Published Dec 15, 2022
By Qredo Team
Qredo Monthly Update: November 2022
November was another big month, and saw Qredo pass some monumental milestones — including the introduction of our new fee model and the gradual rollout of PowerSwap!
Check out our monthly recap below for all the highlights!
QREDO 🤝 ANKEX
We are proud to be supporting Ankex, a new hybrid exchange offering high-performance derivatives trading from the security of a Qredo Wallet.
Ankex is expected to launch in early 2023 – join the waitlist here.
Recent events have drawn attention to the major security and performance trade-offs investors are forced to accept when trading on either CEXes or DEXes. Ankex addresses this, combining the advantages of a centralized trading venue with the security and control offered by non-custodial, decentralized exchanges.
Ankex users will be able trade from their self-custody wallet, accessing a variety of sophisticated derivative trading options. And, because Qredo wallets sit on Qredo’s own Layer 2 blockchain, Ankex users will be able to verify exchange solvency at any time.
FEES ARE LIVE! 💸
We have now introduced Qredo Service fees.
Qredo Service fees support the continued development of the network and boost the utility of Qredo Token (QRDO).
Paying fees in QRDO unlocks an automatic 15% fee discount for Qredo users, boosting demand for the token and adding new utility. In addition, most of the QRDO used to pay fees will be burned!
POWERSWAP IS COMING! 🚀
Qredo is excited to introduce PowerSwap; a new tool for trading Qredo Tokens (QRDO) with USD Coin (USDC) within Qredo Network — backed by your own governance and the unprecedented security of decentralized custody.
This new tool is currently being rolled out to the most active Qredo users. (Coming to all Qredonians very soon!)
Token burn 🔥
On November 7th, we set light to another 16.8M QRDO, representing approximately the number of tokens that vested in October. This took us past the 100 million QRDO burn milestone.
With news of our most recent burn of 25.4M tokens on December 12th, we marked the fifth month in a row with more QRDO burned than entering circulation.
In total, we've now torched 140M QRDO in 2022, reducing the total supply by 14%!
Qredo stats 📊
🚀 MoM increase in new Qredo accounts: +125.34%
📈 MoM increase in new accounts with transactions: +38.51%
💪 MoM increase in Qredo Web3 Wallet assets under custody (AuC) +3.58%
QRDO Staking bonus 🎁
Qredo offers a weekly staking reward of 10.1% APY.
Plus, our auto-staking bonus program offers an additional 5.05% APY until December 31st. (Open to both new and existing deposits).
Those of you who started staking on the network back in July are, of course, still on track to earn a six month staking bonus equivalent of nearly 18% APY.
💸 DEPOSIT NOW AND EARN!
Qredo x WalletConnect 🚀🚀🚀
After implementing the feedback from the Early Adopter Program for our Wallet Connect integration, we are now rolling out Qredo x Wallet Connect in batches, starting from the top of the waitlist.
If you’re on the waitlist, you’ll be notified when you are next in line!
Meanwhile, the waitlist remains open, so you can still join if you haven’t already, or earn QRDO by referring friends who also sign up. 🎉
CeFi vs DeFi: How to Survive in the Wake of the FTX Collapse
On November 29th, Qredo joined Cryptio and Avantgarde to discuss DeFi infrastructure in the wake of the FTX collapse:
QREDO EVENTS 🤝
As we build our regional presence, events are a great way to spread awareness of the mission and build new relationships.
Qredo event activity in November:
Web Summit, Lisbon, Portugal – November 4th
Token 2049, London, UK – November 9-10th
Token2049 brings many of the industry's leading players together. One thing was clear from this year’s event in London: the importance of decentralized custody! ⚡️⚡️⚡️
FROM THE BLOG 📝