In March, we continued to generate utility on our two key metrics: monthly shield volume and monthly new validators. In addition to pursuing increased traction, we also funded community projects that drive long-term growth.
Monthly shield volume: $318,059
In March, the demand for privacy continued to grow. Despite market conditions, $318,059 worth of crypto in 37 different currencies went through Incognito’s shielding process to become privacy coins. Incognito has now confidentially processed $1.54M of cryptoassets since mainnet launch in Nov 2019. The most commonly shielded assets were USDT, BTC, and ETH, at 68.47%, 10.87%, and 4.72% respectively.
Monthly new validators: 108
By design, Incognito is powered by a large group of small validators. Our Validator ecosystem saw the addition of 108 new validators (10% month-over-month growth), bringing the total number to 1,175.
PRV price: $0.44
As of 8 April on pDEX
Despite the crypto market crashing in March, PRV held relatively steady and is currently up 440% since mainnet launch.
PRV continued to rank at the top of all cryptocurrencies for staking rewards, with an annual reward of over 50%.
In March, we worked hard to improve every layer of our privacy stack.
- Networking: Shipped Highway network topology, enabling Incognito consensus engine to support up to 5,000 nodes
- Database: Optimized Incognito blockchain size, reducing the current blockchain size from 150GB to 12GB.
- Hardware: Released self-staking for Node, enabling Node owners to earn 100% of rewards
- Wallet: Improved the Wallet UI/UX with notifications and address book, making it more convenient for users to use the wallet.
- Web: Implemented community rewards, paid out every Thursday to active community members on incognito.org.
Goals for April
Incognito is still at a very early stage. We’re still learning how to best deliver privacy for the masses. We believe, however, that the best way forward is through utility, not speculation.
We remain focused on two key utility metrics: monthly shield volume and monthly new validators. Incognito is setting the following targets for April:
- Shield volume between $400K and $500K (25% to 57% month-over-month growth)
- New validators between 300 and 400 nodes (177% to 270% month-over-month growth)
DAO’s funded proposals for April
The following proposals were funded, all of which support Incognito in achieving its April goals.
- 300 new nodes
- $100,000 liquidity added to pDEX pools
- 250 unique traders on pUniswap
- 2 external wallet integrations
- $20,000 XMR shielded
- Ship Portal v2
- Ship pCompound on testnet
- Ship Consensus v2 on testnet
- Ship Privacy v2 on dev-net
- Ship Node Tree prototype
Build Incognito with us
March 2020 was a challenging month for everyone. Thank you for being here with us.
Stay safe, and stay in touch.
-The Incognito Core Team