Monthly Recap: May 2022
It’s been a busy few months for us at Monolith HQ. We recently launched Token.com in Brazil, and while the rollout has been a big success, we’re still hard at work on developing the product. We’re also gearing up for a wider launch in other parts of the world later this year, but in the meantime, we wanted to share a recap on how the last few weeks have been for us. As we want to bring the Monolith and Token.com communities with us on our journey into the tokenized future, we’ll be sharing monthly updates like this to give our readers a concise overview of all of the key developments at camp Monolith. Read on to find out our four main items from May 2022.
Disclaimer: Investing in cryptoassets is risky. Due to the volatile nature of the cryptocurrency market, investors run the risk of losing their funds when they make an investment. Returns from cryptoasset investing are not guaranteed, therefore users should always be aware of the risks.
People love Token.com (and they’re actively using it)
We’ve received lots of positive feedback on the new product, and our statistics tell us that the initial rollout has been a success.
At the time of writing, we’ve received over 34,000 downloads with 92% of customers automatically approved. Since launching in earnest in March, the Token.com community has grown to over 8,200 active users.
Customers are also actively using the product once they have joined us. From the start of April to the start of May, the amount of funds deposited saw a 56% increase, and we are forecasting another increase by the beginning of June. This shows that the community is ready to enter the token economy and embrace the benefits it offers.
While our analytics and feedback show that the product has been popular so far, we are also taking onboard suggestions and comments from customers to ensure we can make any improvements where needed to refine the product. We’ll continue to gather thoughts from the community to deliver the best experience possible.
The new app looks slick
We initially launched an “MVP” version of Token.com to a small group of invited users earlier this year, but we’ve since rolled out the first version of the full release.
While the MVP focused on offering a simple deposit and money growth feature against a navy blue aesthetic, the full release creates a more in-depth experience with new features and a striking visual design. Our designers have created custom artwork for every token offered, and each one is accompanied by a description containing key information in easy-to-digest format.
The full release launched with a focus on individual tokens, and newer versions will add an Inventory showing every token in a customer’s wallet, a Discovery screen featuring our top collections and recommended tokens, and more.
We’re reviewing our offering in the wake of UST’s collapse
Earlier this month, the token world was hit hard when Terra suffered from a dramatic collapse. The event occurred due to its stablecoin, UST, losing its peg to the dollar, which caused its LUNA token to lose its value due to the protocol’s design.
As Token.com used UST to offer turbocharged money growth via Terra’s Anchor Protocol, we were impacted by the events. As a result, we paused UST deposits.
Nonetheless, customers can continue to redeem their deposits for a 1:1 UST to USD exchange rate, meaning all deposits are fully redeemable. Any funds deposited to Token.com can always be redeemed and withdrawn at any time.
As the industry reflects on Terra’s collapse, we are continuing to monitor the situation and assess our next steps. We’re currently weighing a potential move away from Anchor Protocol and plan to add new offerings to help our customers diversify their portfolios.
We’ll share further updates as we have more information, and if you have any questions you can get in touch at email@example.com.
Collections and Cards are coming
We will soon be expanding the product by introducing Collections and Cards. We want to help the Token.com community access the benefits of the token economy by abstracting away the complexities associated with the space. Collections will cater to essential strands of the token universe such as DeFi, the Metaverse, and the Ethereum ecosystem, and Cards will give customers an overview of all of the important information related to each token. Collections and Cards will be presented in easy-to-digest format and killer visuals from our team of design experts.
We want to make investing in the token economy as easy as hitting “like” on a photo or watching a video on your social feed, and collections and cards will help us achieve that.
That rounds up May 2022, but we’ll be back soon with more updates on how Token.com is evolving and our forthcoming plans.
Learn more about Token.com here