Dear Centric Community,
The first quarter of 2023 brought continued volatile market momentum, climaxing with the disturbing collapses of crypto-friendly banks, including Silicon Valley Bank, Signature Bank, and Silvergate.
While sobering, the bank scare seems to have sparked some renewed interest in crypto, bringing bitcoin to a 9-month high of above $28K. Are these bullish signs heralding a crypto market recovery—or just a temporary lift? We’ll leave that for you to ponder, and for the market to ultimately decide.
Either way, for the time being, we’re keeping our heads down and sticking to our bear market strategy that we shared with the community at the beginning of the year.
Now let’s take a look back at the first three months of 2023.
Exchange Updates
BankSocial Exchange
Early in the first quarter, BankSocial Exchange expanded the geographies where it operates, bringing fiat (credit/debit card) purchases of Centric Swap (CNS) to even more users.
Now, in addition to Texas and California, the exchange is operating in 3 new US states: Florida, Idaho, and Oklahoma. They’ve also expanded into all of Canada except Quebec.
Metrics & Milestones
Centric Rise Growth
The first quarter opened with CNR’s price blocks set for 9% growth each month, January, February, and March.
January’s Opening Price: $951.18
March’s Closing Price: $1,231.66
Looking ahead, CNR’s monthly growth slows in April to 8%, where it will hold for six months.
Centric Rise Cumulative Burn
The first quarter brought a reduction of over 9 million CNR. By the end of March, the protocol amassed a cumulative burn of 179,406,870 CNR, representing a nearly 18% reduction of CNR’s total supply. 🔥
Centric Wallets
At the close of Q1, 59,296 wallets contained Centric, including 35,654 native Centric web wallets.
By the way, If you’re a business owner who would like to offer your customers a Centric payment option, please get in touch with our CENPAY team. Complete the form at Centric.com/cenpay.
Where would you love to shop with Centric? Please invite the business owner to contact us!
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