Development Update 50

Published in

ADD.xyz

3 min readJul 22, 2022

Here’s Add.xyz’s platform, design and development update.

Q2 to Q3 has witnessed tumultuous times within the blockchain and crypto space, with several large hedge funds being liquidated and CeFI lending company, Celsius Network, filing for chapter 14 insolvency, with over 3.9bn in user funds. This highlights the need for Decentralised Finance and Protocols.

Several companies such as Coinbase, Robinhood and even tech companies such as Tesla have all reduced their company employee roll by 15–25% as the crypto market cap falls under $1 Trillion USD.

Nevertheless, ADD has several updates for the ADD community.

Mobile Application

Our mobile application was successfully launched and gained over 500 users within 6 weeks from May and steadily growing.

Our marketing campaign outside of social media reached over over 1.6 million people with 14 million hits across cities with the help of our out of house marketing partners. We continue to campaign outside of towns and cities with posters and flyers.

Solana Main-net

The mobile application has now completed it’s Solana Main-net development phase. This will be pushed to updates on iOS and Android shortly.

Social Media/Telegram

There has been a shift in the past year to move away from Telegram and informal means of communication with users. Telegram is fraught with issues such as phishing attempts, impersonations, scams and bots. We have since decided to close down our telegram channel as a number of reported scams and losses of funds have occurred. Medium and our newsletter will be our main method of communication with our users in line with industry standard. Users can still access support through the mobile application.

Jurisdictions

Due to the change in policy and regulation in the UK, hundreds of companies have opted out of the United Kingdom and relocated their companies as the FCA has implemented a mandatory register for crypto companies. Many companies have found the process inhibitive and delayed in almost all circumstances. As there are only so far 34 approved crypto companies in the UK, with hundreds relocating in 2022. As such we have ended all UK operations and relocated to Asia.