Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our April edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
StarkNet (STRK) is a network scaling solution for Ethereum providing inexpensive, secure transactions and flexible developer tools for ecosystem participants. StarkNet is a Layer-2, producing ZK-proofs or STARK proofs to ensure the validity of transactions prior to posting data to Ethereum. Cairo is Starknet’s custom programming language built to support the computational requirements for validity proofs of transactions. Validity proofs are produced without incurring major network fee increases or delays. StarkNet offers native account abstraction to allow developers to provide secure and convenient transactions when interacting between user wallets and applications. STRK can act as a substitute for ETH tokens to pay transaction fees, participate in governance, and are rewarded to participants in the network through the Starknet Provisions Program.
Dogwifhat (WIF) is a meme coin on the Solana blockchain. Dogwifhat works to create a community in the Solana ecosystem through the interest of a picture of a Shiba Inu wearing a beanie. Community members have shown their appreciation for the token by publishing alternative attire and background environments for the Shiba Inu. The community raised over $650,000 to place an advertisement on the Las Vegas Sphere. Holders can provide tokens to liquidity pools on decentralized exchanges to earn fees and increase the publicity of the token for others to acquire.
Helium (HNT) is a decentralized Internet of Things network hosted on Solana that provides low-cost network connectivity. Helium’s user-hosted hotspots or miners connect Low Range Wide Area and cellular networks to support data sharing and internet connections. Helium uses a Proof-of-Coverage mechanism to geographically confirm a hotspot’s location and available coverage by sending radio frequency packets to hotspots around the area. Hotspots allow low power IoT devices to send off-chain data to the network, create monitoring processes, and decrease managing additional infrastructure. Hotspot miners are rewarded with IOT and MOBILE tokens based on their services provided which can be redeemed for HNT tokens in the treasury. Helium uses a Burn-and-Mint equilibrium model to burn HNT supply and provide users with DC tokens for transaction fees payments. HNT can be staked using a vote escrow model to vote in governance proposals affecting Helium’s Network of Networks model.
THORChain (RUNE) is a decentralized exchange using the Tendermint consensus engine on the Cosmos SDK. THORChain vaults provide cross-chain liquidity swaps without pegging or wrapping tokens. THORChain uses Continuous Liquidity Pools to provide liquidity to trade pairs, adjusting fees when volatility increases or large trades are made. Users can also provide single-sided liquidity in Savings vaults without RUNE token exposure. Vaults accept synthetic 1:1 assets and enable users to withdraw their principal and the yield at any time. THORChain is secured using a Proof-of-Bond mechanism where node operators must bond RUNE to verify transactions and protect the security of the network. RUNE tokens are also essential for creating liquidity pools as the quote asset. RUNE tokens can be used to create synthetic assets with a 100% collateralization ratio, act as the settlement token when swapping, and are used to incentivize node operators and liquidity providers in a balance of network security.
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