As we move into Q2, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
1. Elrond (EGLD)
Elrond eGold is the native currency of the Elrond economy. The company aims to use eGold and eGLD interchangeably where users will be able to use the token for all the native Elrond services such as general staking and delegation, and various DeFi options.
Why Elrond? MEX Token Snapshot for EGLD Holders
Elrond CEO Beniamin Mincu has confirmed the coming launch of the Maiar Exchange and MEX token airdrop to EGLD holders. The exchange will act as an Automated Market Maker (AMM) and its native governance MEX token will be the first token of the Elrond ecosystem with a 100% distribution to the Elrond community. From the total of 1 Billion MEX tokens, 47.50% will be claimable by EGLD holders in the first year, and 44.95% will be earned by liquidity providers over the next 10 years, with halvings taking place every 2 years. The first snapshot for EGLD holders will begin on April 19, with 52 weekly averages of 7 daily random snapshots to take place over one year. The Maiar exchange is targeted to go live on April 30, and you can found out more about the launch and airdrops here.
2. Theta Fuel (TFUEL)
Theta Fuel is the operational token of the Theta protocol. It is the second token in the Theta protocol that works in conjunction with the Theta Token that exists today. It powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts.
Why Theta Fuel? Mainnet 3.0 Set For April 21
The Theta Edge Network enables the broadcasting and viewing of decentralized live stream videos, and Theta Edge Nodes earn TFUEL tokens for sharing resources via the Edge Compute and Edge Cacher functions. The Theta Mainnet 3.0 upgrade will allow users to stake their TFUEL tokens and also incorporate a new TFuel burning mechanism. This will add a network fee attached to using Theta edge network, and act as a balancing force against the new TFuel supply. The upgrade is set to take place on April 21, and the new features should provide greater value for Theta network participants, and to find out all the details on Mainnet 3.0, you can find the official announcement blog here.
3. Tezos (XTZ)
The Tezos platform supports smart contract functionality and uses a programming language called Michelson, which enables formal verification. The platform uses a Proof-of-Stake model to achieve consensus, and users who maintain the Tezos network by staking their XTZ are referred to as “bakers”, while the staking process is called “baking”. Users can perform baking themselves or delegate it to others.
Why Tezos? Tezos Domains Launch on April 21
Tezos Domains are set to launch on April 21 with domain names with five or more characters (apart from the top-level suffix .tez) to be made available via a series of auctions using an open ascending-price auction model. The auctions will take place over three weeks with the bidding process scheduled to end on May 12, after this date registrations will be fully open with names shorter than five characters becoming available for registration during Q3 of this year. To find out more about the auction launch schedule, you can read the Tezos Domains outline here.
How did the coins perform last week?
The seven day period led to mixed results across the market; and ETH fell by 1% and is currently trading at around $2, 120. FIL dropped by 13%, and is currently trading at $152, and OGN fell by 28% over the week, and is currently trading at $1.85. Over the course of the week, the market moved from an overall valuation of $2.05T to $1.98T.
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.