Freeway Friday Update — 13th May 2022
In This Week’s Edition of The Freeway Weekly Update, You Get Details of Our New GBP Supercharger And Free Supercharger Swaps Are Back!
Inside this week’s edition of the Freeway Friday update you’ll find:
- OMG! The New GBP Supercharger Is Live
- Free Supercharger Swaps Are Back
- Latest Freeway Growth Stats
- The Freeway Biz Dev Team In Thailand
- How The Supercharger Notice Period Works
- Guerrilla of The Week: Charles
- Agent Alpha on: Terra A Blessing In Disguise?
- Wednesday’s AMA
Today is Friday 13th and while we’re not superstitious at Freeway, it has been a hell of a week in crypto.
Stablecoins toppled. Liquidity pools drained. Prices plummeted.
The collapse in Bitcoin that began last Friday showed no signs of stopping and the knock-on effects are still being felt across the entire market.
But rest assured FreewayFam, because for Freeway absolutely nothing has changed, and our business model remains as strong as ever.
You can continue to earn up to 43% Annual Rewards with Freeway Superchargers. And you can continue to earn rewards on your FWT staked on Freeway.
So for Freeway, and all the FreewayFam, it’s business as usual.
And we’ve got plenty more treats in store for you this week…
OMG! The New GBP Supercharger Is Live
What’s more stable than an algorithmic stablecoin?
And has been going strong since 1694 as the world’s oldest fiat currency?
Of course it’s the Great British Pound and I’m delighted to announce our new GBP Supercharger is now live on Freeway and available to buy today.
GBP joins Freeway’s top tier of Superchargers with an Annual Reward rate of up to 43%.
And, as Queen Elizabeth celebrates her 70th Jubilee year as Britain’s monarch, one hopes she would approve.
Free Supercharger Swaps Are Back
When we introduced free Supercharger swaps, they were an instant hit with the FreewayFam.
But when we realised that free swapping encouraged some users to engage in high frequency swaps, we knew we had to introduce a fee system to ensure the platform remained sustainable for all users.
After a brief hiatus, I’m pleased to say that Supercharger swaps are back online.
And from now on, every Freeway user will be allowed one free swap per day (every 24 hours). After that, any further swaps on the same day will incur a charge of 5%.
Check out the images from our web app below, so you know what to expect.
Thank you for being patient while we were making the upgrade and enjoy your Supercharger swaps!
Latest Freeway Growth Stats
After a challenging week for crypto, what impact has it had on Freeway’s growth stats? Here’s the latest update:
- Freeway users = 21,282
- Current Superchargers total = $134,678,267.82
- Freeway Token staked = 5.673 billion
- % of circulating supply on Freeway = 86.499%
The Freeway Biz Dev Team In Thailand
Our Business Development Team never misses an opportunity to raise awareness and spread the good word about Freeway.
So when a crypto conference comes up at a luxury beach resort in Phuket, you can bet they’ll be there in their best linen shirts, rubbing shoulders and sipping cocktails with some of crypto’s finest.
Freeway’s dream team, including Matt, Peter and Tom (left to right in photo below), have been working their sandals off at the Coach K Experience in Thailand this week.
And I’m told there are some very exciting plans in the pipeline that we hope to reveal more about, as soon as we can.
Great photo boys!
How The Supercharger Notice Period Works
Our community managers have received a lot of questions about the Supercharger Notice Period and what happens when you change it.
Here’s a brief explanation, which I hope will make it easier to understand. You can also read our article on Medium that explains everything in detail.
Changing your Notice Period
You can change your Notice Period at any time to earn more or less in annual rewards, depending on the access you prefer.
When you change your Notice Period, your new one will automatically apply to all of your Superchargers and begin the next day. Your Annual Rewards Boost will be updated immediately.
If you have shortened your Notice Period, your new one will begin after the difference in days between your old Notice Period and your new Notice Period.
Of course, if you haven’t changed your Notice Period and you just want to sell your Supercharger, then all you have to do is wait for the current Notice Period to expire and your order will be processed.
When you choose to sell your Supercharger, your Notice Period begins its countdown. Your rate is fixed when you sell, whichever currency option you choose, but the order is only processed when your Notice Period expires.
You can check your completion date in your transaction history after you sell your Supercharger. This auto-calculates the latest expiry date of any Notice Periods and gives you the exact date your order will be processed. See our web app image below.
I hope that makes things a bit clearer for now. If you’d like the full story, read our new article on Medium.
Guerrilla of The Week: Charles
Charles captured the hearts and minds of the community throughout this last week!
He is super active on social channels, a big hit with the FreewayFam, and a bit of a pro on YouTube too, where he always exhibits the authentic Freeway spirit.
While still quite new to the Guerrilla group, we think Charles will be a long-standing feature and grow into a charming personality long into the FreewayFam’s future!
And not to worry Charles, your English is not bad at all! And we can’t wait for your Portuguese versions!
Agent Alpha On: Terra A Blessing In Disguise?
This week’s meltdowns and carnage could prove cathartic and could be one of the best things to happen to the crypto space per se, structurally speaking for months if not years.
How the hell so?
Because the TerraUSD meltdown has dramatically pulled forward regulatory certainties. And regulatory certainty is what institutional money cries out for.
Crypto assets to be parked at the FED?
There is little doubt about the correlation and importance to conventional markets that Bitcoin et al has. The meltdown over stablecoin TerraUSD has sent shockwaves throughout a system that was of course very jittery anyway. At the same time, US Treasury Secretary Janet Yellen was being quizzed by a Congressional panel on the risk stablecoins posed to the US financial system. When that sort of grilling takes place, you know things are about to happen.
And JPM are out telling clients right now, that is exactly what is being considered.
So my message to end the week is two fold.
- Understand what is likely to now come out from the US authorities in regards to controlling the crypto system and stablecoins.
- Understand what the general market setup is trading wise, considering the high correlation between Nasdaq and Bitcoin.
On the first point, the question is this: which stablecoin will be dominant and why?
USD Coin is the second largest stablecoin to Tether, USDT.
Tether has steadied back 1:1 with the USD peg, after hitting 95c in the dollar yesterday morning, and is therefore helping to provide some ballast to the crypto world per se, with Bitcoin trading > $30k handle once again this morning. But we all know it’s most likely backed by Chinese ‘paper’ — no one really knows that truth, and that is Tether’s problem.
USD Coin is backed by cash and cash equivalents to its namesake USD.
So USD Coin is going to become the dominant stablecoin in the ecosystem, because of its USD characteristics. And because it can therefore be regulated and controlled effectively by the US system, and is authoritatively viewed as such.
The United States wants to ‘own’ Crypto and blockchain technology, politically speaking, and not do away with it.
Which brings me to my second point. JP Morgan are now telling clients that US regulators may come sooner than expected with more stringent rules over stablecoins, having been forced to act by the recent meltdown of TerraUSD and its obvious negative ramifications to the general system, if this is not gotten a handle on.
JPM are saying that the new rules will demand stablecoin issuers park cash at the FED = control = win for institutional investors.
Regulatory certainty is the no.1 key for the whole space to really go mainstream — and it seems to me, this is closer than ever, perversely because of the meltdown we have just seen.
And finally, just an additional ‘nugget’ on crypto here, Nomura started to offer Bitcoin derivatives in Asia this week.
This isn’t going away.
So on the reclaim channel point? Aka $36k+
We have to look at the general market trading setup which is now fundamentally bearish.
US markets have now confirmed the bearish Head & Shoulders patterns I have highlighted in play for months now, by breaching, and closing below a multitude of times — critical distinction — those necklines.
I use the S&P e-mini contract below for reference and the white sloping line being that ‘neck’. The band within which we now trade is c. 3800 to 4050, and unless and until either side of that band is breached, with confirmed sessions to solidify that trading message, we are most likely now in a ‘choppy’ general market dynamic ahead for the foreseeable.
As an aside, we got to within 2 pts yesterday in the S&P of an official bear market declaration < 20%+ from the highs.
In the NDX (Nasdaq) for a trading reference, the neckline resistance is c. 12450 vs 12133 current trading, and the downside trading band is around 11k.
So to sum up my thinking.
The crypto meltdown of stablecoin Terra could prove (not for those decimated with of course) a blessing in BULL disguise.
BUT DO NOT GET CARRIED AWAY
Because we need a c. $36k+ move to reclaim channel, which IF the correlation to the main markets remains as tight as it currently is, almost 1:1, will depend on the main indices flipping their bear market setups.
The caveat here is self-explanatory, that being, will regulatory certainty bust the correlation?
Until next week,
Wednesday’s AMA (Ask Me Anything)
Once a week on a Tuesday at 6pm UTC, Freeway holds an internal AMA in the Freeway Telegram channel that gives the community a chance to ask direct questions with core team members.
You can find the transcript from last Wednesday’s AMA session here.
Click below to join the official Freeway Telegram group.
If you’d like to participate in the next AMA on Tuesday at 6pm UTC, where you can ask Graham anything, join the Freeway Official Telegram group here.
As always, we love hearing from you, so please join us on Telegram, follow us on socials, and if you want to hear from us and you want to hear it first, sign up for the newsletter.
Until next week,
Co-Founder and CEO
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