January 29th Weekly Talk Recap: Unraveling the Potential of Stablecoins on UQUID

Uquid
11 min readJan 31, 2024

Several significant updates and discussions occurred in this week’s UQUID Weekly Talk session, hosted by Hinnie and co-hosted by Andy from the UQUID team.

In their UQUID Weekly Talk session, Hinnie and Andy discussed several important topics. They began by highlighting the success of MegaCash Week 2, which had an impressive 21,600 participants and generated over 30,000 lucky numbers. They were eagerly awaiting the announcement of the $50,000 grand prize winner and the winners of the Gate VIP and Uquid VIP experiences.

The conversation then shifted to the collaboration with Binance Africa, where they mentioned the live campaign offering a 10% discount on mobile top-ups and a substantial $10,000 prize pool. They acknowledged a slight delay in the rollout but emphasized the importance of ensuring a seamless user experience.

Next, they discussed a mini-game called “Gojek Galore Extravaganza” for Indonesian users, offering GoFood and GoRide gift cards as rewards. They encouraged users to participate before the game’s end date.

The integration with AnCryptoWallet and FBPay was also highlighted as a significant development, providing enhanced user security and convenience. They discussed the unique features of each partner and how they contribute to Uquid’s expanding ecosystem.

Stablecoins took center stage in the discussion, with Hinnie and Andy explaining their role in providing stability and predictability in online shopping. They emphasized that UQUID supports various stablecoins, offering users a range of options. They delved into the technical challenges of integrating stablecoins across different blockchain networks and how UQUID overcame them.

Looking to the future, they expressed optimism about the continued adoption of crypto payments, especially stablecoins, in e-commerce. They hinted at possible future integrations, such as Central Bank Digital Currencies (CBDCs) and stablecoins pegged to other major currencies and commodities, demonstrating UQUID’s commitment to innovation in the crypto payment space.

For those unable to attend the event, we’ve also created a full recap of the Weekly Talk here. Please note we’ve made slight grammatical adjustments to the content for easier comprehension and smoother reading.

Hinnie: Hello, everyone, and welcome to this week’s UQUID Weekly Talk session! I’m Hinnie, your host for today, and I’m thrilled to have Andy from the UQUID team join us. How are you doing today, Andy?

Andy: Hi, Hinnie, and hello to all our listeners! I’m doing great, thanks. Excited to be here and share some updates from UQUID.

Hinnie: Lovely to hear that. So, everyone, are you ready to jump into today’s discussion?

Andy: Yeah! Let’s dive right in. Can you give us a quick recap of what UQUID has been up to over the past week?

Hinnie: Absolutely! Last week was incredible, with MegaCash Week 2 wrapping up with a ground-breaking 21,600 participants and over 30,000 lucky numbers generated, as updated on January 25. The excitement is even higher as we announce the lucky winner this week.

Andy: It’s truly remarkable to see the overwhelming response from our community, Hinnie. MegaCash Week 2 was a huge success, and we can’t wait to see who walks away with the grand prize of $50,000. Moreover, we will also announce the winners of the Gate VIP and Uquid VIP experience in the special tasks held from 22 to 26 January.

Hinnie: Any idea about when the winner list will be announced?

Andy: Yes, the winners will be announced on the Gate.io campaign page and Uquid’s X page today, right after our weekly talk. So make sure you don’t miss it out!

Hinnie: Now, shifting gears, let’s discuss the latest updates regarding our collaboration with Binance Africa. While there was a slight delay in the rollout, it was all to ensure a seamless experience for our users. The Uquid and Binance Africa campaign is now live and kicking, offering users a 10% discount on mobile top-ups and a staggering $10,000 prize pool!

Andy: That’s right, Hinnie! On behalf of Uquid, we truly apologize for the delay. As you mentioned, it is live now! Also, Seeing Binance Africa gaining momentum and offering our users such exciting opportunities is fantastic.

Hinnie: Shall we remind the audience what to expect during our collaboration with Binance Africa?

Andy: Absolutely! Exclusively tailored for new Binance users across Africa, this campaign offers up to 10% discounts on mobile top-ups, accompanied by many thrilling activities and unique rewards for all participants. Plus, brace yourselves for a jaw-dropping prize pool of $10,000!

Hinnie: That’s monumental! How can users dive into this campaign?

Andy: Users can seize these remarkable discounts by exploring our Alpha Mobile Top-up Mini App on the Binance Marketplace. This campaign is live from January 27 to February 15 and is open to users in various African countries, including Nigeria, Kenya, South Africa, and beyond. For the full list, check out the promotional details on UQUID’s blog.

Any perks for early birds, Hinnie?

Hinnie: Absolutely! The first 1,000 eligible users will unlock an additional top-up slot at the lowest package their desired mobile operator offers. Furthermore, we’ve introduced a captivating mini-game on UQUID’s Twitter called the Photo Lucky Draw.

Andy: How can our users participate in the Photo Lucky Draw?

Hinnie: By completing simple tasks like following Uquid and Binance Africa, sharing a photo or video of their top-up experience, and tagging friends, users can win a share of $200.

Andy: That’s a great way to engage the community. Any pro tips for users to maximize their opportunities?

Hinnie: Of course! Users should choose Binance Pay for their top-ups and actively participate in the mini-game. Sharing their experiences and tagging friends can significantly enhance their chances in the lucky draw. Stay tuned for more details to be unveiled soon!

Andy: Awesome! And here’s a little teaser for our listeners: Mark your calendars for February 1, 2024! I feel very excited about this.

Hinnie: Me too! We’ve got another game-changing campaign in the works with Binance, featuring some incredible deals and the appearance of one of our most outstanding partners. We will update on our X page, so please ensure you follow so you won’t miss the latest news.

Andy: The anticipation is building, Hinnie! But hold onto your hats because Uquid has some exciting developments to share. We’ve been hard at work behind the scenes, crafting a new feature related to mobile top-ups that promises to revolutionize how our users recharge and transact. Stay tuned for more details coming your way very soon!

Hinnie: I couldn’t agree more, Andy. It’s always thrilling to see Uquid pushing the boundaries of innovation and enhancing the user experience.

Andy: Speaking of that, I would also like to mention the new integrations of Uquid with AnCryptoWallet and FBPay.

Hinnie: Yes, Andy. AnCryptoWallet offers users top-notch security. It is the only non-custodial wallet that manages all your multichain public addresses with a single username, secured by your device, and powered by your Universal Multichain identity. You can make transactions without boundaries via chat and pay.

Andy: About FBPay, you can enjoy the best price, fastest speed, and top security in the market. It also supports global payment methods, ensuring convenience and top-notch encryption services.

Hinnie: With these two new partners, Uquid’s ecology is getting bigger and bigger every day. I am excited about what will come next, with more integration for a seamless Web3 Shopping experience for everyone.

Andy: I agree with you, Hinnie! With these collaborations, Uquid will surely prosper in the Web3 and crypto world.

Hinnie: Any other updates from last week that you want to share, Andy?

Andy: Sure, one last thing for our Indonesian users: we’re holding a minigame called “Gojek Galore Extravaganza’’ on our Facebook page until February 1st. Only two days left, so you better join now!

Hinnie: I’m always excited about a mini-game. Can you tell us more about it?

Andy: Sure. The minigame is very easy. All you have to do is to like our Facebook page, like the announcement post, and tag two friends in the comment section.

There will be ten random winners, each getting a 50,000 IDR worth of GoFood or GoRide gift card from Uquid!

Hinnie: GoFood and GoRide? What are these services? Can you let us know more about them?

Andy: Sure Hinnie. GoFood is an instant food delivery service with more than 250,000 merchants all over Indonesia, while GoRide is the first motorcycle taxi service in the country, with more than 1 million fleets as of 2018. All these apps are within the Gojek super-app, which made a name for itself in Indonesia as one of the best platforms for daily needs.

Hinnie: This sounds amazing, Andy! Indonesian users, you shouldn’t miss out on this opportunity! Join the minigame today!

Andy: And that’s it for our recap from last week. Let’s move on to the next part of our weekly talk!

Hinnie: OK, it’s time to move on to the main part of today’s Weekly Talk. Today’s topic is truly at the heart of modern digital finance, and I’m excited to share insights and developments, especially as they pertain to UQUID.

Andy: Absolutely, Hinnie. Cryptocurrency has been a game-changer in digital payments, offering speed, security, and global reach. But the rise of stablecoins adds a new dimension.

Hinnie: It certainly does, Andy. Stablecoins like USDT, USDC, and others have become essential in the crypto ecosystem. They offer the benefits of cryptocurrency, like blockchain security and efficiency. Still, with a twist — they’re pegged to stable assets like fiat currencies or gold, which reduces the volatility often associated with cryptocurrencies like Bitcoin or Ethereum.

Andy: That’s a crucial point, Hinnie. This stability is critical in e-commerce, where price fluctuations can significantly concern buyers and sellers.

Hinnie: Exactly, Andy. On UQUID, integrating stablecoins has provided our users the best of both worlds — crypto's innovative technology and traditional finance's stability. It’s a significant step towards making crypto payments more accessible and practical for everyday transactions.

Andy: And that’s just the tip of the iceberg! Today, we will delve deeper into how UQUID harnesses the power of stablecoins to revolutionize e-commerce.

Hinnie: Can’t wait to dive in! Let’s explore the fantastic world of stablecoins and their role in Web3 shopping.

Andy: Hinnie, UQUID has a diverse range of stablecoins. Can you share a bit about them?

Hinnie: Absolutely, Andy. UQUID supports stablecoins like USDT, USDC, TUSD, USDD, VAI, DAI, EURt, XAUt, and BUSD. Each stablecoins has unique features and backing assets, offering our users stability and diversity in payment options.

Andy: It’s great to see a variety catering to different preferences and financial ecosystems.

Hinnie: Definitely, Andy. This variety in stablecoins ensures that our users have the flexibility and security they need for their digital transactions, no matter their currency preference.

Andy: Awesome! This integration of multiple stablecoins truly puts UQUID at the cutting edge of Web3 shopping.

Hinnie: That’s right, Andy. By offering a range of stablecoins, we’re making Web3 shopping more accessible and stable for users around the globe.

Andy: Hinnie, within this range of stablecoins, are there any that stand out at UQUID?

Hinnie: Yes, Andy. While we offer a variety, USDT (Tether) remains the most popular choice among our users. Its wide acceptance and ease of use make it a go-to for many.

Andy: Interesting! What about USDC?

Hinnie: USDC is gaining traction, especially given its legal standing and growing user trust. It’s becoming a strong contender in our platform’s stablecoin lineup.

Andy: Do we have any specific data on their usage at UQUID?

Hinnie: Absolutely. Our data shows that USDT, particularly the TRX-20 network, accounts for nearly 50% of total USDT transactions. This contrasts with USDC, which is more favored on networks like Ethereum and Polygon due to its cost efficiency and speed.

Andy: So, is it about choosing the right network for the right stablecoin?

Hinnie: Exactly, Andy. Users tend to prefer networks that balance cost efficiency and transaction speed. This choice is crucial in online shopping, where transaction speed and cost can significantly impact the shopping experience.

Andy: That’s insightful! It shows how UQUID accommodates diverse user preferences in the Web3 shopping space.

So, Hinnie, let’s dive deeper into how stablecoins like USDT and USDC shape the e-commerce experience on UQUID.

Hinnie: Sure, Andy. Stablecoins bring a sense of stability and predictability to online shopping. Unlike other cryptocurrencies, their value doesn’t fluctuate wildly. This makes them ideal for e-commerce platforms like UQUID.

Andy: So, how does this affect the user experience?

Hinnie: The integration of stablecoins greatly enhances the user experience on UQUID. Users can now enjoy the ease of transactions with the stability in pricing that these coins offer. It’s like having the best of both worlds — the efficiency of digital transactions and the stability of traditional fiat currency.

Andy: Can you give us an example of how this plays out in a real-world shopping scenario on UQUID?

Hinnie: Sure. For instance, when a user chooses to pay with USDT or USDC, they can be confident that the value of their transaction won’t fluctuate between the time they add an item to their cart and when they check out.

This reliability is crucial, especially for larger purchases or international transactions where currency value can significantly impact the final cost.

Andy: That’s a significant improvement in reliability and trust for users.

Hinnie: Indeed, Andy. With our range of stablecoin options, UQUID offers the flexibility and security that our users value in the digital marketplace.

Andy: Hinnie, let’s delve into the technical side of things. How has UQUID integrated these stablecoins into its platform?

Hinnie: UQUID has strategically integrated stablecoins like USDT, USDC, and others, ensuring seamless transactions for users. Our technical team has worked tirelessly to incorporate these stablecoins into our payment system, ensuring compatibility and ease of use across our platform.

And it’s about more than reliability. The integration of stablecoins also streamlines the checkout process, making it quicker and more user-friendly. We’ve received positive feedback from users who appreciate the simplicity and effectiveness of using stablecoins on UQUID.

Andy: Integrating multiple stablecoins surely comes with its challenges. Could you share some of these with us, Hinnie?

Hinnie: Absolutely, Andy. One major challenge we faced was ensuring compatibility across different blockchain networks. Each stablecoin, like USDT, USDC, and DAI, operates on multiple blockchains, and ensuring seamless integration across all these networks was not a small feat.

Andy: How did UQUID overcome these technical hurdles?

Hinnie: Our approach was twofold. First, we leveraged our technical expertise to develop a robust and adaptable payment infrastructure. This allowed us to integrate various stablecoins irrespective of their underlying blockchain.

Second, we focused on user education. We realized it was crucial to help our users understand how to use these stablecoins effectively on our platform.

Andy: That sounds like a comprehensive solution. Did you face any other significant challenges?

Hinnie: Yes, another challenge was managing the transaction fees associated with different blockchains. For instance, transacting with USDT on the Ethereum network can be costly due to high gas fees. We addressed this by offering multiple blockchain options for each stablecoin, allowing users to choose the most cost-effective option.

Andy: Hinnie, as we look towards the future, how do you see crypto payments and stablecoins evolving in the e-commerce sector?

Hinnie: The future looks incredibly promising, Andy. We anticipate a continued rise in the adoption of crypto payments, especially stablecoins, in e-commerce. Their stability and reliability will likely attract more users who are currently hesitant due to the volatility of traditional cryptocurrencies.

Andy: Are there any new stablecoins or features UQUID is considering integrating?

Hinnie: Yes, we’re always exploring new possibilities. For example, we’re closely monitoring the development of CBDCs (Central Bank Digital Currencies), which could be a game-changer for the industry.

Also, we’re looking into integrating stablecoins pegged to other major currencies and commodities, which could offer more diversity and options to our users. But I want to stress that everything is still under consideration.

Andy: So, a lot to look forward to! Thanks for sharing these insights, Hinnie.

Hinnie: My pleasure, Andy. The future of e-commerce with crypto payments is bright, and UQUID is excited to be at the forefront of this revolution.

Andy: Thank you, Hinnie, for sharing your expertise with us today; I’m sure our audience is as excited as next week’s Weekly Talk. And a big thank you to everyone who tuned in. Don’t forget to join us for next week’s Weekly Talk. Until then, stay informed and explore the endless possibilities with UQUID!

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