The cryptocurrency markets continue moving at a rapid pace, and we are seeing leading crypto and blockchain projects coming out with significant updates every day. However, it can be hard to keep up with all of the innovation that’s happening in crypto – here’s where we can help you out. Let’s check out 3 projects that will be particularly interesting to follow this week.
1. Binance Coin (BNB)
Binance Coin is a cryptocurrency created by Binance, the largest cryptocurrency exchange in the world. BNB started off its journey as an ERC-20 token on the Ethereum blockchain, but moved to its own blockchain platform called Binance Chain in 2019. BNB is the native asset of the Binance Chain blockchain and also gives its holders a host of benefits when using the Binance exchange. Binance runs a periodical BNB burn program, destroying a portion of the total BNB supply each quarter to make the token more scarce.
Binance Hops on the DeFi Bandwagon
DeFi (decentralized finance) is the hottest trend in crypto right now, and Binance is not shy about capitalizing on it. The exchange launched a centralized version of yield farming with its “Launchpool” products, which allows users to stake their BNB and earn new tokens such as BEL in return. The Launchpool gives users another reason to hold BNB tokens, and could be a significant driver of demand.
For BNB, this creates a constant demand for holding/staking the token making it an attractive asset to own. Meanwhile fees that accrue from the exchange continue to burn existing supply. I expect BNB to claw back the underperformance YTD as a result.
— SpartanBlack (@SpartanBlack_1) September 12, 2020
Binance is also courting DeFi projects to migrate from the Ethereum blockchain, which is currently struggling with high transaction fees, to Binance Smart Chain. Even though Binance Smart Chain is significantly more centralized than Ethereum, this doesn’t seem to be enough of a deterrent for some projects and we could see more DeFi projects make the jump to Binance Smart Chain moving forward.
2. NEM (XEM)
NEM is a blockchain platform that was launched in 2015, with a focus on Plug-and-Play architecture. While users can leverage the decentralized NEM public blockchain, they can also deploy private, permissioned NEM blockchains. The NEM platform is highly customizable and its API can be used with a variety of programming languages. The consensus algorithm used by NEM is called Proof-of-Importance (POI).
XEM Holders Can Opt-in to Receive Symbol’s XYM Tokens
The NEM project has created a new business-oriented blockchain platform called Symbol, which will have a native token called XYM. The holders of the NEM platform’s XEM token can opt in to receive Symbol’s XYM token once the platform is ready for launch in December. The Opt-in program is accessible through the NEM desktop wallet as well as the mobile NEM wallet for Android. You can learn more about the Opt-in program here.
3. TrustSwap (SWAP)
The TrustSwap DeFi platform features a number of ways in which users can engage in trusted transactions on the blockchain. The TrustSwap platform features transaction mechanisms such as escrows and time-releases, as well as a platform for launching token sales. TrustSwap can be used to launch a variety of blockchain-based tokens.
The TrustSwap Mainnet Launches This Week
The TrustSwap mainnet went live on September 14. The mainnet launch allows the platform to start processing payments, escrow transactions and automated payouts. Before starting their move to the second phase of the project’s roadmap, the TrustSwap team also plans to deliver the token sale platform and the Trusted Coin Offering (TCO) feature. In the second phase of the TrustSwap roadmap, users will be able to “wrap” cryptocurrencies and trade them as ERC-20 tokens.
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.