February, the month for those in love with cryptocurrencies
2gether issued the 2GT token on Bounce and multiplied by 3 the amount of 2GT purchased in the app in February.
What has happened in the crypto sector?
- February ends with a new record for BTC, which now surpasses $50k. If you had bought $100 of Bitcoin in 2010, when one of them was worth around 10 cents, now you’d have 50 million dollars worth of Bitcoin. Did you do it?
- The issue with the high fees on the Ethereum network has made transactions pretty hard during the last days of February. This problem, despite being completely separated from 2gether’s services, affects our experience. A lot of us have suffered through it during these last few days.
- Cardano (ADA) becomes one of the main three cryptocurrencies.
- As we can see on the chart, the DeFi sector keeps growing faster and faster. New projects and users converge on this market and enjoy these high-yielding new decentralized financial products.
- Elon Musk’s tweets shook the market during the last days of January and February continued the trend. Elon Musk announced an important investment made by Tesla on BTC and the possibility of accepting payments using this crypto in the near future.
- His friend, Jack Dorsey, co-founder of Twitter and Square, also took a step forward and announced the purchase of $170M of BTC by Square.
- While these events unfolded, regulators got nervous and quite many of them voiced negative opinions about the cryptocurrencies sector. However, there are others who have a very balanced opinion, like the secretary of the Treasury (and ex-president of the Fed), Jane Yellen, who pointed out that cryptocurrencies could “improve the efficiency of the financial system” and that they “had to study in depth how to promote their use for legit activities, and at the same time, restrict their use for evil and illegal activities”.
The war between the big companies and institutions like Tesla, Square, Cash app, Microstrategy, Grayscale, etc. to get all the BTC themselves favours all of us, so 2gether’s numbers during February keep growing and surpassing January.
Data from the 2gether app
2GT purchases in the app
The 2GT purchases in the app are doubtlessly the best piece of data for all of us who are a part of 2gether. In January we experienced a growth of 83% and in February we multiplied the demand by three.
The second week of March, the 2GT token will be issued on Uniswap.org and, on top of the demand generated by this platform, all the demand of 2GT in the app will be carried to the secondary market on Uniswap. In the 2021 roadmap of 2gether there are important initiatives to keep improving the utility of the token. We will be updating you on this during the upcoming months.
Once 2GT is listed on Uniswap, the price of the token in the app will also depend on this secondary market. The purchase bonus that we were currently enjoying in the app will disappear and all the users will have the same purchase conditions.
If you’re considering becoming a Founder Explorer, Challenge or Sato do it before 2GT gets listed on Uniswap so you can enjoy the 7% or 10% of presale bonus respectively.
Transaction volume in the app
The transaction volume in the app keeps growing every month, in particular, the trading volume, which this month represents 81,88 % of the total transactions in 2gether.
Every month we see how the percentage of purchases and sales trends towards evening out.
Trading volume in the app
February closes with a trading volume of €50.5M in the app. It represents a 35% growth compared to January. Every month we see how the percentage of purchases and sales trends towards evening out. In February, 55,34% were purchases and 44,66% were sales.
I think that all of us, believers in this sector, are enjoying this growth trend. However, 2gether is also facing new challenges. The high trading volume also increased the problems in the app.
During these last two weeks of February, two of our main providers suffered occasional downturns and this caused imbalances to some users.
First of all, we want to apologize for the inconveniences that this may have caused. The team is working to solve all and each one of the cases as soon as possible. We ask you to be a bit patient. We have a lot of things to solve and sometimes fixing it is taking more than 24–48h, which is the usual timeframe.
Not only we are solving the issues, but we are also applying fixes to reduce them and to have more agile processes to solve them. Of course, seeing the growth trend, we have already started a re-architecture of the app to find the root of all those issues and tackle them directly so we can face the growth that awaits us in the upcoming months.
And we finish with a news roadmap for the next months of 2021:
- Issuance of the 2GT token: 2GT trading will start on Uniswap. The price on the app will be the one on Uniswap and we will enable withdrawals and deposits from the app to the Ethereum network.
- Virtual cards: we will be able to virtualize our Visa cards and make payments with the phone.
- Historic records: access to the movements to make easier to follow transactions and prepare the income tax return.
- Time to token: service that will enable entrepreneurs to create their own token. Of course, gas will be paid in 2GT.
- Enabling deposits: we will be able to move BTC and ETH from wallets to transaction accounts.
- Re-engineering of the app: this continued development will allow us to offer a better service, avoiding most issues progressively and easing their agile resolution, and reinforce the security system.
- Others: new wallets and connection to other networks (i.e. Cardano), new marketplace products (i.e. DeFi)
We will talk about this and about the new developments to improve the quality of the service in the app in the upcoming CEO email.
