On February 23rd, we hosted our February Community Call. Read below for the most important moments. If you are interested in listening to the full community call, click here for a full recording.
“We have some exciting updates to share on things we're currently working on, things that we deployed, things that recently went live, and more importantly, where we're going in the future. With that said, I wanna start this call off by saying that none of this is financial or investment advice. At no time does Cryptex provide investment ideas, recommendations, financial advice. Always do your own research and verify don't trust.
With that said, I wanna focus on where we are now in terms of decentralization As has been the case since the genesis of the CTX governance token, the minimum votes needed for proposals to pass on-chain has a quorum of 400,000. We are happy to report that current delegations are at 940,783 CTX. The protocol remains 100% fully decentralized in the hands of the community and community members who are responsible for using CTX governance to vote on all aspects of the protocol. These aspects include budgeting, new products, tooling, different collateral choices, et cetera.
With that said, I want to give a current protocol overview on the supplies of our two tokens, as well as the total amount staked, the vaults, the collateral debts, et cetera. And by debts, I mean positions of people holding the tokens.
The current supply for TCAP is 4522.95 TCAP. The total stake in USD in the system is $1,169,260.81. There are 947 vaults. The debt of TCAP in USD terms is $542,466.17. JPEGz was launched on February 7th. We currently have a supply of 1745.36 JPEGz. The total stake to JPEGz is $14,713.50 . The number of vaults is 8,538. The current debt is 217.24 JPEGz.
There are a couple of things that we want to talk about in terms of identifying strengths and identifying areas that we need to build upon. The strength first is that the marketing efforts around JPEGz were huge. What the team was able to deliver and leverage through existing partnerships, media relationships, and ecosystem relationships was nothing shy of incredible. There were a couple hundred thousand sets of eyes on Cryptex during the JPEGz launch.
We achieved three worldwide media releases from The Block, Blockworks and Decrypt perspectively. We did an incredible job on social channels increasing, followings, increasing viewership, and getting all that stuff in a really great place. That was definitely a strength that we saw, people know about Cryptex, people are talking about it, and now we have to translate that into usage.
Our team will be on the ground at ETH Denver. We have a co-event with Arbitrum and Chainlink and we have a co-event with Dex Guru. There are over 500 RSVPs already for both of these events with about a week to go, which is slightly higher than we were last year. We had an incredible turnout to our event last year and we plan to have some really wonderful education and conversation at this year’s events.
With that I want to get into, some of the things that we gotta focus on and achieve, and that is the DAO needs to continue building to generate substantial revenues that can be utilized for CTX holders. This is something that we are actively working around the clock to achieve, and there are several solutions for this goal that we're looking to accomplish through V2 system implementations and system design interoperability. We are funded completely for this quarter to continue building and getting those things done.
Our emphasis now is going to be identifying infrastructure to make this happen, shipping these products in a fast and efficient manner, continuing to build out and develop UI/UX that is cutting edge, and bringing the next wave of DeFi users and traders to the Cryptex ecosystem and expand new and existing partnerships. We're fortunate enough where have a lot of wonderful partnerships that we've achieved as a group, and there's a lot of new ones that people are talking about in recent days or months that we're looking to actively build upon and achieve. These are all the things in the works from the infrastructure and partnerships perspective. The V2 implementations that we're looking to do with Cryptex are just getting started underway.
One of the things that we're currently exploring is long or short TCAP, JPEGz, and every other index that comes after, at the push of a button. So you have a system, you identify an infrastructure that could provide this type of system to the world, and then you build on top of that system. We're looking to achieve these where you have just one touch, beautiful UI/UX, and the ability to have access to the markets that Cryptex builds at the push of a button. All of these things are currently underway. The team is fired up, ready to go, and do what we have to do to make some changes and get things in the place that they need to be. At the end of the day, you're always just one Lego block away. It's just kind of identifying that Lego block, making those things happen, and implementing them.” - Joe
Learn more about Cryptex & TCAP:
Website: https://cryptex.finance/
Twitter: https://twitter.com/cryptexfinance
Discord: https://discord.gg/cryptex
Telegram: https://t.me/cryptexfinance
DISCLAIMER: Any views expressed in this post represent the sole analysis of Cryptex, (“Cryptex”) whose opinions are based solely on publicly available information. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained herein. Cryptex expressly disclaims any and all liability based, in whole or in part, on such information, any errors therein or omissions therefrom. Cryptex also reserves the right to modify or change its views or conclusions at any time in the future without notice. Cryptex is an open-source, fully decentralized protocol. Cryptex is NOT an ICO. No sale has been solicited. The information contained in this post DOES NOT recommend the use of any Cryptex token, nor is it an offer to sell, a solicitation, or an offer to buy any Cryptex tokenized asset. Furthermore, CTX token rewards governing the protocol are granted by Cryptex to system providers with a value of ZERO. Always do your own research. The information contained in this post is not intended to be, nor should it be construed or used as, investment advice. No representation, recommendation, or warranty, express or implied, is made as to the future performance or functionality of any Cryptex token. Any unaffiliated use of this document, or the contents herein, is strictly prohibited without the prior written consent of Cryptex.