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Top 3 Coins to Watch – Week 36

By September 1, 2020 No Comments

Summer has officially come to an end and Week 36 is already in full swing. This means that it is time for our already established weekly article on Top 3 coins to watch. Get ready because we think that an interesting week is ahead of us.

1. Synthetix Network Token (SNX) 

Synthetix is an upgraded version of the Havven protocol, which is a decentralised payment network and nUSD stablecoin issuer that aims to allow anyone to transact using a stable cryptocurrency. Synthetix on the other hand strives to offer much more. The SNX token will act as a collateral asset to back several synthetic assets, such as stablecoins pegged to the price of various fiat currencies, precious metals, and other cryptocurrencies.

Pollux Upgrade Took Place on August 31 

The Synthetix team deployed the Pollux upgrade on August 31 at 9pm UTC.  The upgrade features improvements to several features, such as the trading and volume incentive system, staking rewards contracts, and flexible contract storage. In addition, the upgrade includes an integration of the ChainLink’s oracle. During the mainnet upgrade users were unable to transfer SNX or Synths or access Mintr and Synthetix.Exchange. The process took several hours to complete. Just recently, the project announced successful upgrade roll-out on Twitter. You can read more about the features that the Pollux upgrade brought here

2. Just (JST) 

JUST is a decentralized lending platform that allows users to stake their Tron (TRX) tokens. Stakers are rewarded with the USDJ stablecoin for locking their TRX into the JUST’s CDP portal.

The project was launched by famous Chinese crypto entrepreneur Justin Sun, who is best known for his position as the founder and CEO of the TRON blockchain project. The 28-year old entrepreneur, who started out his crypto journey as an employee of Ripple, often faces criticism for his aggressive promotion of TRON on social media. Furthermore, Sun recently launched a DeFi meme coin named after himself ($SUN), which he proudly announced to his 2.1 million Twitter followers:

Justin Sun Announces USDJ & JST Yield Farming

According to Justin Sun, the USDJ and JST yield farming feature has gone live on August 31. The Tron network is apparently setting sail into the DeFi space as they also launched the JUSTswap platform, an alternative to the popular DeFi exchange Uniswap, on August 17. JUST now aims to enter DeFi lending, acting similarly to MakerDAO. The launch of yield farming will grant increased attention and trading activity to both the USDJ stablecoin and the JST token.

3. Polkadot (DOT)

Polkadot is a blockchain solution that allows multiple specialized blockchains called parachains to run at the same time and interoperate, granting economic and transactional scalability.

Polkadot Surges to 5th Place by Market Capitalization

The Polkadot’s cryptocurrency (DOT) underwent a redenomination process on August 21, 2020. The community voted in favour of changing the number of Plancks (Polkadot equivalent of Satoshis in BTC) that constitute one full DOT. Before the redenomination 1 DOT was made of 10^12 Planck, while now 10^10 Plancks make 1 DOT. It is also worth noting that the token only became transferable on August 18. Prior to that date the token was being offered as an IOU document. Naturally, the August 21 100:1 split caused quite some confusion on the market as some exchanges including the renowned Kraken and Binance immediately switched to the new denomination and slashed the price of the DOT to 1/100 of what it was before, while others who continued to offer DOT IOU were still selling it for around $300. Soon after DOT trading commenced at the starting price of $3, the coin doubled its price, launching the Polkadot project to the top 10 cryptocurrencies by market capitalization. The project currently ranks 5th, just after XRP and right before LINK, with its $5.5 billion market capitalization. The question arises, will DOT manage to cement its place among the top 5 cryptocurrencies? In any case, we believe that it is worth keeping an eye on this project.