6 March 2021
All the Latest Developments About Exeedme (XEC), Kusama (KSM), and Raydium (RAY)
The cryptocurrency market has registered a strong rally so far in 2021 with several altcoins shooting to new all-time highs. With the crypto space, the decentralized finance (DeFi) tokens and non-fungible tokens (NFTs) have gathered a lot of steam recently.
Both these sectors are showing explosive growth with the DeFi and NFT tokens gaining million-dollar valuations in a very short time frame. Our crypto picks for this week are such tokens that capture a mix of both these segments.
Exeedme (XED) - The DeFi and NFT Powered Gaming Platform
Thus, Exeedme is a fair and trusted Polkadot-powered gaming platform allowing worldwide users to play their favourite games, challenge the opponent or also bet on their victory. This allows players and gamers to make money from their skills.
Built on the Polkadot blockchain platform, Exeedme (XEC) aims to popularize gaming once again by creating an equitable system that rewards gamers fairly. The total number of worldwide gamers has surged rapidly, however, the centralized systems haven’t been much rewarding leaving gamers to frustration.
Exeedme aims to democratize the entire monetization process and create a peer-to-peer gamer economy wherein the majority of the money directly goes to gamers of all skill levels.
By using the power of blockchain, Exeedme facilitates skill monetization using its native digital currency XED. It employs the laws of open market dynamics thereby giving gamers a sense of absolute control and ownership.
XEC plans to facilitate several different revenue streams. This includes:
-Earning crypto rewards for engagement
-Earning through their winnings
-Trading the in-game assets, collectibles, and trophies and further monetizing them through NFTs.
The native XED token started trading this year on January 2, 2021. At press time, XED is trading at $0.71 which is 90% year-to-date.
Kusama (KSM) - A Web3 Foundation-Funded Blockchain Platform Similar to Polkadot
Created by the same brains behind the Polkadot and funded by the Web3 Foundation, Kusama is an experimental blockchain platform designed to give developers a massively scalable and interoperable framework.
The platform serves as a testbed for developers looking to build and implement their own blockchain networks and goes one step further in offering features that are still not available on Polkadot.
Self-describing itself as a “canary network”, Kusama is built using the blockchain building kit ‘substate’ with a similar code to that of Polkadot. Serving the earl-stage startups, Kusama’s key USPs are a low barrier to entry for parachain deployment as well as a low bond requirement for validators.
Just like Polkadot, Kusama also has an on-chain governance facility that is four times faster than Polkadot’s. This leads to a rapid speed of development for projects that are built using Kusama. As the Kusama blockchain mainly serves for testing and experimental purpose, Polkadot plans to test its upcoming parachains on this network.
Thus, before implementing this ambitious Polkadot project, developers can observe the possible networks priorly on Kusama. “Kusama governance will first vote to enable parachain functionality via runtime upgrade. After that it can vote to begin slot auctions and to add any common-good parachains,” the company explained.
KSM, the native cryptocurrency of Kusama has been soaring high this year. At press time, the KSM price is 7% up trading at $228 with a market cap of $1.9 billion. The KSM crypto price is already up more than 200% year-to-date.
Raydium (RAY) - A Solana blockchain-based Automated Market Maker (AMM) and Liquidity Provider
Raydium serves an important application within the DeFi space as an automated market maker (AMM) and liquidity provider for the Serum decentralized exchange (DEX) and built atop the Solana blockchain.
The Raydium protocol serves as a bridge for other projects looking to expand through Serum and Solana. Thus, Raydium and its native RAY token will serve as a foundation for new developments within the ecosystem.
Unlike other traditional AMMs, Raydium offers on-chain liquidity to a central limit orderbook. This giver Raydium liquidity providers access to the entire order book on the Serum DEX.
Citing Ethereum’s extreme transaction fee, the popular decentralized exchange (DEX) SushiSwap submitted a proposal of porting to the Solana blockchain. This would involve integrating SushiSwap with the Raydium platform. The author proposing this change stated that Raydium already has features supporting SushiSwap’s liquidity pools.
“We have been working on Raydium’s AMM and liquidity pool protocols since the fall of 2020 and have just launched on our platform […] Raydium’s protocol is already able to support SushiSwap liquidity pools for the Serum orderbook,” the author notes.
Raydium’s native RAY token went live for trading last month on February 22. At press time, RAY is trading at a price of $6.53 with a market cap of $73.6 million.