Another week has come and gone. Unfortunately it’s been a rough few weeks for crypto as a whole with the last week being especially brutal. We hope everyone in the Genesis community is staying strong and are doing well considering what’s currently happening. What’s important to remember is that the market is still up considerably to where it was a year ago. If you joined crypto recently you are probably hurting more than those who got in earlier, but we’re in it together. The price surge over the past two months was always going to be unsustainable and the market can come down as quickly as it went up. Equally, it can go up just as quick as it came down.
Please feel free to discuss this on the forum and I’ll be more than happy to personally share my views and hopefully put things into perspective. Things aren’t good right now, but there’s been multiple times where the market has behaved liked this and so far it has always recovered. Of course, nothing is guaranteed but crypto is big. Way bigger than it ever was when it has recovered before.
Anyway, without further ado, let’s get stuck into this week’s weekly update.
After some final tests on the Genesis Web Wallet were conducted, we’re now happy that the web wallet is ready to go. When the wallet officially releases, it will be Genesis’ first ever dApp which is great, but only the beginning. As stated last week, a guide explaining how it works and what it is and isn’t will be available alongside its release. We’ll announce this date in due course but you won’t have long to wait.
Our main priority for now is of course the new ranks for the forum. This is crucial as point farming and spamming has been a constant issue and we don’t want this small minority of people to ruin things for everyone else, the majority of whom have contributed positively to the forum and are valued members of the Genesis community. This month we will also look to implement several of the suggestions that have been made by the community, especially those relating to the Genesis Store. This all ties in with the ranks so it’s important we get that foundation right.
Here is what is coming in February:
New Forum Ranks
Genesis Web Wallet
Updates to Genesis Store
HODL Program Update
Interest payments for those eligible for the Genesis HODL Program were due to be paid out on February 1. We attempted to send the first few payments however due to the high gas prices and network congestion at the time, we run into the issue of most transactions not going through unless gas prices were increased substantially. Economically this was not an option for us.
Thankfully by Saturday gas prices had returned to normal and we were able to get all interest payments sent out. However due to the issues we encountered at the start, there’s a likelihood that a number of transactions never went through.
If you know you were eligible for the Genesis HODL Program (you needed 5000 or more GEN in your wallet on January 31) and are yet to receive any interest, please reply to this thread on the forum with your wallet address. We will look into each case and will manually send your interest if needed. Alternatively, we also able to make the interest payment in Genesis Points on the forum rather than coins. If this interests you, please state so in your reply on the forum thread.
Exchanges & Coincodex Update
Unfortunately we are still yet to hear back from the exchanges we have mentioned over the past few weeks. However we have made an application to join another decentralised exchange. Hopefully we will have more positive news to share with you soon!
Last week we also reported on the confusion regarding a YoBit listing that appeared under our listed exchanges on CoinCodex. As promised we have contacted them regarding the issue but are yet to hear back. We will be sending a follow up reply today. Due to the errors with the exchanges, the price of Genesis listed also appears to be incorrect so again, take the price displayed with a pinch of salt.