Weekly Altcoin update – Week 41
Posted on: 10/12/2021,
2 minutes read
Weekly Altcoin update – Week 41
This week’s altcoin update is packed with information, with an update on the following projects: $DMZ, Pillar, $Sys, and $ZIL.
DeMons is ramping up its marketing efforts in anticipation of the first NFT sale in $DMZ. The upcoming sale revolves around CryptoApes, another race in the DemonVerse. The previous sale of GodZilliqa’s, another race in the Demonverse, yielded over 200,000 USD in sales in the first 24 hours of the launch. The NFTs play a significant role within the DeMons ecosystem. The NFTs are yield-earning and can be leveled up, which unlocks new features and perks within the ecosystem. Additionally, by leveling up the NFT, the resale value increases. The yielding mechanism allows NFT holders to gain passive income, which is 1500 $DMZ/yr, which generates a cashflow of 840 USD a year (with the current price of $DMZ)
Pillar Protocol will finally launch today, which will allow Zilliqa holders to utilize multiple DeFi products. The project will introduce the first soft USD-backed stable coin on the Zilliqa ecosystem, which will open a myriad of possibilities for developers. The Pillar stable coin will be backed by excess collateral; therefore, the collateralization rate is higher as 1:1. To generate Pillar, any Zilliqa-based asset that GZil holders have approved can be utilized. However, every Zilliqa-based asset has its Risk Parameters, which GZil holders are determining. Due to that, Gzil holders govern the Protocol and the financial risks of Pillar to ensure its stability, transparency, and efficiency. The Pillar Protocol will open several possibilities for developers, GZil holders, and Zilliqa ecosystem users. Furthermore, it is the first project on the Zilliqa ecosystem that will provide a DeFi product that allows developers to build new DeFi projects on top of that.
The Syscoin team has been working around the clock to launch the NEVM smart contract layer, and it is currently in Testnet. The NEVM smart contract layer will allow developers to utilize Turing-complete smart contracts on the Syscoin ecosystem. Furthermore, by allowing developers to Turing-complete smart contracts, there is much more flexibility to develop products on top of Syscoin as a Syscoin Platform Token (SPT). House of Kiba, built by the Blockchain foundry, sold out their GenX avatars in 40 minutes in total; 4 million USD has been raised. The Blockchain Foundry, a public listing company that builds commercial products on top of Syscoin, will release more interesting projects in the future. The NEVM smart contract layer will interest more developers, besides blockchain foundry, to build on top of Syscoin. The roadmap of Syscoin is impressive, with a few significant infrastructure updates. In Q1 2022, ZkRollups will be implemented, allowing Syscoin to scale even further to a theoretical 210k on-chain TPS. Therefore, Syscoin can meet any form of demand and is ready for mass adoption. If you are interested to read more about Syscoin, check our latest research paper on Syscoin.
The Zilliqa bridge has been one of the major developments in the Zilliqa ecosystem. Currently, there is over 11 million USD in assets being bridged from ERC-20 to the Zilliqa ecosystem. The Zilliqa ecosystem is disbursing 45.3 million ZIL as liquidity mining incentives over six weeks. In the upcoming week, the bridge will be fully functional so that any ERC-20 asset can be bridged over to the Zilliqa ecosystem. The Valkyrie Zilliqa Trust (VZil) is managed by Valkyrie Investments, an alternative asset management firm. The team of Valkyrie investments has broad expertise within traditional global finance (E.g., EY, J.P. Morgan) and fintech firms (e.g., Guggenheim Partners). The VZIL will serve mainly US institutional investors, increasing the overall exposure of ZIL in the US and making the asset more readily accessible.