What is district0x?
District0x is network of decentralized markets and communities powered by Ethereum, Aragon, and IPFS. It was one of the biggest ICOs in 2017 but lost popularity quickly. Their network is a collective of decentralized marketplaces and communities called "Districts", created on a modular framework of Ethereum smart contracts and a set of libraries called d0xINFRA. The d0xINFRA is a standard open source framework.
The Coinbase effect
It is known that token listing on Coinbase can create a hype around the token and a surge in price. The FOMO kicks in and many are binge buying, dreaming at huge profits and sometimes this method will work. When I started using Coinbase, only Bitcoin was there. Soon Ethereum followed, than Litecoin.
Since 2016-2017, even the rumour that a coin will be listed created hysteria. Many other followed and the Coinbase Effect was still creating waves but not the Tsunami from the past. Today we have more almost 40 coins and tokens on Coinbase and the hysteria is not what it was few years ago. Recently Civic (CVC), Decentraland (MANA) and District0x (DNT) were listed, all fallen alt-coins with genesis back in 2017. Decentraland and Civic did well after the listing while District0x performed amazingly.
The listing of district0x (DNT) reminded me of the good old days, the giant waves flooding the crypto enthusiast mind and the instant spike in trade volume. The Coinbase effect surged DNT and Distric0x has been resurrected. On the 6th of November, the day of the listing, district price went up by 797%, from $0.0088 the day before to $0.079. The traders have taken the profits out and driven prices down. This project got resurrected.
The value surge was nowhere near the All-Time High achieved in January 2018, at $0.43, but an 800% rise was definitely profitable for some. A tidal wave of sells at high price made district drop value down to $0.049 and finally showing signs of stabilization.
The 2017 ICO was forecasting a big future for district0x but the bear market made the project lose popularity. The token was giving no advantage to holders, users didn't crowded the platform and the price fell to $0.002. With the DeFi rise, district0x planed a comeback, and the listing on Coinbase achieved this goal. The use of "districts" could aid the growing DeFi sector and district0x may participate in the development of the sector.
Links and referrals
Amazon author page: PV Mihalache
Quality Faucets: Free-Litecoin.com (LITECOIN)