Definitely one of the best announcements this year for people interested in trying our app, and an important milestone that starts a new phase for it: The invite system we had in place to prevent new sign ups from overflowing our operations capabilities is finally over. After more than a year of automating and perfecting our tech platform and operations processes we have now reached a point where we have enough capacity to handle the ever growing inflow of new sign ups.
This system was put in place last year because we knew a significant number of people, particularly in Venezuela, were going to be very interested in trying the app before it was scalable, so we were forced to rate limit new sign ups until we were confident our platform and operations team could handle the growth. In September we started testing suspending the invite system for a month and finally in October we decided that we were ready to let the gates open indefinitely.
Understandably, this invite system was a common source of frustration for new users that wanted to try the app and couldn’t. We are very happy to have been able to take that frustration away.
Additionally, 24/7 service is now available, which puts our app on the same level of other wallet apps that offer service all day, every day. This was also a common request among users and this summer we made it a reality.
After a year of improving our app, we thought it was a great time to start sharing some interesting numbers about it, giving the community an idea about how fast we are growing in adoption and popularity in the markets we operate. Our app has spent a significant amount of time in the top 10 most downloaded finance apps in Venezuela this year and we recently shared our latest lot of stats that puts our app at 350k+ total downloads and 55k+ active customers by the end of October of 2021.
We define active customers as those that funded their account at least twice since they joined and have made a transaction in the last 30 days.
But how many are 55k active customers? Sometimes humans need a reference for comparison so hopefully this image will give you an idea:
This means you can now tell your friends Reserve is filling stadiums, because it will be technically true.
Other important statistics to note are:
The app is handling 500k+ transactions per month, with consumer users claiming the vast majority of those. On the flip side, our institutional users represent 75% of the monthly transacted volume, while consumer users only 25%.
The total transacted volume per month is $60M+
Some other interesting facts:
- Active customers on average have a balance of $45.
- They complete 4 peer to peer transactions per month (direct user to user transactions).
- They complete 9 withdrawals and deposits per month (transactions using fiat on and off ramps).
- The average amounts per transaction are $36 for P2P ones and $380 for withdrawals and deposits.
We have also calculated the total amount that has been transacted in the app since the day it was launched: 311 million US dollars and growing.
What about merchants? How many of them are currently accepting Reserve?
A few months ago we unveiled a new protocol upgrade we’ve been planning and designing for a while that is going to simplify and modernize the protocol’s economics by taking advantage of crypto primitives that are available today and that weren’t available before, like automated market makers and interest-bearing tokens from DeFi protocols like Compound and Aave.
This summer we released the initial documentation that describes with enough detail how the new protocol will work. While not the final documentation, it goes straight to the point and it’s comprehensive enough to give you a very good understanding of all the key aspects of the new upgrade. We invite our community to read it. You can expect more in-depth documentation to be available around mainnet launch.
To read the current documentation please visit:
Here you can also find a video walkthrough of the protocol made by our CEO Nevin Freeman:
Fighting hyperinflation is a human cause, not a company’s cause. We adopted this motto some time ago and it’s something we really believe in, so much so that we wanted to take it to the next level in September by launching our “Stable currency, a human right” campaign, where we asked everybody following our project to join us in raising awareness about the issue of hyperinflation by making a public request to the United Nations to declare access to a stable currency a human right. We accomplished our initial mission of collecting at least 10k signatures and we will continue to push for this cause by trying different strategies to put the spotlight on this issue in the public scene.
Read the original post here:
Since companies like Uber and Lyft aren’t available in Venezuela, there are two Venezuelan early-stage startups that have been quickly dominating the ride sharing market in the country in the last year and finally providing an Uber-like service to many that were expecting it for a long time. They are called Ridery and Yummy Rides, and people can now pay both with Reserve. If Yummy Rides sounds familiar to you it is because they are the same people behind food delivery service Yummy for which we announced support earlier this year.
As a result, our visibility within the ride sharing market will be high, which will grow as these two apps further increase their user base. This is the type of organic marketing we always aim for.
Because we are constantly looking for interesting use cases we can exploit, we recently took notice of a good way we could help some of our users. There’s a new wave of play-to-earn crypto games that are quickly becoming popular, especially in countries like Venezuela, due to its economic crisis. Lots of people are making a living out of them, oftentimes even making more money than many jobs you can find in the country these days.
One difficulty they face though is cashing out; it’s not simple nor cheap. So we decided it was a good idea for our app to serve as a cash-out ramp to let gamers of one of the most popular pay-to-earn games right now, Axie Infinity, to swap their AXS and SLP tokens into app balance so they can save and spend their earnings whenever they want while protecting it from the ongoing hyperinflation of the country. We are using Axie’s L2 network Robin for app loads, so our users don’t need to pay the high Ethereum gas fees. Soon after launching this feature our app quickly became the most recommended choice to cash out among Axie Infinity gamers in the countries we serve.
Additionally, due to the heavy upfront investment these types of games usually require, many people naturally find it hard to start, especially in Venezuela — our main market — where the crisis and hyperinflation have pretty much destroyed people’s purchasing power. This meant it was almost imperative for us to start offering sponsorships to help our users overcome that barrier. This way we can make this income-making opportunity a reality even for those that don’t have the initial capital.
As announced in the previous update, we were planning to start a communication campaign to spread the word about the project, so we’ve been significantly more active with podcasts, AMAs and taking more interviews from reporters that had previously been put on hold because we were hyper-focused on building. This communication campaign will continue as we move forward and as our protocol and app gain more popularity.
You can find all our interviews, podcasts and AMAs on our Telegram announcements channel here: https://t.me/ReserveAnnouncements
Protocol development is entering its final stages and we have already booked with three companies to audit our smart contracts. If everything goes as planned we will launch mainnet around the end of the year or early next year.
The iOS version of our app has seen important progress in the last few months and will be released very soon.
With the app already reaching a mature state, expanding to more countries in Latin America has moved up in the priority list. The most likely candidates to be supported next are Peru, Chile and Mexico.