Good day to everyone in the cryptoverse! What a magnificent day this is for cryptocurrencies as our total market cap has exceed $3 Trillion USD! This is really a large accomplishment, but the question remains, how do you access that $3 Trillion without losing your precious crypto?
Well that is why you are reading this as you’ve already found the best place to do it!
So what has been going on with Connect this last week?
General updates —
Our development team continues to trudge through user flows, feedback and refinements that we have on our backlog before we open the next round of user testing.
While this may seem like a reoccurring blanket statement about what our developers are up to, but we are working to effect change in how users view and interact with traditional finance constructs while bringing decentralized finance and next generation monetary products to bear in this market. These things can take time to create efficient and ensure security. Some changes require small updates, while others require us to retool certain areas.
This is not a fancy way of announcing any delays or set backs, just a way of expressing how much work and detail is going into the product(s).
At the moment the core team is working on refactoring part of our systems to minimize the amount of API calls and create more flexibility in how we retrieve a vast amount of data from our databases and display it to the users.
Staking and the future of the Connect Defi Protocols
We are preparing a longer in depth look at the decisions we have made in regards to staking, gas fees, and how we operate this section of the business. It is a hot topic for sure, as I understand that users do not want, nor need to spend their money on increasing gas fees.
I will say that our choices are based on pure fact driven, unbiased decisions without regard to how it looks on a press release. We look at longevity of the products and actual technical capacity.
Currently our Smart Contracts team have completed an Ethereum Transfer Layer (ETL) that will copy the exact state storage of our staking contract (Fancy way of saying, it’ll copy all of the data) which is a complex set of data points due to our structures and provide that data exactly into the new deployed contracts. This ETL is currently scraping all the bytes of data from the blockchain, it is a slow process and should be done by next week with just a small resync period before we push the data and go live on v2. We may need to institute a freeze on the staking controls temporarily to preserve the data, so no one loses anything by withdrawing/staking after the effective snapshot.
You as users will not have to do anything, we will effectively load your staking data, sCNFI etc and float it on over. This will include cleaning up the sCNFI on Ethereum Mainnet so there is no chance of confusion or underhandedness. Your new staking will be available still via the same website. Metamask and other wallets will automatically prompt you to switch chains upon arrival. We are delving into whether that is necessary, but for now it is. We are targeting to be complete with this transfer and move by end of next week.
After the switch you will enjoy paying pennies for staking functions and a few other perks.
Update on Marketing and Website
We’re continuing to experience excellent engagement with our new website and evolved brand identity. In the past week we have continued the growth of new users by 58.72%, page views increased another 63.66% and the bounce rate is continuing to decrease by another 3.81%. Our brand launch press release has received over 6,000 unique page views, over 49K engagements and 2.9K likes.
We truly appreciate all the support and engagement from all of you, our valued readers, as we continue our evolution to product launch.
This week we have launched another article focused on the evolution experienced in cryptocurrency. We are all aware of how fast-paced this industry is and the innovation on crypto centric solutions being established all the time. In our new article we discuss this evolution and 3 innovations that are making crypto become more tangible in all of our everyday lives and improve our financial goals. You can check it out on our site here: https://cnfi.me/3F0uD0d
Our team is vigorously working at establishing our core marketing messaging and voice. Stay tuned and follow us @connect_fintech to be the first to read our upcoming fintech and crypto specific articles, whitepapers and more.