Looking away from the price performance of various cryptocurrencies we can say that Week 34 could hardly end on a better note, as the International Monetary Fund (IMF) tweeted an explanatory video on cryptocurrencies and called the distributed ledger technology (DLT) a “potential next step in the evolution of money”. Nevertheless, Week 35 is already in full swing and this means that we have prepared another selection of top three coins to watch. Here is this week’s list.
1. Kava (KAVA)
Developed by Kava Labs the Kava platform is one of the first cross-blockchain DeFi platforms. Users of the Kava app can collateralize their crypto assets in the platform’s multi collateral CDP system to earn rewards/interest. The Kava protocol utilizes the Tendermint consensus and the network currently has more than 100 validators. KAVA token is the platform’s native token with a total supply of 100,000,000 tokens. The two main use cases of the token include governance and staking/validation.
Kava 4 Gateway Testnet to Add Support for Binance USD and Bitcoin
The launch of Kava 4 Gateway Testnet is approaching fast. The aforementioned testnet, which is scheduled to go live on August 27 at 14:00 UTC, will add the support for Binance USD (BUSD) and Bitcoin (BTC) along with several other improvements to the Binance-bridge. Should the testnet launch turn out to be successful, the Kava platform, which currently only supports Tether (USDT) and USD Coin (USDC), will soon be able to support a wider selection of digital assets.
2. Perlin (PERL)
Perlin ais a scalable DAG-based solution that lend a helping hand to the developers of decentralized applications (dApps) that require a significant amount of computing resources and disk space. The Perlin protocol can power any application with 31,000+ transactions per second, achieving block finality in 0-4 second at the same time.
Perlin Will Upgrade its Smart Contracts and Conduct a Token Swap
Perlin is set to upgrade its smart contracts on August 24. The upgraded version of Perlin will feature DAO functionalities, introduce an inflationary monetary policy and programmable incentives as well as increase the maximum amount of PERL decimal places from 9 to 18. To make the protocol more suitable for the needs of the rising DeFi sector, the developers will also remove the currently included pause function. As a result of the smart contract upgrade, PERL holders will have to swap their tokens for new PERL token through the PerlinX interface at a ratio of 1:1. Holders will be able to claim the new PERL tokens until November 30. PERL held on Binance account will be swapped automatically, the popular cryptocurrency exchange announced. If you are a PERL holder or you simply want to know more about the upgrade/token swap, click here.
3. Tezos (XTZ)
Launched in September 2018, following an initial coin offering that raised $232 million in 2017, Tezos is a cryptocurrency project that utilizes a proof-of-stake consensus model. The Tezos protocol has three main layers: the network layer, the transaction layer, and the consensus layer. Tezos also features an on-chain governance system allowing holders to take part in the decision-making process. What makes Tezos blockchain stand out among other similar blockchains is its ability to implement major upgrades without having to undergo a hard fork.
XTZ is Looking to Challenge the $4 Price Tag Again
The inclusion of Tezos on this week’s list of top coins to watch is based more on the past price movement of XTZ, rather than news related to the protocol upgrades or anything similar. XTZ price has shown increased volatility over the last week. Despite dropping from over $4.10 at the start of the week to as low as $3.30 on August 22, the coin, which is trading for $3.75 at the time of writing (up by 7.8% in the past 24 hours), looks set to challenge the $4.00 price level again. Furthermore, the price of XTZ has spiked to highs just shy of $4.50 on August 12 and August 13. Can XTZ reclaim this position this week?
