2021 was probably the fastest year ever, with the back and forth on covid restrictions you can’t blame anyone for some mental exhaustion. You can even feel it within the crypto market. Particularly in the NFT space with their ridiculous valuations.
Aside from that, these tweets pointed out by @tbr90 are a curious set of messages that pretty nicely sums up 2021.
Beside the odd language, the Twitter accounts here include Facebook Meta, Pepsi and Budweiser all getting in on the crypto vernacular. Brand names embracing crypto is most certainly a good thing but does seem like a sign of froth in the market.
Suffice to say, 2021 was the year many non-crypto companies felt comfortable playing in crypto world, or should I say metaverse.
Before getting in on what’s been going on with bitHolla, I think it is worth checking the end of last 2020 wrap up blog ending with “more fiat money 🖨️ printing”. How did it turn out? Well, from 2020 to 2021 the currency in circulation increased by 7.40%.
No doubt this means inflation is coming — record breaking inflation. Blame it on the weather, blame it on COVID, no matter, crypto is doin its job just fine.
That explains the growing demand for white-label tools that help businesses ‘do crypto’. Read on for the 2021 bitHolla summary and future plans for 2022.
bitHolla in 2021
📏 Scaling HollaEx Network
At the very heart and soul of HollaEx is the ability to connect to a shared liquidity network. Networking all exchanges was an architectural design problem solved in 2021 and we can say that all future HollaEx powered platforms will cost-effectively have access to liquidity. Without this it would mean costly self-managed market making.
Saying that, in true DIY fashion, HollaEx has an independent open-source route. Simply put, if you want liquidity, connect, if you can handle it yourself, you aren’t required to connect.
Besides liquidity, one of the biggest breakthroughs in 2021 would have to be the streamlined setup and automatic exchange deployment on the Holla Cloud. A very fast and cost effective way to get an exchange. Out of the box, it can take 30 minutes to go live.
To add, cloud exchanges are easier to troubleshoot and as a result cloud platforms come with an improved support.
Overall we’ve had 100+ DIY and Cloud exchanges launched globally this past year. They’re even in the balmy Caribbean, and it will only get easier for hyper-localized communities to access high grade crypto tech.
🌎 More connected, more blockchains
bitHolla Vault has integrated with the most active blockchain networks, 10 in total this year. This means crypto businesses using HollaEx can provide a whole lot more services to their user base without having to delve into each and every unique blockchain quirk.
As a side note, if you ever wonder why some exchanges are so slow to add new coins/blockchains it is because doing so can introduce significant risks, which is why great care is taken before adding a chain. Blockchains should reach a certain level of maturity before building connections to them.
On top of more blockchains there has also been advances interoperable features in multi-blockchain digital assets. For example, USDT transfer can happen on the industry standard ERC20 and TRC20, all through a simple drop down interface.
This kind of interoperability is an uncommon feature today, even amongst some of the largest crypto exchanges. Coinbase, Bitstamp, I’m looking at you! This should provide a valuable competitive edge for all exchange operators on a HollaEx powered platform.
🌟 Freshly minted tokens
Tokens have really hit their stride in 2021 and many are starting to realize they probably need one. Tokenization is a good way to incentivize users to stay loyal to a platform, strengthen a brand and can have many more benefits.
Surprisingly, there isn’t much of a better way to do tokens. Many stumble straight after minting and rarely get any semblance of a market going. Either distributing too much too fast or not getting enough interest.
Fortunately, we believe HollaEx does relieve some of the pain from bootstrapping tokens and can even help businesses get listed on other popular crypto websites. After all, HollaEx has a built in coin and token creation system, although not the main advertised feature, it is exactly where many business operators will want to start.
To date, +100 tokens and markets have been activated and added on the HollaEx Network.
To get real-time feed on the new tokens added to the HollaEx Network, simply join the HollaEx on Discord and watch the ‘Releases’ channel.
🤖 Tested, primed and optimized
Many may not have realized but speed and performance of the trade matching engine has improved by 5x. With many more areas discovered that can be further optimized to provide the prime exchange experience.
Much of the optimizations can be credited to establishing a better testing and quality assurance pipeline. Furthermore, these internal processes help get new HollaEx updates out faster, with less hitches.
🦰 Auto identify
In 2021, identity has become somewhat of a big deal. Many countries have put in clearer rules and regulations requesting platforms dealing with fiat and crypto to run an identity check on their customers. This can always be done manually within HollaEx but as reported it can now be done automatically, at scale, with the premium auto KYC plugin in partnership with iDenfy.
🔌 Plugin infrastructure
The infrastructure in place to add, remove and even start building your very own exchange plugins and addons have come into fruition in the last quarter.
With the introductions of premium plugins such as the auto KYC and more to come, the plugin system will continue to function a lot like the Google Play or Apple Apps store where operators of crypto businesses can add ready made functions to their platform, with one click.
Plans for 2022
What’s staking? It is a way to put your crypto to work and earn rewards on it. Staking is the modern equivalent of what your bank used to provide with an interest bearing account.
Much work has already been done on a built-in staking system for assets. Like any other staking system anyone can stake within HollaEx. This involves connecting your wallet and defining how much you want to stake, for how long. Once locked (staked) an incremental amount of rewards will accumulate, and once unlocked all the coins can be freely moved, including the rewarded interest.
The first iterations of staking in HollaEx will simply be with XHT the native token of the HollaEx universe, but plans are in place to allow operators to make their own staking systems with their own tokens.
🔎 Price discovery
Price discovery is notoriously tricky and you can never do too much work on it. You’d think slapping a price tag is enough but for highly fungible assets on an orderbook you will quickly find there are a lot of variables within a ‘price’. As a result there is a significant amount overhead for an exchange operator.
The only way to reduce the overhead is to include better management tools, better reporting, better data on what is going on in your markets. There are also plans to provide alternative tools for pricing which was briefly alluded to in the Chainlink announcement and in this HollaEx blog post under ‘In the works’.
👋 Getting noticed
In 2021, we purposefully pushed HollaEx into the spotlight and as a result have gotten much more feedback. In short, the exchange kit could be covering a lot more use cases. We agree.
Staking as previously mentioned is one thing, but lending markets and simpler ways to communicate and market are just a few others that are being built into the kit right now, as a result of the feedback.
HollaEx has also gotten major coverage on Entrepreneur.com, Hackernoon.com, TechRound.co.uk, FinanceMagnates.com and Investing.com. Easiest way to get the latest news is to simply do a follow on Twitter.
As a result of HollaEx success we’ve spun up a brand new HollaEx YouTube channel with a brand new spiffy HollaEx promo video (below) to help kick the channel off. Be sure to subscribe to the channel to get the latest HollaEx how-to videos.
💵 Inter-exchange settlements
Over the years, the number of interlinked exchanges within the network has created opportunities for settlement. Fiat powered platforms for example typically require help with their liquidity, but as a result of fiat not being connected to the blockchain suffer from illiquidity.
Solutions are being worked on to allow for exchanges within the HollaEx network to directly help one another for the purpose of lending and settlement. This concept hinges on ideas around crypto collateral of which XHT shall play a bigger part. Ultimately, operators can borrow and lend and as a result which should lead to increased combinations of fiat<>crypto.
📶 Interoperable blockchain features
As mentioned early, we’ve made great strides integrating blockchains in 2021, and in 2022 it will be no different. This means more blockchain interoperability and multi-asset token systems (similar to how USDT operates on multiple chains).
Some of the major chains we’ve been eyeing are Solana and Cardano. Even NFTs.
📱 Mobile app
In certain countries mobile apps are the norm when interacting with the internet, mostly due to phone resource limitations; apps can often be more efficient than using a mobile web browser. Which is why we’ve decided to finally get a HollaEx mobile app made for 2022, so stay tuned!
Happy new year!
And that about concludes bitHolla’s 2021 wrap up.
Happy new year. Goodbye 👋 2021. Hello 2022.
— Ali Beikverdi, CEO