Bitlocus in 2022

Bitlocus Company News

Last Updated: December 29, 2022

Bitlocus in 2022

2022 was undoubtedly an unpredictable year for the Bitlocus team, our clients, and everyone working in the crypto market. Established names like Terra/Luna and FTX crashed hard, taking down 3 Arrows Capital, Voyager, Celsius, BlockFi, Genesis and others together with them. DeFi yields diminished, and the market itself suffers from a TVL drop of almost 4 times compared to all-time high.

Being considerate and careful about the risks, our company managed to keep the exposure to Terra crash limited and experienced only minor loss related to liquidity provided for Terra blockchain (BTL/UST). Even under these unfavorable circumstances Bitlocus team kept up the pace continuously building and improving our platform. We quickly pivoted and tweaked our offering to business clients, while our token supply on Terra was immediately bridged to BSC and Ethereum.

It’s not the first crypto winter that we face. We’re confident that we will be stronger than ever when it finishes. In the meantime, we keep our eyes open and minds at work to deliver the roadmap and discover the next big thing that our customers will appreciate.

Roadmap delivery

Throughout the year the team has been working hard to deliver what was planned in the roadmap. We successfully implemented access to DeFi staking, lending, and farming protocols. Our users can stake BTL or ETH, lend BUSD, CAKE, DAI, USDC and USDT, farm LP tokens of two different liquidity pools.

Reacting to the collapse of Terra, we immediately took all measures to mitigate risks. Instead of staking on Anchor protocol, we added two additional staking options that were not initially intended on the roadmap. As far as the guarantee fund is concerned, after long discussions with our legal advisors we decided to cancel the implementation until the regulatory environment is clearer. Our crypto debit card, as already mentioned several months ago, was reworked to a B2B product due to the lack of interest from retail customers.

Due to unforeseen market turbulence in 2022, we inevitably had to rethink our priorities. Therefore we will finalize DeFi packages, NFT marketplace, and BTL stake-to-access utility in 2023.

As we noticed increased interest in NFT minting from retail customers, we mobilized our efforts and introduced a hassle-free NFT minting self-service tool.

BTL

Bitlocus native token BTL is the core Enabler of Bitlocus ecosystem. In the light of Terra collapse, Bitlocus is now bridged to BSC and Ethereum. Our users still can bridge their vested tokens, and for those who experience any issues we’re here to help.

Several utilities were introduced in 2022. Users holding a particular amount of tokens are eligible to gain up to 30% bigger yield on their DeFi investments. Depending on the amount of BTL they hold, the users are attributed to base, silver, gold or platinum levels. Similarly, our business clients that hold a particular amount of BTL get better rates for our products and services. In order to use our NFT minting self-service, a particular amount of BTL has to be paid, depending on the number of NFTs to be minted. BTL collected for NFT minting will be burned.

B2B pivot

Unprecedented times require creativity. This is exactly how we reacted to market crashes. Throughout the year we had several strategic sessions to define our B2B product portfolio, value propositions, and new customer segments. White-label exchange, one of our flagship B2B products, has already been implemented for Bitonrdex, Nebrox, Katbit, Coinvaders and others. Our brand new NFT development service was used by several well-known NFT projects.

Bitlocus in 2023

A very interesting year is ahead of us. No doubt, the Bitlocus team will focus on further improving our crypto-as-a-service platform, implement the rest of the roadmap, fine-tune additional token utilities, and work on user acquisition. Using the occasion, we want to thank our believers and supporters. We’re eager to roll up our sleeves and build the best platform ever.