The past three months have been eventful for Changex and for our community. A lot happened, and a lot is about to happen. But before we gaze into the exciting near future, let’s take a look, month by month, at all that we’ve accomplished in the past three months.
Here we go.
Transition to deflationary economy
We entered April with onе of the most significant changes to the project’s economic model altogether – a transition to a fully deflationary economy. After the transition, the CHANGE token was no longer subject to monthly inflation, and the supply is being gradually reduced every single month by 1,4 million tokens. The burning will continue until all 35 million tokens left over from the ICO are burned, reducing the total supply substantially.
The transition came after the initial 20 million CHANGE rewards pool ran out after a whole 270 days and a consistently high APY of 35%+. With the pool depleted, CHANGE’s APY dropped to the ~5% APY levels, falling even lower as more and more CHANGE was staked, currently sitting at 2.9% – a sort of standard for deflationary tokens.
Since the transition and with the initial pool depleted, the CHANGE staking pool was powered by the commissions charged to the HYDRA staking pool in the app. Instead of taking the 5% commissions as profit, every month we convert them to CHANGE and power up the staking pool, ensuring the rewards for the next month.
New staking pools are added to Changex gradually with the goal to increase the size of the CHANGE monthly rewards. 100% of all earned commissions from all staking pools in the Changex ecosystem will be used to buy CHANGE and add it to the monthly staking yield.
Also, 30% of the Changex transaction revenue will be used to buy CHANGE and burn it on a regular basis, reducing the supply further.
Reaching out to the wider crypto community, we teamed up with gamification platform Zealy, previously known as Crew3, to create an interactive and highly engaging experience for all users, both current and those yet to come.
Zealy allowed us to gamify the entire process of engaging with our community and of our community engaging with us. By offering varied missions, quests, and tasks to perform, we got closer than ever to our users, involving them directly into the Changex marketing process, and strengthening our relationship with them.
Users completing tasks on Zealy have the chance to win a CHANGE airdrop at the end of the competition, and the games are still ongoing. So if you haven’t started on Zealy yet, it is not too late, and you can still complete the tasks to join the race for the grand treasure at the end of the road. Find Changex on Zealy here.
We’ll also have a completely new set of quests for you soon.
Polygon Liquid Staking Integration
Focusing on increasing diversification options and passive income opportunities, we started working with our partners at Stader Labs to integrate more staking pools into the app. The first of these pools was the MATIC staking pool, which came shortly after we integrated the Polygon network to the Changex app.
Liquid staking for MATIC came with a special proposal: the APY was boosted by 2% for the first two months of its integration, up until the end of June, generating one of the highest rewards in DeFi for the deflationary token. We also took no commission for the service (and continue not to), which had MATIC generate up to 7% APY in pure rewards for the duration of the boost campaign.
Liquid staking via the MATICx token continues to offer unprecedented flexibility to Changex users now. All you need is the app.
Cross-chain swaps for Abitrum, Ethereum, and Polygon
We entered may with another quality-of-life addition, which significantly improved the cross-chain swap functionality between three of our most important supported chains: Ethereum, Polygon, and Arbitrum. This new feature enabled simple cross-chain swaps between all assets on the three chains, simplifying what is normally considered a time-consuming task that requires knowledge of bridges, chains, and more. The cross-chain swap feature completely removed the need to bridge, instead providing a simple and effective alternative solution.
This integration was an important step in the right direction, as Changex pursues its mission of democratizing crypto and making it accessible to users of all backgrounds and levels of technological prowess.
BNB Chain Integration
Soon after the MATIC integration, it was time to add another liquid staking option, this time represented by the BNB token. Again teaming up with Stader Labs, and shortly after integrating BNB Chain to the app, liquid staking was also available for BNB, and again it offered a boost to users.
The APY for BNB was up to 6% in boosted mode, and after the first month went back to its baseline levels of up to 4% APY. The commissions applied to the BNB staking pool were once again used to power up the CHANGE staking pool by converting the commissions and using them as a boost.
BNB was the 5th blockchain integrated in the Changex app, joining the ranks of Ethereum, HydraChain, Polygon, and the KuCoin Community Chain. But there was still more to come.
A long time in the making, at the beginning of June it was time to finally unveil Changex Academy – our very own educational platform for all things crypto, DeFi, and Web3.
The Academy focuses on onboarding new and inexperienced users to the crypto market in general, explaining complicated concepts and removing the barriers that prevent wider crypto adoption. Still in its infancy, Changex Academy will grow significantly in time, as we have big plans for it – not only to turn it into a massive treasury of knowledge, but also to use it as a true online educational platform with interactive courses on crypto’s most fundamental aspects.
The first of these – the Bitcoin course – is coming to fruition as we speak, and all that’s left before we make it public is some final touches of perfection, just to make sure everything is in order.
In the last month of the second quarter of 2023, Changex and its involved community hit new peaks, representing valuable milestones for the project’s development and serving as a benchmark for the services we offer. In June, we recorded our highest yet monthly active user count, with more than 25,000 unique users having used the Changex app!
Also, our daily active user count increased significantly, peaking at 2,500 in June. With retention rates of 20% for the first week of a new user’s journey, and 10% at the fourth week, we are extremely proud with the way our users see us and the fact that they choose to stay with us. We’re committed to driving those numbers up, and we’ve got big things coming in our pipeline to show for it.
As for passive income, in June we hit a total value locked (TVL) of just over $3,000,000 spread over 5 separate staking pools: CHANGE, HYDRA, BNB, MATIC, and ETH. We’re also proud to report over 700 active and committed stakers, which once again shows that our users are in it for the long run – as are we.
Ethereum Liquid Staking
Leaving the fireworks for last, we unveiled what many of our users requested in a poll in our Telegram group, bringing liquid staking for Ethereum (ETH) with no minimum amounts to stake to Changex!
Users can stake any amount of ETH in a DeFi wallet, while continuing to use their tokens freely. This is possible thanks to the liquid nature of ETH staking. Once staked, the original ETH is locked in the protocol and begins to earn ~3% APY, while wstETH – the liquid token – is issued to the staker. The wstETH token can be used wherever it is supported, while the original amount continues to earn rewards.
Once again, as was the case with MATIC and BNB staking, Changex takes no commissions as revenue, rather using them to power up the CHANGE staking pool by converting the ETH to CHANGE and adding it to the pool.
The ETH staking pool is the fifth staking pool to join Changex, as we continue to pursue our goal of becoming the Swiss knife of personal finance.
Coming up in Q3
Hold on for the ride – huge things are coming ahead.
On and off-ramp for fiat-crypto buys and crypto-fiat sells
Yes, you read that right.
Our very own, home-made, and omnipotent fiat on and off-ramp has been in development for some time now, and we’re more than proud to say that we’re at the final step before release.
With the ramp, users will be able to buy any single available token in Changex directly with their fiat money, be it via a debit or credit, bank transfer, Revolut, or Google Pay. The process will be simplified to the core, so that anyone will be able to take advantage of it. Also, the fees that we collect for the fiat purchases will be lower than what you see when using Ramp Network’s interface!
But this is something that is almost considered baseline in the crypto world. What is not baseline is our off-ramp.
We proudly announce that you will be able to connect your existing bank account to your Changex wallet, which will give you the ability to sell any crypto for fiat and receive the proceeds straight to your account!
This (pardon the bragging) amazing feature puts us on par with centralized exchanges, while allowing us to remain completely decentralized, secure, and equipped with an arsenal of DeFi tools and services that completes our CeDeFi offering. The possibilities are virtually endless, and the flexibility the off-ramp presents is unprecedented, putting Changex on an entirely different level.
Also, having our in-house fiat ramp gives us great flexibility and agility, allowing us to modify the service, make it better, and provide more value in terms of features. The future is very bright, you see.
VISA Debit Card and Bank accounts
The elephant in the room. We are aware that this is one of the biggest and most important Changex features that everyone can’t wait to get their hands on, hence why we could barely wait until now to say that it is well on its way.
We’re already well into summer and we expect to have the Debit Card and the bank accounts in just two months – in September, to be exact! We’re currently finishing up on paperwork and the various legal requirements for the service (there’s a lot to do…) and will proceed with setting up the card design, finalize all the details around shipping, and be ready to launch in the first month of the Autumn season.
The legal landscape has grown increasingly complicated and adverse in the past months, which is why some setbacks hve occurred, but we’re well on the way to deliver you one of the defining features of Changex. Stay tuned as it comes into fruition – it will rock your world.
Already too long?
Okay, we’ll keep the last bits short and sweet.
First of all, we’ll be integrating ApeSwap! For those unfamiliar, ApeSwap is a DeFi platform built on the Binance Smart Chain (BSC). It offers a range of services including a decentralized exchange (DEX), yield farming, and staking, among others. ApeSwap operates similarly to other popular decentralized exchanges, such as Uniswap, but with some additional features and a theme inspired by… apes. More details on the integration to follow!
Also, in the next months, at least two more liquid staking pools will be joining Changex!
Also also, we will be integrating two entirely new blockchains, with all their bells and whistles! We will share more when we can do so.
A lot is happening, and a lot is about to happen. The next months are loaded with developments and highly-anticipated and life-changing features, which we absolutely cannot wait to make public and accessible to all users.
We hope you all are as excited as we are for the future, because things are about to change. And they will change for the better.
We can’t wait.
Thank you for being with us and stay tuned!