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 May 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:
Sui (SUI) is a layer 1 smart contract platform based on the Move programming language, employing a delegated proof-of-stake consensus mechanism. The Move language was initially created at Facebook for the Libra project (later Diem) to address vulnerabilities like re-entrancy, poison tokens, and spoofed token approvals. Sui adopts an object-centric model derived from Move, allowing parallel execution of transactions with half-second finality. To ensure scalability, Sui implements horizontal processing, where network capacity grows proportionally to validator processing power, thereby maintaining low gas fees even during periods of high traffic. SUI serves as the native utility token within the Sui ecosystem, facilitating network fees, staking, native liquidity, and governance. In March 2023, Sui successfully launched its Mainnet blockchain.
Floki (FLOKI) is a meme coin on Ethereum and BNB Chain, created by Shiba Inu (SHIB) community fans. It is named after Elon Musk’s Shiba Inu, which, in turn, was named after a Vikings character. Floki has recently attempted to expand its offerings beyond being a meme coin. It launched Valhalla, a P2E NFT-based game, FlokiFi, a DeFi custody solution, and FlokiPlaces, an NFT marketplace, among others. FLOKI serves as the native utility token for payments, collateral, and governance.
Pepe is a meme coin inspired by the cartoon character “Pepe the Frog.” It was launched in April of 2023 and experienced a rapid surge in popularity and value later that month and into May. The PEPE token has no utility and was created by an anonymous team.
eCash (XEC) is a value transfer coin, forked from the Bitcoin Cash (BCH) blockchain on November 15, 2020. It was briefly called Bitcoin Cash ABC (BCHA) after the team behind the software (Bitcoin ABC), however, it officially rebranded to eCash on July 1, 2021. eCash is used as a means to transfer money online via electronic wallets. eCash uses Avalanche Consensus code to enhance its blockchain security.
Want these insights delivered straight to your inbox? Sign up for our mailing list.
© 2023 Coin Metrics Inc. All rights reserved. Redistribution is not permitted without consent. This newsletter does not constitute investment advice and is for informational purposes only and you should not make an investment decision on the basis of this information. The newsletter is provided “as is’ and Coin Metrics will not be liable for any loss or damage resulting from information obtained from the newsletter.