As we move towards the end of 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. Polygon (MATIC)
Polygon, previously known as Matic Network, is a layer 2 scaling solution for Ethereum which aims to provide major scalability improvements for decentralized applications by utilizing a modified version of Plasma with sidechains based on Proof-of-Stake.
Polygon operates as an Ethereum scaling solution and the project’s Mumbai testnet has upgraded to the latest Ethereum Geth client with the Berlin hard fork. Ethereum’s network upgrade went live at block 12,244,000 which occurred last month and the Polygon team are advising node runners to upgrade before May 18 to ensure that their node remains in sync with the network as any nodes that are not updated will be out of sync. The upgrade will take place on the Mumbai testnet before moving onto mainnet and will enable Polygon to keep working efficiently as a viable Ethereum scaling solution. You can find out more about the Berlin fork upgrade here.
2. Wax (WAXP)
WAXP Token is a purpose-built blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for all participants. The custom features and incentive mechanisms developed by WAX are designed to optimize the blockchain’s usability in e-commerce, and online gaming, and to encourage voting on guilds and proposals.
Why Wax? Robotech NFTs Release on May 20
The Wax team have announced the launch of a new Robotech collectibles series on the Wax blockchain, and two new WAX Packs which will include a range of NFTs will be released on May 20 at 13:00 EST. The sale of these packs will last for 24 hours with both unboxing and crafting being available for 3 hours after the sale ends. Each pack will contain unique NFTs related to the popular Robotech science-fiction anime series and you can learn more about the NFT launch here.
3. Everipedia (IQ)
Everipedia is the first decentralized English-language encyclopaedia on the blockchain. Everipedia has created its own IQ token as they move the project towards decentralization and being hosted on the EOS platform. The airdrop will take place near the end of February.
Why Everipedia? IQ V2 Launch on May 17
The Everipedia team have confirmed the launch of IQ V2 on May 17, and the Everipedia network incorporates the IQ token to incentivize network participants. Currently IQ tokens can be earned by creating/editing pages and by voting with the majority with regards to a proposed edit. You can also earn tokens by making predictions and creating PredIQtion Markets on PredIQt, with the network also making use of staking to reward network participants. The Everipedia team have hinted that the IQ V2 launch will include a range of new upgrades to the platform and how the IQ token functions and will be worth keeping an eye on.
How did the coins perform last week?
The seven-day period led to poor results across the cryptocurrency market, and the previous week’s top coins to watch were no exception. Stacks decreased by 25%, while Swipe dropped by about 23%. PlotX held up a bit better, and recorded a 16% decline. Over the course of the week, the total cryptocurrency market cap fell from x to y (z%).