Let's start with the update about the top-5 performing crypto of the last 24 hours. The goal of this post is to compare the returns of the top-100 ranking crypto on Coinmarketcap and identify the 5 cryptocurrencies that have recorded the greatest price increase in the last 24 hours.
1. PancakeSwap (CAKE): +68.21%
PancakeSwap is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker (AMM) model where users trade against a liquidity pool. Such pools are filled with users’ funds. They deposit them into the pool, receiving liquidity provider (or LP) tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees.
The LP tokens are called FLIP tokens. PancakeSwap also allows users to farm additional tokens – CAKE and SYRUP. On the farm, users can deposit LP tokens, locking them up in a process that rewards users with CAKE. Users can stake CAKE tokens to receive SYRUP, which will have further functionality as governance tokens (and as tickets in a lotteries).
2. Matic Network (MATIC): +61.63%
Matic Network is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains.
Matic Network combines the Plasma Framework and the proof-of-stake blockchain architecture. The Plasma framework used by Matic Network as proposed by the co-founder of Ethereum, Vitalik Buterin, allows for the easy execution of scalable and autonomous smart contracts.
The Matic Network boasts of up to 65,000 transactions per second on a single side chain, along with a respectable block confirmation time of less than two seconds. The framework also allows for the creation of globally available decentralized financial applications on a single foundational blockchain.
The Plasma framework gives Matic Network the potential of housing an unlimited number of decentralized applications on their infrastructure without experiencing the normal drawbacks common on proof-of-work blockchains. So far, Matic has attracted more than 50 DApps to its PoS-secured Ethereum sidechain.
MATIC, the native tokens of the Matic Network is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on the Matic Network and as a settlement currency between users who operate within the Matic ecosystem. The transaction fees on Matic sidechains are also paid in MATIC tokens.
3. Binance Coin (BNB): +55.89%
BNB was launched through an initial coin offering in 2017, 11 days before the Binance cryptocurrency exchange went online. It was originally issued as an ERC-20 token running on the Ethereum network, with a total supply capped at 200 million coins, and 100 million BNBs offered in the ICO. However, the ERC-20 BNB coins were swapped with BEP2 BNB on a 1:1 ratio in April 2019 with the launch of the Binance Chain mainnet, and are now no longer hosted on Ethereum.
BNB can be used as a payment method, a utility token to pay for fees on the Binance exchange and for participation in token sales on the Binance launchpad. BNB also powers the Binance DEX (decentralized exchange).
4. Avalanche (AVAX): +45.91%
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
It aims to be something of a global assets exchange, allowing anyone to launch or trade any form of asset and control it in a decentralized manner using smart contracts and other cutting-edge technologies.
Developers at Ava Labs claim that Avalanche is the first smart contracts network to offer transaction finalization in under one second as standard.
Avalanche launched its mainnet in September 2020. The platform’s native token, AVAX, performs various tasks within Avalanche and also functions as a rewards and payment system for users.
5. Filecoin (FIL): +41.75%
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.”
The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
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