2023 Review: A Year of Resilience and Innovation

Published Dec 27, 2023
By Qredo Team

2023 was a significant year for Qredo, distinguished by enduring resilience, innovation, and community support. As we approach 2024, the Qredo ecosystem stands stronger than ever, reflecting the transformative power of blockchain technology. Let's delve into some key achievements and milestones that defined the year. 

Protocol & Blockchain

In 2023, while the market quieted down before roaring back, Qredo nonetheless saw an impressive growth of 86.58% of its network activity, from 895,138 transactions in December 2022 to 1,670,121 cumulated transactions (since inception) in December 2023. The number of unique wallets also grew tremendously, from 76,577 unique wallets at the end of 2022 to 119,835 unique wallets on the eve of 2024 - a 56.49 % growth.

New QRDO Tokenology

Qredo introduced the new QRDO Tokenology, a groundbreaking step to optimize Qredo Network's functionality and growth potential. Key features included Qredo network growth strategies, community governance initiatives, QRDO staking updates, and voting and community governance.

Fusionchain advancements

Qredo's dedicated efforts led to the ongoing development of Fusionchain testnet, paving the way for a future blockchain opening self-custody primitives. This innovation enables third-party developers to create independent self-custodial applications.

Foundation's Strategic Shift

In 2023, Qredo's Co-Founder Josh Goodbody assumed a leadership role at Qredo Foundation, enhancing its involvement in QRDO token and protocol management, with a focus on a more permissionless and decentralized approach. Aligned with Qredo's commitment to adoption and decentralization, this evolution positions the Qredo Foundation for a pivotal role in the upcoming launch of the Fusionchain testnet.

Under Goodbody's guidance, the Qredo Foundation is dedicated to advancing the QRDO token's utility, fostering the growth of the Qredo Network ecosystem, and seamlessly steering the protocol's future within the Cosmoverse. Effort and focus will be about community and builders, to ensure the expansion of the future ecosystem.

The Burn

Adding to the sustainability of the Qredo ecosystem, the introduction of the burn mechanism in QRDO token protocol fees ensures an additional layer of value and long-term viability. We burned in total 405,905,186 QRDO tokens, using the two mechanisms which are Governance voted burns and Protocol fees based burns

  • Governance burns in 2023: 405,000,000

    • August 2023: 235,000,000

    • December 2023: 170,000,000

  • Protocol fees burns in 2023: 920,186

    • September 2023: 175,898

    • October 2023: 149,458

    • November 2023: 362,380

    • December 2023: 233,450

Governance Forum and Vote

The establishment of a governance forum and voting mechanism empowers the Qredo community to actively participate in decision-making processes. This inclusive approach ensures that the community's voice is heard, fostering a decentralized and collaborative governance model.

Product & Platform

Qredo's recent platform upgrade is a game-changer in digital asset management, introducing user-friendly features, advanced governance, and a robust API. This reflects a commitment to seamless functionality and heightened security, as well as Web3 wallet integration, ISO 27001 certification at the forefront along with the Trust Portal for transparency.

New Qredo Platform

Qredo's unveiling of the new Qredo platform design stands out as the most significant upgrade in its history. This comprehensive enhancement introduced a range of features aimed at improving digital asset management, including user-friendly onboarding, enhanced governance policies, new roles and permissions, a notification center, a detailed portfolio tracker, efficient transaction processes, easy navigation, an advanced reporting engine, the Qredo Station for token management, and customizable settings.

Next-Gen API

The announcement of Qredo's Next Generation API marked a milestone, providing a versatile toolkit that mirrors and expands upon the functionality of the Qredo Web App. The API focused on three guiding principles: Uncompromising Security, Web3 Connectivity, and Resilient Scalability.

Web3 Wallet Integrations

Qredo maintained a strong focus on Web3, achieving seamless integrations with leading wallets, such as:

ISO 27001 Certification & Trust Portal

Qredo's commitment to security received validation with the ISO 27001:2013 compliance certification. The Qredo Trust Portal provides transparency on compliance achievements, including ISO27001, ISO22301, and SOC 2.

Exchange Hub

The launch of Qredo's Exchange Hub provided a trustless environment for asset transfers between major exchanges and Qredo's secure self-custody Wallets. Key features included complete portfolio control, simplified operations for managing liquidity, advanced governance controls, and support for major exchanges like Binance, OKX, Huobi, and ByBit.

2023 encapsulates the Qredo community's strength and the continuous pursuit of innovation, laying the foundation for an exciting journey into the new year.

As we bid farewell to a remarkable 2023 and embrace the possibilities of 2024, we stand united and optimistic in the crypto landscape. This journey, marked by collective triumphs and invaluable lessons, fortifies our resolve to innovate and excel. We extend our heartfelt gratitude to each Qredonian for being the cornerstone of this extraordinary voyage. Together, we continue to pioneer the future of digital finance, fueled by our shared vision and enduring commitment to excellence in the ever-evolving world of cryptocurrency.