Several cryptocurrency projects are set to meet their developmental milestones this week, thereby looking to increase the usability, security, adoption and, finally, valuation of their respective tokens. With the hype over Ethereum 2.0 cooling off a bit, this week’s selection of top 3 coins to watch focuses on trading and data oracle associated tokens.
1. ChainLink (LINK)
ChainLink is a distributed ledger technology (DLT) company focusing on providing input and output data for smart contracts, as they cannot connect to real world data on their own. ChainLink provides a reliable and end-to-end secured connection to external data by establishing its own price oracles and data oracles. Oracles are the data that is fed into a smart contract from a source outside the contract and they are crucial for contract’s operation.
LINK Skyrockets After Being Called a “Pump-and-Dump” Scheme
Despite the fact that Zeus Capital called ChainLink a fraud, saying it is the “Wirecard of Crypto” in July, LINK has managed to defy the general downtrend, that has prevailed in the crypto markets over the weekend.
Even more, ChainLink is currently trading at $13.6, with the price up by 6.3% in the past 24 hours. The 7-day price growth of almost 60% is even more astonishing. In addition, LINK set its new all-time high of $14.25 on August 9. If LINK will be able sustain this growth, the cryptocurrency will overtake Bitcoin Cash and become the 5th largest crypto by the end of this month. Some say that the LINK price rally was triggered by the project’s supporters in response to the accusations made by Zeus Capital.
2. Switcheo (SWTH)
Switcheo Network is a decentralized exchange (DEX) platform, which aims to provide a top-notch trading experience, while remaining trustless and completely decentralized at the same time. The DEX that supports the trading of Ethereum, NEO, and EOS-based digital assets is currently entrusted by roughly 43,000 traders.
The Launch of Switcheo TradeHub Will Bring SWTH Staking
Switcheo Network is preparing to roll-out SWTH staking in its TradeHub feature, that is scheduled to go live on August 12. The rewards system, which is set to incentivise early staking, will allow holders who join a staking pool or delegate their SWTH to a validator node in Week 0 to benefit from the 1.92% weekly reward. You can read more about the SWTH staking process and the reward system here.
3. Digitex Futures (DGTX)
Digitex Futures Exchange is the world’s first high-liquidity zero-fee futures trading platform. The exchange allows users to buy and sell futures contracts on various digital assets, commodities and financial instruments using the native DGTX token. The potential profits or loses of the trades are also accounted in DGTX, which is where the token’s value derives from.
Digitex’s Next Update Will Allow the Use of Automated Trading Algorithms
While not a lot of time has passed since Digitex’s public launch earlier this year, the team is already looking to deploy additional improvements to their platform. In a upgrade, scheduled for this week, Digitex plans to integrate their new trading API that will allow users to trade using automatic trading algorithms, more commonly referred as “trading bots”. In addition, the futured exchange plans to launch the ETH/USD futures market this month and expand their products to traditional futures such as oil, gold, and the S&P 500 futures later in Q3. The project’s roadmap for the rest of 2020 is outlined here.
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.