Published Sep 7, 2022
By Qredo Team
Qredo Monthly Update: August 2022
Welcome to our monthly roundup of all things Qredo!
In response to community requests and to provide more regular information about how the Qredo project is evolving, here is our monthly recap of Qredo Network activity and highlights.
Token burn 🔥
On August 1st, we announced that we’d burned 16.8 million QRDO tokens, removing roughly the same amount from circulation as vested during July.
These burns are part of a new monthly schedule, whereby Qredo burns an equal or greater number of tokens each month than those vesting in the previous month.
We just burned another 16.8M tokens on September 5th – that’s 73.6M QRDO total (7.36% of the total supply) burned to date!
📈 Qredo Layer 2 and Qredo x MMI transactions for last 3 months: $10.88 Billion
🚀 MoM growth in Qredo Layer 2 transactions: 34.9%
As you know, our North Star is the level of transaction activity on Qredo Network – and the fee revenue this generates.
We’re pleased to report that we’re seeing meaningful growth in this metric, with Qredo’s first- in-class dMPC custody platform acting as the secure base that underpins this liquidity and financial activity.
Qredo's integration with MetaMask Institutional is an example of this positive trend. With over 200 institutional investors using Qredo x MMI, we’ve seen strong growth in the volume of their lending and yield farming activity – every such interaction with a protocol, dApp and smart contract generating a fee event for Qredo.
We’re also gaining valuable new insights into how people are using Qredo – proof that when we do the hard yards of building and testing something that people want, this translates into user adoption, network activity, and positive feedback.
Qredo 3 and 6 month staking bonus
Whilst you can continue to earn a weekly staking reward of 10.1% APY, there’s still time to enjoy a staking bonus if you hold QRDO in your Qredo Wallet for longer.
Our auto-staking bonus program, launched in July, introduced new rewards for those staking until September 30th or the end of the year (allowing you to earn up to almost 18% APY until December 31 2022).
The bonus program is open to both new and existing deposits 💥 so you can stake your Qredo today and still benefit!
Qredo x WalletConnect 🚀🚀🚀
We’ve had a huge response so far from those of you wanting to join the Qredo x WalletConnect Early Adopter Program and will be closing to new applicants shortly.
Qredo x WalletConnect will give individuals and institutions a convenient way to select from more than 450 dApps across all EVM chains – all backed by the powerful governance and security of Qredo's decentralized custody.
QREDO AND THE MERGE 🔬
Ethereum’s transition from proof-of-work to proof-of-stake is expected to take place later this month and will be a huge milestone in the platform’s short history.
There is a lot of speculation around the near-term impact of the Merge and Team Qredo will be on heightened alert in the period surrounding it.
In an August 24th post on the topic, we unpacked how Qredo plans to support its users and the potential risks of interacting with potential forked chains such as ETHPoW.
AMAs are an important part of our program of engaging with, and building community. Here’s a recap of our August activity:
Community AMA with John Socks and FatherCryptmas - August 25th
Community AMA with Ben Whitby - August 3rd
Josh Goodbody on DEXGuru - August 1st
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FROM THE BLOG 🗞️