Mobile-first payment systems on a low-cost DeFi platform
The number of wallet addresses registered to Fuse has surpassed one million, showing further the solid growth of Fuse Network. This means that more users get introduced to a network that wants to make DeFi and payments options available to all.
Founded in 2019, Fuse aims to revolutionize the traditional payment and financial system. The platform is working to devise a fast and low-cost payment solution to simplify day-to-day blockchain activities without any involvement of a third party. Now Fuse registered 1 million wallet addresses, which emphasizes the platform’s growth.
At writing, 1,026,799 wallet addresses are active on Fuse. Those wallets have completed more than 63.5 million transactions and staked more than 77.5 million FUSE, the network’s native token, or around $26 million. Interestingly, each wallet has carried out an average of 60 transactions.
While it’s important to mention that the leading blockchain Ethereum surpassed one million wallet addresses back in February 2017 and has continued to grow to almost 200 million at writing, the performance of Fuse within a crowded market cannot be overlooked.
Fuse offers off the shelf solutions for business
Fuse’s approach to bringing crypto payments and DeFi to the masses empowers other projects, businesses, and communities to adopt crypto payments and DeFi. Fuse Studio offers businesses a platform to easily create and manage token-based applications. At the same time, Fuse wallet technology provides a convenient mobile gateway to payments and financial services that can easily integrate into any application.
The Fuse dapp ecosystem is unique in that it’s home to some of the most utility-driven projects looking to leverage the power of DeFi and cryptocurrencies. More importantly, it has several mobile-first dapps which users can download for iOS and Android devices.
Fuse Network Dapps
Several applications stand out on Fuse Network as having the potential to shake up the status quo. At the base of it all, we have one of the most critical DeFi legos required for any network to thrive. Voltage is Fuse Networks’ native decentralized exchange and is essential to the ecosystem since it offers users an alternative way to bank and use web3 services. Moreover, it’s vital to generate value locked through farming and staking activities and to generate liquidity for other dapps on Fuse.
Voltage, is more native crypto user focussed, and is set up to offer staking on VOLT, the native token of Voltage, with juicy APY rewards up to 100%. The recent release of the VOLT token stimulated a massive amount of staking of VOLT into the platform’s smart contracts, massively improving liquidity, utility, and slippage for traders on Voltage and Fuse Network.
Further announcements about Ampere, the first algorithmic stablecoin pegged to FUSE via seigniorage, are cause for excitement. Primary liquidity will be held in AMP-FUSE LP pools and create a massive lock-up of FUSE tokens into liquidity, creating more utility for FUSE tokens.
Atop Voltage, we have Fuse Cash, a mobile-first crypto wallet designed to let people use crypto every day to buy, swap, and save, all without fees. Most importantly, Fuse Cash can facilitate any number of businesses to embrace crypto and solve payments. Real-world use cases already include Fuse Network enabling the first-ever blockchain mobile-based payment system for a festival in Khao Yai, Thailand. That according to an official blog post, processed over 15,000 payments in three days, all without the need for any extra hardware costs, just mobile devices.
While these two are critical elements of the Fuse dapp ecosystem, it’s the utility driven, customer facing dapps that Fuse believes could be a real game changer.
Start local and scale globally
Peepl is a standout project building on Fuse. The payments and rewards platform helps keep money flowing in local economies by leveraging web3 to offer stablecoin transactions for local businesses, plus give them the ability to reward customers.
Flambu is another community-centric project that offers users a marketplace to share and borrow items in their local vicinity. In these economies, users share what they don’t use and borrow what they need in return for crypto stablecoin payments—streamlining an otherwise lengthy and insecure process. Introducing people to stablecoins is also a vital part of DeFi education as misconceptions about volatility persist.
Both projects are still in their infancy, but If Flambu and Peepl can capture just 1% of the current global audience, they would be serving millions of people a day. More importantly, they can attract a new type of user into crypto, concerned with utility over quick profits.
By providing easy-to-use alternative payment methods and solutions to businesses’, Fuse Network can reach the masses when the world seems destined to embrace a more open-source, decentralized way of life.
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 positions in various cryptocurrencies, including BTC, ETH, and RADAR.