QLC Chain, a decentralized Network-as-a-Service (NaaS) provider, has released its fortnightly update, which highlights a recent QGAS buyback and burn program, as well as a significant increase in QWallet mobile users.

QGAS is the utility token of the QLC Chain network, which users receive when they stake their NEP-5 QLC tokens via an interoperable cross-chain staking protocol between QLC Chain MainNet and the Neo blockchain. QGAS is also distributed for voting and mining node rewards.

As of March 9th, 2020, there were approximately 80.2 million QLC tokens staked.

QGAS buyback and burn

In March 2020, QLC Chain announced the launch of a ten-day buyback and burn program, which was conducted through the QWallet’s built-in over the counter (OTC) trading function.

As part of the program, the team anticipated 200,000 QGAS tokens would be traded for 900,000 QLC tokens. The QLC Foundation has provided the 900,000 QLC tokens used to purchase QGAS as part of its plan to distribute QLC into the circulating supply from its locked token holdings.

After the end of the event, “all QGAS bought back will then be burnt and removed from the QLC Chain for good.”

In the near future, QLC Chain intends to release the public address of the account distributing QLC from the QLC Foundation to community members.

Increase in QWallet users

The QWallet is a mobile wallet application that allows its users to pay their cell phone bills directly through the app using fiat currency or QLC tokens. Last month, QLC Chain integrated an itinerary check to “track the movement of subscribers and share trusted travel records without disclosing any private data.”

As of its most recent fortnightly update, QLC Chain reports that the number of QWallet users has grown to more than 60,000 individuals across the globe. Further, the team cited it had expanded its user base by 5,000 in two weeks.

The majority of the new users reside in Indonesia, Vietnam, and the Philippines.

The full announcement can be found at the link below: