The cryptocurrency market appears to be turning bullish again with Bitcoin retesting the highs of around $54,000. Nevertheless, this week’s selection focuses on coins that are not among top 10 cryptocurrencies by market cap. These three cryptocurrencies all have slightly different use cases, but there is one they all do have at least one thing in common. All three projects could drastically benefit from the recently made announcements, airdrops, or upgrade deployments this week, which makes them a potentially lucrative investment. In must be noted, however, that this is not investment advice and that you should do your own research prior to investing in any of these assets.
1. Enjin Coin (ENJ)
Enjin Coin (ENJ) is an Ethereum-based cryptocurrency (ERC1155 token) used to directly back the value of next-generation blockchain assets. It is designed for social gaming as it allows virtual goods to be traded on the blockchain using smart contracts and ENJ as a payment method. The project aims to change the fundamental nature of virtual worlds by providing infinite high-speed transactions between players and game providers at zero cost. More than a million people are already using Enjin’s products to manage, create, and trade blockchain assets.
ENJ sets its new ATH price following scaling solution announcement and increased adoption in Japan
The Enjin team recently announced that their project is evolving into a multi-chain ecosystem for non-fungible tokens (NFTs). The Enjin’s ecosystem will now spread across the Ethereum, as well as JumpNet and Efinity blockchains and support with the support for both fungible and non-fungible tokens. JumpNet is a layer 2 solution, that acts as a high-speed bridge network, facilitating free and instant on-chain transactions of Enjin Coin and ERC-1155 tokens. Efinit, on the other hand is a NFT-specialized decentralized blockchain that will support next-generation token features and assets from any blockchain. Two-way bridges between Ethereum, JumpNet, Efinity, and third-party chains will be established, enabling users to easily mint and transfer tokens onto multiple networks without having to pay astronomical gas fees.
In addition, Enjin has been approved by the Japanese Virtual Currency Exchange Association (JVCEA) in January. JVCEA is a reputable self-regulatory organization. which is also recognized by the Japanese Financial Services Agency (FSA). Following the JVCEA’s approval ENJ has been listed on Coincheck, one of Japan’s largest exchanges. This marked an important step in project recognition and adoption, as ENJ became one of just 15 select assets available for trading on Coincheck and the first specialized gaming token to be made available for trading to Japanese investors on this exchange. On March 3, 2021, another Japanese exchange – the GMO coin exchange, has added support for Enjin Coin, indicating that the project is really gaining some traction in Japan.
These events have also materialized in a very bullish ENJ price action. ENJ is up by 110% in the past week and 330% in the past month. The specialized gaming token set its ATH price of $1.94 on March 9. ENJ has since seen a slight correction as it dropped back to around $1.70, where it is currently trading. Nevertheless, the general uptrend is still evident.
2. NEM (XEM)
NEM smart asset blockchain platform launched in March 2015. The platform utilizes a pioneering Proof of Importance (POI) consensus algorithm to validate transactions and issue new XEM coins. In addition, NEM is written in Java and allows applications written in any programming language run on its blockchain, which is achieved through APIs. NEM is used by several financial companies in Japan and is the cornerstone of the Mijin private blockchain.
Symbol Blockchain to launch on March 15, Snapshot for the Airdrop Scheduled for March 12
The much-anticipated launch of the Symbol business blockchain is finally just around the corner. The mainnet genesis block of the new trusted and secure business environment is scheduled for March 15, exact time TBC. Three days prior to the launch of Symbol the snapshot of XEM blockchain will take place. XEM holders who have opted in for the Symbol (XYM) airdrop will receive 1 XYM for every XEM held at the time of snapshot. The snapshot height will take place at block height of 3,105,500. At the time of writing, a total of 27,666 accounts, holding 3,825,081,007 XEM combined have confirmed their wish to participate in XYM airdrop. More information about the Symbol blockchain and instructions on how to opt in for the XYM airdrop can be found here.
3. Bao Finance (BAO)
The BAO token acts as the governance token of the fully community-run DeFi yield farming project. Rather than re-inventing the wheel Bao focuses on improvement and adding new features to the existing protocols. The project is a combination of Synthetix and Aave protocol, for Uniswap, SushiSwap, and Balancer markets. While the developer claims that the assets are partially backed by the insurance fund where all Bao fees go, the official website notes: “Bao Finance is in alpha, it is unaudited and was originally developed by a one-person self-taught team. While we are in the process of scaling the team, please understand the risks and use this product accordingly.”
BAO to integrate with SushiSwap protocol in Q1 2021
The BAO protocol is considered an altcoin gem with lots of room to grow by many. The anonymous developer posting under the name of @thebaoman is constantly striving to improve the protocol. In light with this high dedication, new, fixed set of xDAI pools has been deployed recently. Users are encouraged to withdraw the assets from the old pool and transfer to the new one, which also features an improved UI. In addition, BAO has recently been featured on SushiSwap’s list of project that will integrate with the DEX and liquidity protocol in Q1 2021. Although the project is still in alpha phase, the FTX exchange has already added support for BAO. Users of the aforementioned exchange can now trade BAO for a USD stablecoin as well as use BAO as a collateral in their margin trading accounts. BAO is currently changing hands at $0.001145 with a 24-hour trading volume of $ 2.89M across 6 exchanges. The project has a $39 million market capitalization, which puts it on the 417th place of biggest cryptocurrencies. However, many DeFi enthusiast believe that the project is set to claim much higher spots on this list, provided that the development of the protocol goes as planned.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.