Connected wallets and transactions surged more than 2000% in the last 7 days
The long-awaited Voltage Finance Token Generation Event kicked off on March 10, which spurred a massive influx of user activity on FuseCash. Users were enticed to interact with the financial dapp as it distributed 15% of the total VOLT supply to Fuse Cash users.
The consumer-facing Fuse Cash mobile wallet integrates Voltage, allowing users to exchange crypto assets in a fast, friendly interface with zero platform fees. A Token Generation Event (TGE) generally represents the creation of a token by a project running on a blockchain. More importantly, TGE signals the moment a token gets distributed publicly.
The Fuse Network community has been crucial in adding value and usage to Voltage Finance and helping it become the Fuse Network’s leading decentralized exchange, or DEX. By way of reward, an airdrop of 15% of the total supply of VOLT was allocated to Fuse Cash users starting on March 11.
VOLT airdrop drives users
In the last 7-days, the number of wallets connecting to Fuse Cash has leaped almost 2,400% to 18,980 unique active wallets. Those wallets completed over 38,120 transactions representing a rise of 2,174% week over week. To put that into context, Fuse Cash usually sees an average of around 100 wallets per day connected to it. The massive surge shows that a considerable chunk of these wallets and transactions can be accounted for by users claiming VOLT tokens and then carrying out further activities within the app.
What is Voltage Finance?
Voltage Finance is an all-in-one decentralized finance (DeFi) platform on Fuse Network. The platform used to carry the name FuseFi but was renamed in early 2022. With the introduction of the Voltage DAO governance token, VOLT, the platform rewards users and holders for staking and liquidity providing. These governance tokens allow users to influence the decision-making process of the platform. Moreover, there were several opportunities for investors to get involved along the way alongside being a user of Fuse Cash.
If you have taken part in one of the launchpad events on Poolz Finance or Infinity Pad, swapped Fuse for Volt during the Ecosystem Round, or been in any way involved with Voltage as a user over the past 18 months or so. You may have VOLT Tokens coming to you. The current total supply is just over 4.4 million VOLT tokens, which is the total amount of tokens created thus far in the TGE.
Voltage wants to balance serving more experienced DeFi users while ensuring that new entrants to the crypto and DeFi space are taken care of via user-friendly products and services.
The Fuse is lit
Fuse Network has been growing in stature this year and appears to be trying to break into the top 50 blockchains by total value locked (TVL). Voltage is a vital part of the Fuse ecosystem as a dapp that facilitates trading volume, staking, and liquidity provision. It can help the Fuse Network grow its TVL figure, its dapp ecosystem, and also overall user activity.
One benefit of Fuse dapps is that many scalability and transaction-cost issues are solved using dapps like Voltage on the layer-1 EVM Fuse Network. Other features include direct, mobile bank-to-crypto onboarding in 170-plus countries and interest earnings on the platform’s native stablecoin, FuseDollar (fUSD), which can yield up to 50% returns annually.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds various cryptocurrencies inc BTC, ETH, and RADAR.