cases rather than derivatives and GameFi.

We are one of the first regulated financial institutions to use Uniswap as liquidity provider, even though we are not as prominent as - for example - JP Morgan. Still, we hope that we can provide a showcase to the industry.

Hopefully, the community can support us.

Thanks for your feedback @Doo_StableLab Yes, you understand correctly - there is no effort required from the Uniswap DAO. We also do wish to have an endorsement.

Here are our rationales:

1. It is not a random Visa card, but the first Visa card which has transactions booked directly on a public blockchain (Arbitrum), and uses Uniswap as the single liquidity provider
2. This is a small step for us, but we believe it is a milestone for the ecosystem to be accepted by the mainstream financial industry. Therefore, this proposal is not arbitrary, or simply for branding purposes. Rather, it is meaningful and serves a purpose and a role model for further adoption.
3. We have also created a pool on Uniswap for USD and Euro trading pairs. We believe that the current FX market is functioning in the same way as Uniswap does, but using AMM is far more efficient. We wish to give inspiration to the market and promote real-use cases rather than derivatives and GameFi.

I hope this clarifies things and thank you for your interest.

The below response reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.

We’ll be voting against this proposal, echoing the concerns raised by other delegates in the comments above. Specifically, the DAO isn’t in a position to provide an approval for the use of the Uniswap logo, since the trademark belongs to the Uniswap Labs.

However, even if it were in such a position, we believe that providing in-direct endorsements through announcements or allowing the use of the logo would be an issue that would warrant further discussion.

The below response reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.

We’ll be voting against this proposal, echoing the concerns raised by other delegates in the comments above. Specifically, the DAO isn’t in a position to provide an approval for the use of the Uniswap logo, since the trademark belongs to the Uniswap Labs.

However, even if it were in such a position, we believe that providing in-direct endorsements through announcements or allowing the use of the logo would be an issue that would warrant further discussion.