End of Year Interview With Michel Dahdah

End of Year Interview With Michel Dahdah

In our upcoming interview, we catch up with Michel Dahdah, the driving force behind, as we gear up for a significant milestone: the transition from testnet to the launch of our public mainnet on January 8th. Dahdah opens up about the journey to this pivotal moment, discussing the challenges, breakthroughs, and what this launch means for the future of in the realm of crypto and trading.

Interviewer: Let's begin learning a bit more about you. Can you tell us a bit about your background and how you got involved in the crypto space?

Michel: Sure, I'd be happy to. I'm originally from Venezuela, and my family is from Lebanon. I've always been closely connected to the challenges that cryptocurrency and blockchain technology aim to address. My journey in the crypto space began in the United States back in 2016 when I started mining Bitcoin and purchased some mining machines. That's when I caught the crypto bug, so to speak. Since then, I've been actively involved in the industry, primarily as a builder. I've experienced various market cycles, including the 2017 and 2021 bull runs, and it's reassuring to see the interest from mainstream investors returning. But my commitment has always been for the long term, driven by the genuine pain points that this technology can solve.

Interviewer: That's a fascinating journey, starting with mining and transitioning into a builder in the crypto space. Now, let's shift our focus to your project, C3. Could you provide us with an overview of C3 and the solution you're developing?

Michel: Certainly. C3, or Crypto Custodial Coin, is what I like to describe as a self-custodial exchange. This description underscores the key benefits and challenges we aim to address with C3. Our exchange is designed to offer something that hasn't been achieved before. It combines the advantages of decentralization, where users have complete control over their assets, with the familiarity and functionality of traditional centralized exchanges. By merging these two worlds (Read more about what is a Hybrid Exchange), C3 aims to eliminate the trade-offs that users often face when choosing between decentralized and centralized platforms.

Interviewer: That sounds intriguing. Can you elaborate on some of the specific features or aspects that set C3 apart from other exchanges?

Michel: To create a truly superior product compared to existing alternatives, we've focused on several critical aspects. First and foremost, C3 is built to support multiple blockchains, ensuring that users have access to a wide range of assets and networks. We also prioritize accessibility, offering features like WebSocket connectivity and APIs for market makers, making it attractive for professional traders. But we don't stop there. We've made sure that C3 is user-friendly for retail users, accommodating popular wallet integrations. We've even worked on mimicking the ease of use of traditional email logins, bridging the gap between crypto and the familiar login methods users are accustomed to.

Interviewer: That's quite a comprehensive approach. It seems like C3 aims to address a variety of needs within the crypto community. Thank you for sharing these insights. We look forward to learning more about the project as it develops.

In a landscape of non-custodial solutions, what sets C3 apart from its counterparts?

Michel: Yes, there are indeed numerous non-custodial solutions available in the market today. The landscape is quite diverse, and each platform offers its unique features. What makes C3 stand out is our relentless focus on providing the most seamless and user-friendly experience for our customers, regardless of where they come from or their level of expertise.

Other non-custodial exchanges often tie themselves to specific blockchains. For example, if you're a Solana user, you might find it challenging to use an Ethereum-based alternative and vice versa. However, C3 is designed with accessibility as a top priority. We want to give users the freedom to choose how they custody their assets. Some may prefer simple solutions like MetaMask or hardware wallets like Ledger, while more sophisticated institutions might opt for custodial services like Fireblocks or others. We ensure compatibility with all these options.

This accessibility extends to the blockchain technologies themselves. Whether you're using an EVM wallet or a non-EVM wallet like Algorand or Solana, which are typically not compatible with other exchanges, C3 supports all these technologies. Even if you're a proprietary trading desk with your own custom custody solution, our API is designed to work seamlessly with it. The key here is to eliminate the need for users to switch between platforms or custody solutions, making C3 a one-stop solution for everyone.

Interviewer: Thank you for explaining how C3 prioritizes accessibility and compatibility across a wide range of options. Now, can you share the inspiration behind initiating the development of C3?

Michel: Certainly. The inspiration behind starting C3 came from our collective experience in the crypto space. As a founding team, we had been active in the industry for quite some time. Given the rapid advancement of blockchain technology and the growing adoption of cryptocurrencies, we expected trading solutions to be on par with centralized alternatives by now. However, when we looked at the landscape of available solutions in late 2021 and early 2022, we were quite disappointed.

The existing platforms presented numerous pain points, both for users trying to access traditional and decentralized exchanges. Even in the case of well-known centralized exchanges like Binance or Coinbase, a few major players dominated the market, and they weren't fully leveraging the innovative potential that crypto promised to bring.

Despite these challenges, we saw that the technology and infrastructure had advanced significantly. We realized that the time was ripe to build the kind of exchange we envisioned, one that truly prioritized the needs of traders. With no significant barriers in our way, we decided to take a shot at creating an exchange that would provide a superior experience for users in the crypto space.

Our goal with C3 is to eliminate the frustrations and trade-offs that users have had to tolerate and offer them a trading platform that meets their expectations and needs.

Interviewer: How does C3 facilitate cross-chain margin trading, and what unique opportunities does this offer to traders?

Michel: Sure, I'd be happy to explain how C3 enables cross-chain margin trading and why it's such a valuable feature for traders. Cross-chain margin trading is one of the key benefits that C3 offers, and we've put a lot of effort into making it a seamless experience for our users.

In essence, cross-margin trading allows you to engage in margin trading by using all the assets in your portfolio as collateral. Unlike traditional platforms where you're limited to using a specific asset as margin, C3's approach is much more flexible. Thanks to our advanced risk engine, anything in your portfolio can be used as collateral.

What makes this even more powerful is that C3 is a multi-chain exchange. You can deposit funds from various blockchains and use any blockchain you prefer for trading. This means you can engage in margin trading across different networks, which opens up a world of possibilities.

Let me provide an example to illustrate the concept. Suppose you're an Ethereum user, and you hold Ether (ETH) in your portfolio. However, you notice that Solana (SOL) is performing well, and you want to get exposure to that blockchain. Instead of selling your ETH, you can use C3. Deposit your ETH as collateral, borrow SOL, and then send those borrowed SOL to a Solana address you've created. Now, you can start using Solana without selling your ETH holdings. This way, you maintain exposure to Ethereum while gaining exposure to Solana.

The reverse scenario is also possible. You could borrow a different cryptocurrency and withdraw it to any blockchain you want to explore.

This feature opens up numerous opportunities for traders. Market makers, for instance, can optimize their strategies and allocate their capital more efficiently. Maintenance requirements are lower and more efficient on C3 compared to other platforms, allowing them to achieve more with their funds.

There are many more use cases and strategies that traders can employ with C3's cross-chain margin trading feature, making it a powerful tool for those looking to diversify and maximize their trading capabilities.

Interviewer: Can you share the anticipated timeline for C3's official launch?

Michel: Certainly. We've been making significant progress with C3. We initiated a test launch a couple of months ago, which has been running smoothly. More recently, just a few weeks ago, we introduced the mainnet for API users, making it accessible to developers and market makers. We're excited to see several developers deploying their bots and actively trading on the platform.

As for the public launch with the front-end interface, we are currently in the process of preparing for an early access period. Public mainnet is coming January 8th.

C3 Celebrates 100K testers

Interviewer: Exciting! Could you explain the trade and earn C3's point system?

Michel: Absolutely, I'd be happy to clarify how the trade and earn C3 point system works. This rewards program is designed to incentivize and recognize early users of C3, providing them with a unique opportunity to earn rewards while using our platform. Here's how it works:

When users engage in trading activities on C3, they have the chance to earn points. Additionally, if they choose to lend their funds on the platform, they can also accumulate points. But the rewards program goes beyond just trading and lending. We've incorporated various quests and hidden bonuses into the platform, creating additional ways for users to earn points. These quests and bonuses will be discovered as users explore the functionality of C3.

We encourage our users not only to utilize all the features of C3 but also to help promote and grow our community. By doing so, they can contribute to the overall success of the platform and earn rewards in return. These points earned through the rewards program will hopefully become valuable assets in the future.

So, in essence, don't miss the opportunity to participate in our rewards program and enjoy the benefits it offers to early users.

Interviewer: Now, let's discuss the advantages that traders gain from using C3.

Michel: Absolutely. C3 offers a range of advantages for traders, and we've already touched on some of them. Here's a more comprehensive look at the benefits:

First and foremost, C3 is an ideal solution for traders who are looking for self-custodial alternatives to traditional centralized platforms. Many traders have experienced the challenges of holding their funds on centralized exchanges, including security concerns and the risk of unexpected events like hacks. With C3, traders can have the best of both worlds – the security and control of self-custody while enjoying the same level of performance they are accustomed to.

Traders on C3 can operate at scale without incurring exorbitant gas fees, which has been a significant pain point on certain other networks. The platform offers access to a wide range of custody options, giving traders the flexibility to choose the level of security that suits their needs. Whether they prefer a professional custodian or want to use their own custodial solution, C3 is compatible with these choices.

One of the standout features of C3 is its cross-margin system, which enables traders to efficiently manage their positions across different assets. This system allows for more advanced and diversified trading strategies, making it a valuable tool for traders looking to optimise their portfolios.

In essence, we're building C3 as an exchange that caters to the needs of traders. We understand the pain points they face in the current crypto landscape and are committed to providing a solution that addresses those challenges.

Interviewer: It's clear that C3 aims to provide a comprehensive and user-friendly experience for its users.

Could you delve deeper into C3's security strategy?

Michel: Certainly, security is the top priority for any exchange, and it's no different for C3. We've developed a comprehensive security strategy that is based on a model known as "security in-depth." This means that multiple layers of security measures are in place to ensure that a multitude of things must go wrong for any security breach to occur at C3.

Our security strategy involves several key components. First, even if there were vulnerabilities in the smart contracts we use, we have additional firewalls and security measures at the server level that would prevent those vulnerabilities from being exploited. Conversely, if the server were somehow compromised, user signatures are required to approve any transaction, providing an additional layer of protection. These multiple layers of security must all be bypassed for any unauthorized action to take place on C3, making our security extremely robust against various threat actors.

Read more about C3's Security Architecture

Interviewer: Thank you for explaining the multi-layered security approach adopted by C3. Security is indeed paramount in the crypto space, and it's reassuring to hear about the measures in place.

Now, let's discuss C3's promise of gas-free trading for its users.

Michel: Certainly. C3's gas-free trading is made possible through a hybrid model that combines a server exchange processing trades off-chain with an on-chain settlement layer. This unique architecture offers significant benefits to our users.

Traders on C3 can open, close, and cancel trades without incurring any gas fees. This feature enhances the platform's performance and speed, allowing traders to execute their strategies seamlessly. However, the gas-free trading experience doesn't stop there.

We have designed algorithms and mechanisms in such a way that the on-chain transaction fees are low enough for C3 to absorb them. As a result, we completely eliminate the need for traders and users to worry about incurring any gas fees. This applies not only to trading but also to funding their wallets or engaging in any other platform activity.

In essence, C3 has leveraged its architecture and technology to ensure that gas fees are not a concern for our users, providing a cost-effective and efficient trading experience.