QLC Chain has released its Q2 2020 quarterly report, highlighting the growth in QWallet users, integrated support for decentralized finance (DeFi) projects, and growth in the use of QGAS for mobile payments.
In addition, QLC Chain also witnessed growth in enterprise use cases such as the development of its data on demand (DoD) settlement platform, collaboration amongst customers for SMS settlement and clearance processes, and a proposal to become an identity authentication solution for the Metro Ethernet Forum (MEF).
QWallet growth and new features
The QWallet is a mobile app that allows users to pay for their cell phone bills using fiat currency, NEP-5 QLC tokens, or QGAS. From April 2020 through June 2020, QLC Chain notes an exponential growth in downloads and daily users, with 120,000 downloads and nearly 78,000 daily active users. QLC Chain attributes its increased figures in recent months toward its market expansion into Myanmar, Indonesia, Philippines, and India.
Other potential factors for QWallet user growth include the COVID-19 Fighter Bounty, which launched in April 2020. The Fighter Bounty rewarded QWallet users for using the live updates page and practicing social distancing.
An additional source of new users may stem from QLC Chain ask me anything (AMA) campaigns and community-created content combined with community-led promotions.
QLC Chain also witnessed an increase in mobile recharges, allowing QWallet users to pay their monthly mobile phone bills at a discount up to 5%. According to QLC Chain, the amount of QGAS distributed to those who’ve used QWallet to top up their phone plans has grown by 230%. Further, the total number topup payments has increased by 35% since Q1 2020.
DeFi support integration
In the June 2020 QWallet update, two new DeFi-support features were added to the application: a marketplace and in-app over-the-counter (OTC) trading.
The DeFi marketplace allows QWallet app users to view various DeFi-based projects and the number of tokens locked up in their protocols. In this section, QWallet users can learn more about DeFi protocols that focus on payments, lending, derivatives, non-custodial exchanges, or assets.
The in-app OTC function allows QWallet users to swap tokens between various DeFi protocols with zero commission fees with a minimal “one-click” trading experience. At the time of press, QWallet users can trade QGAS with COMP, MKR, and OKB pairs.
The full Q2 2020 quarterly report can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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