The second quarter of 2019 saw the focus shift to building out the technical requirements to meet compliance obligations imposed by regulations. We welcomed a new developer to the team to help compile a database of all transactions from our rewards’ wallet and build a dashboard app for all members to track their total rewards.
Lounge Dashboard Display
We then used an API to bring in TRX price data and correlate the two database collections to establish the value of TRX rewarded by CITYUPTAKE accurate to within 5 minutes of the Tron blockchain’s timestamp data. This was no small accomplishment. Incorporating a cost basis for CITYUPTAKE at the time of purchase is a Q3 goal.
Taxes are an unfortunate reality and CITYUPTAKE is taking the necessary steps to provide its members with reports to enable reporting of the rewards derived from holding CITYUPTAKE much easier. These new tools will enable CITYUPTAKE to comply with the KYC and AML rules expected of any transactional blockchain ledger. CITYUPTAKE will be a leader in bridging the gap between the unregulated gray area of cryptocurrency and the world of financial regulations. This focus on compliance will continue through the remainder of 2019.
40,968,909 — SR Portfolio Votes
Q1 ended with the total circulating supply of CITYUPTAKE at 23,605,011. Since CITYUPTAKE is backed 1:1 with TRX, this represents the voting power of the Super Representative Portfolio.
Showing a remarkable 73.5 percent growth rate from Q1 to Q2 in CITYUPTAKE purchases.
The second quarter saw strong growth in CITYUPTAKE sales and the SR portfolio grew 73.5% to over 40 million TRX. This voting strength is opening doors to form strategic partnerships that will add value to CITYUPTAKE members. Current partners include Community Node and Friendster.IO.
Past rewards for the 10OK wallet averaged 1,017 TRX per week in the second quarter. Down from the average 1,346 in the first quarter as the level of volatility diminished for the price of TRX¹. To counter this, the Trade Desk added BTC, XRP, and ADA to the trading portfolio that now trades an equivalent of over 11 million TRX².
The CITYUPTAKE Trade Desk now trades over the equivalent of 11 million TRX, with XRP, Bitcoin, and Cardano added to the trade portfolio in Q2 2019².
These rewards still easily dwarf the rewards provided by voting for any SR in the top 27. Tokengoodies.com indicates that voting with 135,000 TRX provides about 20 TRX each day or 140 TRX per week.
Significant growth (33%) shown in the number of holders who hold over 100,000 CITYUPTAKE.
By the end of the second quarter, CITYUPTAKE surpassed 100 holders. With the 25,000 minimum initial purchase and the disclosures we require, that is significant. The largest growth among holders came in the over 100K category as this number increased to 33% in just the last month of the quarter, largely in response to the surprise announcement made two weeks in advance of an early adopter bonus given to members on the first anniversary. As the chart indicates, CITYUPTAKE is a niche service that caters to a very discerning crowd.
The distribution of CITYUPTAKE became a bit more balanced as well at the conclusion of Q2 as the number of holders who held 50% of all circulating supply increased from three holders to five. However, the top 15 holders now account for 75% of all circulating supply indicating that a large percentage of the growth is primarily attributed to a small number of CITYUPTAKE members. Improving our communication with the broader TRON community will be a point of emphasis in our strategic planning and partnerships.
If you would like to purchase CITYUPTAKE, please create an account at https://cityuptake.app/.