Flow’s first anniversary development review

Today, a year ago, CoinList sold Flow tokens to 13,000 investors and raised more than $18 million in community sales and Dutch auctions. Coinlist reviewed the latest developments in the Flow ecosystem in 2021 on its official blog.

1. The number of NFT secondary sales set a record

The rise of NBA Top Shot, this record-breaking product has turned Flow into one of the fastest-growing blockchains in the world, marking a surge in mainstream interest in NFTs and cryptocurrencies. NBA Top Shot now has more than 1 million registered users and nearly $1 billion in sales, proving that mainstream consumers are eager to participate in user-friendly blockchain applications. Flow’s ecosystem partners have captured this momentum. Organizations such as the NFL, La Liga, and UFC have partnered with Flow to list their digital collections on the Flow network. In addition, Flow NFT will soon be launched and traded on OpenSea , the largest NFT market in the encryption field . Flow is the industry leader in the number of NFT secondary sales. So far, the number of NFT transactions has exceeded 10 million, and the blockchain transaction volume has exceeded 50 million. In contrast, AXIe handle 600 million transactions NFT transaction, Ethernet Square handle 300 million transactions NFT transaction.


2. Companies built on Flow in 2021 raised more than $700 million

The Flow blockchain has become the home of countless communities in art, music, games, technology, and sports. In December 2020, 50 companies were established on the Flow network. Today, this number has increased to more than 650, equivalent to a monthly increase of about 25%, and it spans more and more games and entertainment industries. Top projects such as Chainmonsters, Eternal, RCRDSHP, TheFabricant, Koening and Giglabs have attracted not only users but also investors. In 2021, Flow-based projects raised more than US$700 million, and Dapper Labbs, the creator of the Flow blockchain, raised another US$600 million.


3. The number of wallets is growing rapidly

Nine months after the release of its first dApp NBA Top Shot beta, Flow has more than 2.4 million wallets. In contrast, in the nine months of the DeFi summer of 2020, only 1.5 million wallets have interacted with the DeFi protocol. For example, third-party Flow wallets like Blocto are becoming the center of user assets from various Flow partners. In particular, Blocto has gained more than 200,000 users on Flow in less than a year, and their users have invested more than $500 million in FLOW through the application.


4. Unique token economy

The FLOW token is the native currency of the Flow network and the fuel of the Flow ecosystem. FLOW tokens can be used for many purposes, such as payment of transaction fees, mortgage, governance, collateral for DeFi on Flow, payment, etc. Transaction fees are used to pay for staking rewards because the agreement forges the difference between the target staking reward and transaction fees. If the transaction fee exceeds the target pledge reward, the agreement will lock the excess fee in the escrow wallet, effectively turning FLOW into a fixed supply asset. As network adoption increases and more users join, as more and more transactions occur on the network, this impact becomes greater.


Next week, Coinlist will release a diagram of the Flow ecosystem, highlighting some of the most exciting projects based on Flow.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/flows-first-anniversary-development-review/
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