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Top 3 Coins to Watch – Week 50

By December 9, 2020 No Comments

As we slowly move towards the end of the turbulent 2020, the expansion of the total cryptocurrency market capitalization seems to be slowly losing steam. Nevertheless, there are several cryptocurrency projects that are issuing updates to their mainnets, rolling out new features or taking part in other important events.

1. Filecoin (FIL)

Filecoin is a decentralized file storage network based on the InterPlanetary File System (IPFS), a peer-to-peer file storage and sharing protocol released by Protocol Labs in 2015. The project raised $205 million worth of crypto in a 2017 ICO and finally launched its mainnet on October 15, 2020. FIL token is the native asset of the Filecoin blockchain, which provides economic incentive to storage provides and acts as a medium of exchange in the Filecoin network.

Coinbase Pro Lists Filecoin – Trading to commence on December 9

The USA-based Coinbase exchange recently announced that it is listing FIL on its Pro version of the platform. While the exchange already started to accept inbound FIL transfers, the trading will only launch on Wednesday, December 9, 9:00 AM Pacific Time (PT), if there is sufficient coin liquidity. Coinbase Pro will launch 3 FIL-fiat trading pairs (FIL-USD, FIL-EUR, FIL-GBP) and one crypto trading pair: FIL-BTC. The order books roll-out will take place in three phases, these are post-only, limit-only, and full trading. For more information, please refer to Coinbase’s blog post.

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 Mijin blockchain.

StakedXEM Token Launched on Ethereum

The NEM team has recently announced that XEM holders will soon be able to stake their coins via Ethereum DeFi platforms using the new stXEM token. For the development of StakedXEM ERC-20 tokens the team has partnered with staking service StakeHound. The launch of stXEM token, which took place on December 7, extends the utility of the XEM currency by allowing XEM holders to use the staked XEM-backed token to interact with a number of popular DeFi platforms. NEM project clarifies the details about the launch of StakedXEM here. The team is also making everything ready for the launch of Symbol business blockchain in January 2021.

3. Nexo (NEXO)

Nexo is a DeFi platform focusing on lending and borrowing services. The platform allows people to take out stablecoin loans as well as fiat cash loans by using their crypto holdings as collateral. Nexo currently accepts BTC, ETH, XRP, LTC, XLM, BCH, EOS, LINK, TRX, stablecoins, PAXG, NEXO and BNB as collateral assets. The platform also offers high yield interest accounts to its users, which acts as the source of liquidity for the platform’s loans.

Nexo’s New Loyalty Program Roll-Out Scheduled for December 9

On December 9, the DeFi lending and borrowing service plans to launch its new loyalty program, which features interest rates that are dependent on the amount of NEXO tokens that platform users hold. The new loyalty program will categorize users into four tiers: The Base, Silver, Gold, and Platinum tier. For entering the Base tier users do not need to hold any NEXO tokens (users with below 1% of the portfolio assets in NEXO will also be placed in the base tier), while to be eligible for Platinum benefits, users will have to allocate at least 10% of the Nexo portfolio balance to NEXO Tokens. The interest rates on the crypto backed loans therefore vary between 11.9% for Base tier to very competitive 5.9% on Platinum tier. The annual interest rates on deposited cryptocurrencies and fiat also gets higher in higher tiers, although the difference is not as significant as with the interest rates on loans. More information regarding the new loyalty program and all the benefits and interest rates can be found here. In addition, the platform announced the start of a NEXO buyback program on December 3. As part of it the Nexo project is going to repurchase up to $12 million worth it native NEXO Token, which will likely have a positive effect on the valuation of NEXO.