As we move through Q2, a number of cryptocurrency projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
1. Uniswap (UNI)
UNI is a governance token for Uniswap, which is an automated liquidity protocol built on the Ethereum blockchain. UNI tokens are ERC-20 tokens, and allow holders to influence the direction of the Uniswap project. UNI holders have ownership of the Uniswap governance process, the UNI community treasury, and the protocol’s fee switch. At launch, 15% of the total UNI supply was distributed to existing users of the Uniswap protocol.
Uniswap V3 Launches on May 05
The team behind Uniswap have outlined their plans for Uniswap V3 which launches on May 5, and incorporates new multiple fee tiers, an enhanced set of range orders, advanced oracles, and Non-Fungible Token (NFT) liquidity. Via Concentrated Liquidity, V3 allows Liquidity Providers (LPs) to provide liquidity within tighter, custom price ranges. In addition, the new version will feature Active Liquidity which allows for price ranges to be updated in real time to account for sudden market changes, and enables LPs to make the most of their trading fee earning potential. The upgrade will also facilitate enhanced UNI token functionality and after recently hitting $1B worth of monthly trading volume we can expect the UNI token to continue to appreciate in terms of value and importance, and you can find out more about the launch here.
2. Ren (REN)
Originally designed to be a decentralized dark pools network on Ethereum, Ren now incorporates RenVM, an open protocol which provides access to inter-blockchain liquidity for a range of digital assets. Ren allows users to bridge assets to the Ethereum network and mint tokens such as renBTC.
Mainnet Upgrade on May 3
The Ren mainnet is scheduled to upgrade to v0.4.0 on May 3 with the upgrade process lasting until May 9. The upgrade enhances the RenVM protocol, although most users will not see any major changes when using RenVM applications. However, a number of operations will be significantly upgraded including how dark nodes are managed across the network, and dark node operators will be able to claim fees without needing to use gas. Anyone is able to run a dark node across the Ren peer-to-peer network, and the team are also aiming to begin a community-governed fund to help finance certain changes. Improvements were first introduced to the testnet, and will now go live on the mainnet, and you can check out the team’s roadmap for more information.
3. Internet Computer (ICP)
Internet Computer, previously known as Dfinity, is building a decentralized “internet computer”, a cloud computing platform that aims to compete with centralized giants such as Amazon AWS, Microsoft Azure and Google Cloud.
Mercury Beta Mainnet Launches on May 7
Previously known as Dfinity, the Internet Computer project is set to launch its mainnet on May 7. The DFINITY Foundation is ready to present the Internet Computer Genesis Launch Event this week with the Mercury Beta and Genesis launch taking place on May 7 at 10:00 PT/ 19:00 CET. The Mercury Beta and Genesis launch represents the sixth ICP development stage, and will result in the release of ICP governance tokens.
ICP tokens have been trading as IOU tokens on some exchanges with traders speculating on the possible price of ICP before the blockchain goes live. You can find out more information about the Mercury launch here.
How did the coins perform last week?
The cryptocurrency market had a very positive 7-day stretch, with the total cryptocurrency market cap increasing from $1.84T to $2.26T (+22.3%). All of last week’s top coins to watch benefited from the bullish momentum – UNI increased in price by 25.4% and QTUM registered gains of 22.5% in the last 7 days. ALICE was the best performer by far and grew by a whopping 99.2%.
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