Crypto Around The World: May 7 Review
Kylin Network (KYL), Zero Exchange (ZERO), Utrust (UTK)
Over the last week, the cryptocurrency market rallied with Bitcoin (BTC), Ethereum (ETH), and other altcoins hitting their all-time. All the overall crypto market valuations surged to $2.25 trillion, the overall altcoin market cap also topped $1 trillion for the very first time reducing BTC’s dominance in the market.
Let’s take a look at our crypto picks for the week that spans across different decentralized applications and blockchain infrastructure.
Kylin Network (KYL) – A Cross-Chain Platform Powering the Data Economy
Kilin Blockchain network aims to offer its users a decentralized data infrastructure solution #DeData for Web 3.0. These solutions include the Kylin Data Analytics, Kylin Data Oracle, and the Kylin Data Marketplace.
Kylin Data Analytics: It combines the analytics tools for data warehouses while simultaneously extracting meaning data patterns, findings, interpretation, etc. The goal is to implement low-cost commercialization for the public.
Kylin Data Oracle: It is an advanced decentralized data feeding protocol powered by the Polkadot protocol. The Kylin Data Oracle provides several cost-efficient real-time data sources. Also, by synergizing with the Polkadot Substrate 2.0 Off-Chain Workers (OCWs) the Kylin Oracle Network processes any type of on-chain and off-chain data in a reliable and validated manner.
Kylin Data Marketplace: This is an open platform for pricing and data exchange. Polkadot-based Dapps allows collecting both on-chain and off-chain data at a very minimal cost.
KYL is the native utility token for the Kylin Network used for staking by data miners, validators and arbitrators. Miners staking KYL with a higher stake have a higher probability to fulfil the data requests.
KYL token also serves as an intermediary for exchange for paying a transaction or a query fee along with data access behind paywalls like private APIs.KYL token is used for on-chain governance wherein holders can vote for protocol changes and upgrades on the Kylin Network.
The KYL token went live for trading last month in March 2021 and is currently trading at a price of $1.10 with a market cap of $89.7 million.
Zero Exchange (ZERO) – An Avalanche Blockchain-based DEX Platform
Zero Exchange (ZERO) has now emerged as a popular decentralized exchange (DEX) just like UniSwap but without any transaction fee. The Zero Exchange (ZERO) is powered by Avalanche Network’s fast finality blockchain with a low fee.
Besides, it also uses ChainSafe’s Chainbridge solution for making all this possible. Being the first Avalanche-based DEX, Zero Exchange (ZERO) aims to bring an end to the increasing fee problem experienced by traders on the UniSwap and Sushiswap exchanges in the DeFi ecosystem.
The Zero Exchange received good market response onboarding over 8000 users and recording $60M in trading volumes even before the mainnet going live. Since DEX platforms like Uniswap and Sushiswap have been based on the Ethereum blockchain, the high gas fee has forced users to move to Zero.
The native token ZERO has seen a strong 500% surge year-to-date and is currently trading at $0.34.
Utrust (UTK) – Pushing Higher Crypto Usability for Daily Payments
The Utrust blockchain platform aims to address the issue of low usability of cryptocurrencies as means of payment. It is true that while cryptocurrencies solve the issue of faster cross-border transfers, their usability in daily purchases is limited as it takes a few minutes to process transactions.
Thus, the main goal of Utrust is to build a platform that can offer fast and seamless crypto transactions at a low cost. This ultimately allows the merchants to reach a large audience of crypto holders.
It allows buyers to make secure crypto purchases along with the option of refunds and protecting sellers against high market volatility. Until the product purchase has been completed by the buyer, Uturst secures the transaction while acting as a mediator and ensuring the success of the transaction.
Also, another thing is that crypto users make use of more than one wallet and exchange to manage their crypto assets. By introducing its native wallet, Utrust aims to reduce this complexity allowing users to make fast and secure transactions. The Utrust mobile wallet both on-chain and off-chain payments.
Utrust’s native UTK token has surged more than 5x year-to-date resulting in 400% returns. At press time, UTK is trading at $0.65 with a market cap of $293 million.
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