The top 3 coins to watch this week
As we start 2021 and move through Q1, a number of cryptocurrency projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
1. NEM (XEM)
NEM launched in March 2015, and is a smart asset blockchain platform written in Java which uses APIs to allow any programming language to be used to develop applications upon it. NEM uses a Proof of Importance (POI) consensus algorithm, to validate transactions and issue new XEM coins. NEM has developed a strong community and has been used on a blockchain called Mijin in Japan by a number of financial companies.
Why NEM? The Pre-Launch Optin for XEM Holders Ends
The Symbol business blockchain is set to launch in February and XEM holders can receive Symbol XYM coins when the platform goes live. The team behind NEM have confirmed that the pre-launch Opt-in ends on January 9 and all XEM holders choosing to opt-in will receive 1 XYM for every 1 XEM they hold. The new XYM can be claimed once the snapshot and new chain launch of Symbol have taken place, and XEM holders can opt in through the NEM desktop wallet and NEM mobile wallet (Android only), and can find out more about the Opt-in process here.
2. Aavegotchi (GHST)
Aavegotchi is a DeFi staked crypto collectibles platform which hosts crypto-collectibles backed by the ERC721 standard on the Ethereum blockchain. The platform has been built by Singapore-based Pixelcraft Studios who received funding from the popular DeFi protocol Aave. The value and rarity of Aavegotchis are determined by their collateral stake, traits, and wearables.
Why Aavegotchi? Mainnet Launches This Week
The Aavegotchi mainnet is scheduled to launch on January 4, and will kick off NFT/DeFi integrations and NFT Auctions. Aavegotchis are playable digital avatars that represent collateral earning yield on Aave, and users can create an Aavegotchi by staking specific aTokens such as aUSDC and aLINK into their gotchi. These characters can enter into game battles and be equipped with wearables; however, each gotchi disappears once its owner chooses to liquidate the underlying stake. The project has been highly anticipated and the mainnet launch will push forward the use of non fungible tokens.
3. PChain (PI)
PCHAIN Network is a new infrastructure chain system for multi-chain application and EVM, and provides an open, scalable platform for third-party developers and makes it possible for large-scale enterprise applications based on smart contracts to operate efficiently.
Why PChain? Mainnet Upgrade is Days Away
The team are continuing to press on with their mainnet upgrades and have announced that their V1.3.07 Mainnet Upgrade will take place on January 4. PCHAIN 2.0 Mainnet upgrades focus on ensuring stability, user-friendliness, and automation and the team have Node Automation improvements for v1 and v2 as well as new developer tools in the pipeline. The team are also set to complete their monthly token burn next week and you can find out more about the team’s 2021 development roadmap by clicking here.
How did the coins perform last week?
The seven day period generally led to positive results across the market. Bitcoin grew by around 22%, and improved over the $30,000 for the first time in its history. However, the other two featured coins didn’t perform as well. Kava recorded a loss of 3%, while Kardiachain took a bigger drop of of around 16% over the week. The total cryptocurrency market cap moved from $709B to $833B (+17%).
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