Metaverse Monthly Report — October 2020

Highlights

• Within 48 hours of launch, Gene Finance had a TVL of 30,000,000 USD
• Migration to Substrate Development Framework: Betelgeuse Testnet
• Chrome Extension Wallet in last stages of testing, will be released next month
• TVL on SwapAll: Over 3 million ETP
• More applications will be released in upcoming months, such as money market, DEX, synthetic stablecoins, NFT, etc.

Gene Finance

Undoubtedly, the headline of the month was the launch of Gene Finance. When it launched on October 18, the TVL (Total Value Locked) quickly grew to $30,000,000 USD within 48 hours, bringing many new members of the DeFi space onto the decentralized platform. The continuous development of the platform is led by the community and will feature additions of new liquidity pools, money markets, NFTs, etc.

Gene Finance allowed investors of the DeFi space to stake ETP, DNA, GENE and other ERC-20 tokens to generate favourable yields through staking pools and liquidity mining pools. In this month, over 60 million of GENE tokens were distributed to the contributors of the platform. The tremendous support from contributors can be overwhelming, but in an orderly fashion, the first community governance voting was completed successfully on Snapshot, where the next liquidity pool AXIS/ETH was added.

The Gene Finance team did not stop there, but worked hard to participate in AMAs and conferences from Southeast Asia to North America, publishing tutorials for new members of the DeFi space, and interacting with our community on social media to help with any questions.

Roadmap Development

For months, the core development team has sought and researched a new solution to upgrade the existing infrastructure of the Metaverse blockchain. Among many, the most notable was the substrate development framework, which truly introduces a platform of new functions, governance, treasury, tech committee and much more, aggregated on the wallet interface. The team has decided that this is viable solution that is more user friendly and engaging for builders and holders alike.

The Testnet is named after the tenth-brightest star in the night sky, called Betelgeuse. Prototypes have already been developed, and will become publicly available within the next month or so.

Chrome Extension Wallet

In October, the core development team and community have also begun testing a new chrome extension wallet. So far, features such as digital identity, the Metaverse Identifiable Token (MIT), Metaverse Smart Token (MST) have all been implemented. The team and community are optimizing the performance and operational details of the product and will be released soon to the public in November. In the meantime, there is also a community competition for selecting a name of the chrome extension wallet, more details here: https://mvs-org.medium.com/bounty-creative-chrome-extension-wallet-name-34d405b3ba53

TVL on SwapAll

ETP staking pools are supported by SwapAll (centralized liquidity mining platform) and has a TVL of over 3 million ETP. The liquidity mining pools have rewarded a total of over 150 thousand SAP tokens, the SwapAll governance token.

DNA Applications

On the DNA front, the team is building scalable financial technology solutions that will allow anyone to take ownership of their finances. The speed and convenience of Metaverse DNA is able to facilitate many decentralized financial applications, such as a decentralized exchange, on-chain loan market, and synthetic stablecoins.

Marketing and Operations

In October, the team was focused on DeFi and the launch of of Gene Finance. On the marketing side, the team released several publications to introduce the GENE token, FAQs, video and written tutorials for liquidity mining.

• October 26–30, Eric Gu the founder of Metaverse Foundation attended and spoke at Blockchain Revolution Conference 2020 on the topic of “Crypto Asset Trends in 2021, A Glance into the Future”

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To stay informed with the latest updates from Metaverse (mvs.org), Metaverse DNA (mvsdna.com), and Gene Finance (gene.finance)

Metaverse: https://twitter.com/mvs_org

Metaverse DNA: https://twitter.com/MVSDNA

Gene Finance: https://twitter.com/genefinance