Newsflash: Monolith hits $10 million in card top-ups
We just hit $10 million in card top-ups.
Reaching such a noteworthy milestone feels like as good a time as any to reflect on our journey so far. Back in July 2020, we crossed $1 million in cumulative top-ups. Four months later, we hit $2 million, and top-ups have continued to climb month-on-month. In January, we hit $1 million in monthly top-ups for the first time, and card usage has increased throughout the year.
We want to send a huge thank you to every member of our community for helping us get here. We are in the midst of a long journey into the future. Our mission is to introduce decentralised finance on Ethereum to the world, and that’s not something we can achieve alone. We need a community of believers. To everyone who has downloaded our app, bought crypto tokens, used the Monolith Card, told a friend and taken part in this movement so early on, we are very grateful.
The cryptocurrency space has experienced a surge in mainstream interest this year. Tesla, Goldman Sachs, and Mellon BNY have recently adopted Bitcoin, Visa has announced its plans to settle USDC payments on Ethereum, and Beeple’s NFT sale at Christie’s made him the third most valuable living auctioned artist in history. Ethereum, meanwhile, is about to enter one of its most important development stages to date, with the rollout of Layer 2 solutions, EIP-1559, and Proof-of-Stake all on the horizon.
The change in tides has been reflected in the price of Ethereum’s native currency, ETH. It’s been trading at record highs this month, surging above $2,700 for the first time in its history. ETH is the most used token for Monolith card top-ups by some distance, and the increasing value has helped us reach $10 million topped up. It’s also benefited all TKN holders. With every Monolith Card top-up made with a token other than TKN, a 1% contribution goes towards our community chest. The chest now contains 186.6 ETH. After ETH’s price surge, that’s the equivalent of around $507,244. The chest’s total value including other tokens amounts to $579,516.
DeFi has also grown, and we believe it will soon hit mass adoption around the world. We hope to make it happen. In the meantime, we want to thank you all once again for your support. Web3 is becoming more of a reality by the day. And there is much, much more to come.
The data for this report was accurate as at Wednesday 28th April 2021.
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