What a year! Looking back at 2022 with Probinex
From times of hardship to a skyrocketing progress, the year 2022 was a super wild ride for Probinex. So let's sum up what it brought us.
We got listed on a stock exchange
The first significant event came right at the beginning of the year. We managed to list our PBX token on the first centralized exchange - ProBit Global. The token then became freely tradable.
Together with listing the token on the exchange, we also managed to get it visible on the two largest and most well-known cryptocurrency search engines, CoinMarketCap and CoinGecko.
We launched StayKing
Right after the rollout of PBX on the exchange, the whole team started working on a new feature for all PBX token holders. We are talking about the StayKing premium loyalty program. It was first launched back in April, and in its initial five months, 475 million PBXs have been locked with an average smart contract duration of six years. The final number of tokens locked in at the end of the year also became the subject of a competition for the first ever project merch, so we're not the only ones waiting to see what number the counter stops at at the end of the year.
How did trading go?
Along with StayKing, there is also the area of trading. Gradually, this program has proved to be so successful that it could fully replace the existing allocations. This has led to a significant simplification of the product offering. However, it is the results themselves that are important.
Although the whole world was drowning in red numbers, our strategies were profitable in the long term. The only exception was the month of March, which ended with a slightly negative result for us.
We were extremely pleased with April's performance, for instance. The S&P 500 index, which includes the stocks of the five hundred largest publicly traded companies, saw a 9.8% decline. In the same month, the cryptocurrency market as a whole wrote off 11.6%. However, our strategies delivered a positive 0.1335%.
The most significant success of trading? Portfolio status
One of our most significant achievements this year, however, is the state into which we have managed to get our portfolio.
While we beginning the year with the majority of the portfolio in positions (i.e. in various cryptocurrencies), our trading strategies not only ended up in closed profits for all but one month, but more importantly, we were able to gradually rebalance the portfolio over the course of the year. Thus, in the fall we were "sitting" at 85% in stablecoins and only 15% of the funds were in positions. All of this with unchanged AUM (Assets under management).
Therefore, at a time when most investors are experiencing a liquidity crisis and have nothing to buy with during further downturns, we at Probinex are looking forward to next year and are ready to take advantage of any opportunity it brings.
On our blog you can find a series of articles "How do the quant sees it?", in which every month our trader summarizes the events on the cryptocurrency markets. You can get a sneak peek of how a professional perceived the past months.
The best month of StayKing’s reign? September
From a StayKing perspective, September was the most successful month of 2022. The average PBX token growth here was 1.603% and the program distributed over $264k worth of tokens to its participants. The aforementioned S&P 500 wrote off over 9% over the same period. So once again, we have proven to be a buffer for extremes and turbulent periods.
Probinex’s first ever airdrop
During the summer, which in most fields is referred to as the silly season, our team was still running at full speed. Preparations were in full swing for the first ever airdrop in the project's history, which finally came on 22 August. During the airdrop, more than 19,000 contestants joined the competition for PBX tokens, and the number of followers and fans who found their way to Probinex due to the giveaway skyrocketed on the project's social networks.
pbxpay: freedom for your money
A promising autumn was then underlined by the launch of the first of a number of upcoming products. We are talking about the pbxpay e-Wallet. This offers all its users a convenient connection to the world of cryptocurrencies and we have huge things planned for it in 2023. For this reason, don't miss out on a great opportunity to sign up and get the first account that will be truly open to the world of cryptocurrencies.
By the way! If you start the new year with pbxpay, in the period from January to March, you will be able to enjoy all its features completely free of account maintenance fee.
In connection with the launch of pbxpay, we have also published a mini-series of articles about the banking mischiefs that the new product aims to solve. Apart from that, we also released an article explaining how EMI licensed entities work, which is also required for pbxpay to function.
PBX among the top coins
The year-long hard work was also reflected in the results our PBX token achieved. Over the year time, PBX was one of the top three most traded cryptocurrencies on the ProBit exchange.
There was also satisfaction with the values it managed to achieve in terms of liquidity and market depth.
All of this was reflected in the token's price, which began to head upwards where we all wanted to see it.
Probinex becomes target of a hacker
However, on the same day as the launch of pbxpay, the project also faced its toughest test yet. On Friday, October 14, Probinex became subject of a sophisticated attack in the early evening hours.
At this critical moment, the great emphasis we have placed on security since the beginning paid off. Client data and funds remained untouched throughout. The only thing the attacker managed to do was to compromise two operational wallets in a lower security layer. Less than 6% of the total number of all tokens issued were unintentionally leaked into circulation.
As the hacker began to dispose of the compromised tokens in bulk, the price of the PBX plummeted. This eventually led the entire team to decide to launch Operation Phoenix.
During this operation, we learned that we have a fantastic community of supporters behind us who stayed with us even during times of hardship. It was the trust of the entire community that pushed the team to pull together and work at full speed from the outbreak of the incident.
The result was a new token emission and its listing on the ProBit exchange. Operation Phoenix lived up to its name, and at the end of it, a new token rose from the ashes of the old token, like the mythical phoenix bird.
Operation Phoenix was a large-scale project lasting over a month, during which the team managed to eliminate the effects of the attack. You can learn about the whole situation in detail in our Medium article.
Probinex emerged out
But 2022 wasn't just about token and products. The team of people working on the project and its entire operation also expanded significantly.
This also allowed us to work on raising awareness of Probinex making, underlined by the frequent media appearances of Adam Neuberger as the main face of the project, as well as the project itsel. Articles about our project were published in Yahoo Finance, BENZINGA, or MarketWatch.
Probinex in the world
Besides the media appearances, we also worked on meeting the public and our supporters. So we took part in several panel discussions and also went abroad.
In addition to our trips to Greece, Cyprus, and the Netherlands, we also visited Portugal, where we were able to present our vision to the global community at the WebSummit 2022 conference. Here we managed to make some interesting contacts that fill us with great expectations for the new year.
We obtained a VASP license
Although the last quarter was really hard and hectic due to the attack, thanks to the hard work of the whole team everything started to turn around and before the end of the year we could share some great news. We got our VASP license! This license will be crucial for the future operation of our next product - Earnio.
Earnio ready for launch
Speaking of Earnio, we think it's important to also mention the fact that this product is ready for its launch in all aspects. Everyone has done a great job in the development, legal framework and business.
Sometimes it was really hard wor, but it was worth it in the end. Thousands of hours of preparation, development and work paid off in the end and brought us to a successful conclusion.
Now we are just looking forward to the launch, which is just around the corner. We can promise you that it will be a ride with Earnio!
Did you know that...
- the number of registered PBX token holders increased from 759 to 956 during 2022?
- the number of people cooperating on the project development has reached 40?
- the Probinex team has worked tens of thousands more hours on project development over the past year?
- more than 670 kilograms of fruit and vegetables were eaten in the Probinex offices over the year?
We look forward to seeing you again in 2023!
It goes without saying that we couldn't have afforded all the project expectations if we didn't have you, our clients and fans, behind us. Because of you, all the hardshop did not shake the project and its direction. It only confirmed that what we are doing is good and we are heading in the right direction. For this reason, our thanks go out to you and we look forward to what we will experience together in the new year!
We wish you all the best for 2023 2022. Enjoy it happily and in good health, so that you are ready and full of strength for another great year together.