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 October 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:
Tether Gold (XAUt) is an asset-backed token issued by Tether on Ethereum. Tether is a blockchain-enabled company building digital assets and payment systems. Tether Gold gives holders direct exposure to physical gold prices through a highly tradable, low-cost product. Each XAUt token represents one troy fine ounce of London Good Delivery gold held in a Swiss vault. XAUt tokens can be fractionalized up to six decimal places, reducing the barrier to entry for investors. XAUt can be locked on Ethereum to back XAUT0 1:1 and trade on other networks. XAUt token holders benefit from gold’s store of value and an independent custodian securing the physical gold. Holders can redeem a certain amount of XAUt tokens to receive physical gold delivery in a location in Switzerland decided by the redeemer.
Pump.fun (PUMP) is a meme coin trading platform streamlining token creation and community growth. Users trade tokens on a bonding curve which exponentially adjusts the price per token when more are purchased. This enables meme coin creators to launch tokens without seed liquidity. Once a meme token meets a market cap threshold, the token graduates to being traded on PumpSwap, an Automated-Market Maker. Meme coin issuers can host livestreams to increase engagement with users and create a community with similar interests. PUMP token is a meme coin representing the pump.fun platform. Pump buys back PUMP tokens with the fees earned from meme coin creation and PumpSwap trading, increasing scarcity of the PUMP token and rewarding holders.
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