300,000 active users in 6 days – But what is it?
There’s a new Binance Smart Chain dapp in town making some serious noise. CorgiDoge and its native token CORGI are attempting to build an ecosystem around themselves. One that they claim will eventually include spaces, working communities, real estate investment applications, eCommerce platforms, and cryptocurrency exchange.
In the last 6 days since launching, the dapp has seen an explosion in activity. The number of transactions on the platform has swelled over 300,000 which in turn has generated over $4.6 million in volume. Vitally, the platform has attracted over 307,000 unique active wallets in the same time-space with an average transaction value of around $15.
The platform launched using an airdrop and referral program on the 1st of June. Users that sign up to the platform receive 100,000 CORGI for doing so and then further rewards for every user they bring to the platform through a referral. We see a surge in activity beginning on the 5th of June which explains the average value of a transaction. With an average token price at that time of around $0.00014 each user that signed up was due to receive around $15.
In a nutshell, this activity has been driven by the platform giving away tokens and then using a referral system to get more users involved. It has worked a treat as the campaign put CorgiDoge in 7th position in the overall DappRadar rankings when ranked by active users. Impressive for an application that is only 6 days old.
Build it and they will come
The motivation seems simple. Get as many people holding CORGI as possible then roll out a series of platforms that support the cryptocurrency. The organization’s stated mission is: “To maintain and expand a sustainable business model with the orientation of connecting businesses directly with customers, maximizing the visualization of the CORGI cryptocurrency.”
In other words, CORGI has aspirations to be a mainstream payment method by creating a real estate investment application, eCommerce platform, and cryptocurrency exchange within the same ecosystem.
The Corgi real estate investment application will be designed for global real estate investing and will allow property owners to market their properties and products for free, in exchange for a discount to CORGI cryptocurrency holders. Potentially, the application could allow Investors to legally buy real estate in any country in the world. The eCommerce platform will be designed for trading and shopping in countries with payment obstacles such as Japan. In theory, merchants will only have to sell products and earn revenue in CORGI at the end of the month and then exchange CORGI for the desired fiat money when the market price is high.
These activities will be conducted through the native exchange platform and the organization claims it will be listed on ‘popular’ exchanges very soon. For more information on the dapp, you can read their white paper here.
As with all dapps of this nature, there is certainly the potential for foul play. Right now users are stacking up CORGI and inviting more people to earn even more. As with other meme tokens, the volatility of the token price is extremely high but users are anticipating a $1 CORGI at some point. Which would make even the initial 100,000 CORGI sign-up attractive. On the flip side, the token could easily plummet in value leaving a lot of people holding worthless tokens. But as they didn’t pay for them in the first place, this point seems negated. It will be interesting to see how the project plays out over the coming weeks and months.