Published Nov 8, 2022
By Qredo Team
Qredo Monthly Update: October 2022
Welcome to our monthly recap of Qredo Network activity and events!
THE COUNTDOWN BEGINS 🧑🚀: NETWORK FEES AND POWERSWAP
We’ve been busy putting the final touches to a couple of key initiatives. Here’s a sneak peek:
First up is the rollout of fees on Qredo Network, an important step to building a thriving, commercially successful network.
This rollout is being implemented gradually and is currently in beta testing with a number of selected users.
In implementing fees, we are delivering on another of the tokenomics changes announced earlier this year. Paying fees in QRDO will unlock an automatic 15% fee discount for Qredo users, boosting demand for the token and adding new utility to it. In addition, most of the QRDO used to pay fees will be burned!
Supporting QRDO fee utility and demand will be the launch of PowerSwap.
PowerSwap allows Qredo Wallet holders to swap their Tether (USDT) and USD Coin (USDC) for QRDO in a fast, cheap, and frictionless way – all without leaving the protection and self-custody security of Qredo’s dMPC.
That’s because, with PowerSwap, QRDO-stablecoin swaps are carried out on Qredo’s Layer 2 blockchain – with none of the delays, counterparty or slippage risk experienced if the trade was routed to an external exchange or trading venue.
Qredo welcomes Polkadot 👋
We were thrilled to announce Qredo’s latest blockchain integration: Polkadot, the Layer 0 protocol.
Qredo is integrating with Polkadot’s coordinating chain — the Relay Chain — and supporting native asset DOT. Now, Qredo users are now able to trade, transfer, and custody DOT on Qredo Network whilst enjoying all its institutional-grade governance and security. Read more
Token burn 🔥
Qredo’s token burn program continues!
On October 3rd, we burned 24 million QRDO, representing approximately the number of tokens that vested in the previous month.
We just burned another 17M QRDO yesterday! -- surpassing the 100M burn milestone 🎉 That’s 114.6M Qredo tokens that have been burned to date -- decreasing total supply by 11.46%.
Qredo stats 📊
💪 +7.24% MoM increase in Qredo Web3 Wallet assets under custody (AUC)
📈 +14.31% MoM increase in new accounts
🚀 +26.86% MoM increase in accounts with transactions
QRDO Staking bonus 🎁
Whilst you can continue to earn a weekly staking reward of 10.1% APY, there’s still nearly 2 months to enjoy a staking bonus if you hold QRDO in your Qredo Wallet for longer.
Open to both new and existing deposits, our auto-staking bonus program offers an additional 5.05% APY until December 31st.
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!
NEW CASE STUDY: INDIGO 📈
In Qredo's latest case study, you’ll learn how multi-strategy crypto hedge fund Indigo has been using Qredo to secure the full spectrum of their digital asset activity.
💰 Being able to set up subaccounts for individual trading strategies
🌐 Using Qredo’s Web3 Wallets to access DeFi
🛡️ Benefitting from Qredo’s dMPC to protect against threats
The growing importance of insurance in Web3
The rise of Web3 has prompted a surge in demand for insurance coverage. Qredo is meeting that opportunity, as demonstrated by our recent announcement of $600M of specie coverage for assets on the Qredo Network.
🤓 Learn how crypto insurance works
In October, we hosted a panel discussing this all-important evolution of the digital asset space. With special guests Hugh Karp, Founder of Nexus Mutual, Rupert Poland from Marsh & McLennan, and Qredo’s Ben Whitby. It’s a must-watch discussion for anyone interested in the real factors supporting enterprise involvement in crypto.
Read highlights or watch recording 👇
Qredo x WalletConnect 🚀🚀🚀
We’re grateful for all the brilliant user feedback we’ve so far received from the Early Adopter Program for our Wallet Connect integration.
Collecting feedback and recycling it into better products is part of our DNA.
To make sure we properly capture and maximize the value of this feedback from new users, we are now rolling out Qredo x Wallet Connect in batches, starting from the top of the waitlist.
Those already on the waitlist will be notified when they 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. 🎉
THE QREED – SEASON 4 🎖️
Are you a Qredonian who wants to play a role in Qredo’s future growth?
By joining Qredo’s ambassador program The Qreed, you have the opportunity to contribute, demonstrate your talents and earn QRDO!
Seasons 1 - 3 of The Qreed already produced some knockout Qredonian content and rewards-driven activity, helping to grow the community across a number of channels.
Towards the end of October, we announced Season 4 – The Qreed Reloaded, with program updates to further help streamline our efforts and achieve even bigger goals.
Learn more about how it works and where you can get involved!
📺 REAL VISION CRYPTO WITH BEN WHITBY
Qredo’s Ben joins Nico Brugge and Ash Bennington to share his insights on the path of crypto regulation.
QREDO EVENTS 🤝
As we build our regional presence, events are a great way to spread awareness of what Qredo is doing and build new relationships.
Qredo event activity in October:
Blockchain Expo and DeFi Congress – Zaragoza, Spain – 26-27th October
DevCon Bogota - Bogotá, Colombia - 11-14th October
Stellar Meridian 2022 – Rome, Italy – October 11-13th
Going to Token2049 in London on November 9-10th? Stop by the booth and say hi! 👋
AMAs are an important part of our program of engaging with, and building community. September activity includes:
Caduceus MetaTalk Episode 3 with Luis Vaello (recording) - October 19th
Eth London with Ben Whitby - October 12th
Sweat Economy AMA with Marketing Director Ofir Avigad - October 4th
BNBChain Stars: "The Web3 Business Model and Why It Matters" with Luis Vaello - October 3rd
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FROM THE BLOG 🗞️