Weekly Altcoin Update - Week 38
Posted on: 9/22/2021,
2 minutes read
Weekly Altcoin update - Week 38
This week’s altcoin update is packed with information, with an update on the following projects: $ZIL, $XCAD, $RSR, and $LTO!
The Zilliqa community is currently waiting for the ETH-ZIL bridge to launch. The overall perception is that the bridge will increase the volume and make Zilliqa as an ecosystem more attractive for developers. The overall stream of newly developed projects is increasing, with projects such as @PELENetwork and @de_monsters.
The ecosystem is recently making an apparent effort to increase their NFT exposure by a joint-venture project with @switcheo, @BearMarketNFT. The collaboration managed to close on 1.6 million USD in sales in 48 hours, a record on the Zilliqa ecosystem.\
Currently, the most significant project based on market cap on the Zilliqa ecosystem is XCAD Network. The project is ramping on its marketing efforts and has multiple innovative and significant developments shortly.
The marketing of XCAD Network has been one of the significant spearpoints of the current value increase of the native token. The token is currently being supported by over 15 content creators, with a total following of over 29 million subscribers. Furthermore, according to Oliver (Founder of XCAD Network), there are still quite a few unreleased content creators, and one of them has more than 10 million followers. The upcoming mainnet of the ecosystem is an excellent pivot point for XCAD Network, especially with upcoming releases later in this quarter (e.g., XCAD Dex, InfluencerMarketcap.com, NFT Marketplace Launch) \
The expectation is that XCAD Network will benefit significantly from the upcoming ZRC-2 <-> ETH bridge, and therefore increase in value. Furthermore, the ZRC-2 token is currently being traded with a 33% premium compared to the ERC-20 token. The increase of availability on exchanges dramatically improves the overall liquidity and significantly reduces the potential liquidity risk.
After months of a closed invitation system, the Reserve Protocol is rapidly growing after they have opened up their Reserve app in the four operating countries. The overall public perception of the Reserve app is significantly increased, thanks to the Reserve App team making the app accessible by intuitive user interfaces. According to Nevin, The Reserve app has experienced significant growth. The total number of monthly transactions and consumer transaction volume grow by 50% MoM (Month on Month), indicating that the ecosystem grows.
5,000+ businesses currently support the Reserve app and are the main driver of the increase of transaction volume. The total number of daily transactions is 15,200 with a volume of 1,600,000 USD, making RSV the most popular cryptocurrency in Venezuela.
As highlighted in our research, Reserve Protocol disrupts the financial industry by allowing anyone to be included. Furthermore, allowing users to transfer money within the Reserve App without any transaction fees is incredibly intuitive. Especially in countries that have inflated native currencies that fail to meet essential characteristics of a functional currency
LTO Network is currently in a transition period. The ecosystem is actively developing features that allow it to be flexible in its approach to cryptographic solutions for exchanging and verifying privacy-sensitive information. However, the team is currently taking a different approach as initially. The initial focus of the LTO Network was mainly on institutions and businesses. However, the upcoming Cobalt mainnet update will remove some current restrictions and focus on a broader audience.
The ecosystem is currently actively developing LTO Network as a layer one solution, whereby eventually, everyone can launch a dApp. The upcoming Cobalt Mainnet update will focus on self-owned data and peer-to-peer apps and eventually influence and empower developers to develop Private Aware Decentralized Applications.