During these turbulent times, I want to reach out to the Qredo community.
12 Nov 2022, 16:22
📌 During these turbulent times, I want to reach out to the Qredo community.
Despite having been through many bear markets, this cycle feels particularly brutal.
The pact of trust between users and centralised exchanges has been shattered. Trust in centralised services is dead. We knew change was necessary, but this event has crystallised and accelerated our mission.
Let me be clear, and let us not be in any doubt: self-custody is the future. Decentralised and trustless infrastructure is more important now than ever. Custody is the primary battleground for the crypto industry.
Our Progress
Has Qredo made progress? You bet. We have over 300 institutional users of our Web3 Wallets - these users are transacting an average of $3.5bn monthly, from one integration - Metamask Institutional. Additionally, we have 70k users, and a raft of integrations and products waiting to be launched.
Have we been slow to ship product? Yes. Undeniably so. As a custody network, we prioritise security over everything. This quarter we have been working on a new platform that enables us to ship integrations and products at a blistering pace. This has delayed a few key product launches, but regardless of this, through November and December you will see the launch of WalletConnect, PowerSwaps, Qredo Fees and our first exchange integrations.
QRDO
QRDO has been suffering. It has been brutal. Alongside most alt coins, we have fallen to new lows. It hurts, but this is temporary.
But Are we to blame for this? Yes, in part. I see two main failings.
(1) We have been too slow to link QRDO demand to the increasing use of the Qredo Network; and
(2) we have failed to give the community a way to keep track of Qredo Network’s rapid growth in activity (think: a BlockExplorer).
So, what are we doing to address this? We have launched Qredo Fees with our largest users, and are rolling this out to all Web3 Wallet users through November. This will create a direct connection between usage of the Qredo Network and QRDO demand. Additionally, a wider launch of on-chain fees for certain activity is planned before the end of the year.
Additionally, the BlockExplorer which will be launched this year will feature a neat dashboard showing Qredo Network stats in realtime. On-demand, realtime usage will be easy to digest at a glance. I’m sorry this took so long.
Our Mission Has Just Begun
Qredo is here for the long haul. We are 200 strong with some of the brightest minds in the space. We are also very fortunate to have over four years of runway, securely stored in stablecoins and cash.
If you think self-custody is the future, please join us in our mission. If you believe our industry must adopt transparent, open and decentralised infrastructure, then let’s demand it together!
— Josh