Top Five Gainers in the Bull Market


By and of itself a groundbreaking innovation, blockchain technology creates a healthy competitive environment in which the best innovations thrive. Given the memetic nature of some coins, the top gainers may sometimes seem random, lacking proper merit. However, the end of January’s rankings have revealed unique tokens that deserve your attention.

More Reasons Than Ever to Tap Into DeFi

Decentralized Finance — DeFi — continues its rapid expansion and evolution. From the mere $1 billion last Summer to the current ~$37 billion worth of locked assets in the DeFi space, not even Bitcoin (BTC) can claim to have grown so much in such a short time span. Moreover, traditional finance keeps giving people more reasons to ditch it in favor of an alternative system that is not rigged.

Of all the stock trading platforms, Robinhood took the lead in inadvertently showing millions of traders the underlying corruption of centralized finance. As it was selling its order flows to Citadel, one of the major hedge funds involved in the GameStop short squeeze phenomenon, it simultaneously imposed trading restrictions on the very same stock, even going as far as selling people’s positions without their permission!

One may say this stark conflict of interest was not a breach of the customer agreement, but legal liability is a world away from people’s sense of fair play. Consequently, it is becoming glaringly obvious that a financial system without centralized collusion is only possible in the DeFi space.

Leaving Behind the DeFi Maturation Period

In the latter half of 2020, many DeFi naysayers were comparing this thriving ecosystem to the ICO craze, with its countless fraudulent whitepapers. Those in-the-know would’ve understood that this analogy falls apart when we compare the nature of the two bubbles. Unlike ICOs, DeFi projects represent working protocols on the Ethereum blockchain, providing real value by creating decentralized financial instruments for borrowing and lending.

During the initial growth spurt, we’ve seen many governance tokens skyrocket astronomically. If you recall, YFI (yearn.finance) token gained 15,400% in just one week, in July. Not unlike altcoins in the cryptocurrency space, we have also seen the emergence of meme tokens. Some were even accidentally created, as Jordan Lyall of ConsenSys tweeted about. The token went all the way up to $23,400, only to then plummet soon after to under $1.

Such exuberance in the phase of exploration and experimentation was to be expected, especially as blockchain enthusiasts rushed to make money via yield farming. As the ecosystem eventually stabilized, certain DeFi protocols gained prominence, among these were automated market maker (AMM) SushiSwap, a fork of Uniswap. Without the centralized power of hedge funds and large exchanges, such as NYSE and NASDAQ, achieving liquidity with AMMs had been critical for the viability of the entire DeFi ecosystem.

The Latest Alignment of Top 5 Gainers

Whether on Uniswap, CoinMarketCap or CoinGecko, on 31st January, we saw a token realignment in the highest price earners. Starting with number one, here is the ranking:

1. SpaceSwap MILK2

Leaving the rest of the tokens in the dust, MILK2 jumped by 160% at the end of last month, from $0.025 to $0.065. However, this is nothing compared to its ATH  on 4th February, climbing up to $4.70 and marking an astronomical 7130.7% explosion!

20fd569617bcdb80cb92f5fdc902e91ed68c5a8ae876da89639b6f95313401f8.png

2. SHAKE SHAKE

Hailing from the same SpaceSwap protocol, SHAKE’s value increased by 1535%, from $250 to $4120 on the same day, 31st January. Likewise, SHAKE’s ATH on 5th February jumped to an astonishing $15,157, representing a 5914% increase in value.

640ad6d26e2cee5f64fdbce65c9ebf860cc5fc6800a5129df1631ed5d90d7b3a.png

 

3. Spockchain Network SPOK

Singaporean SPOK, running on the Proof of Capacity consensus, has a lofty goal of implementing decentralized storage. On 31st January, with its token priced at $0.0006, it rose to $0.0037, marking a $516 price increase. Its ATH on 3rd February held at $0.022, representing a 494.6% gain.

f96c9c6169265d56289ebf865ca000fe9c48969c2bd6c491c5d0d246e55d4405.png

4. Cat Token CAT

Some would say the internet, at least the video-sharing part, began with cats. It is then no wonder that cat lovers united to issue this meme token, following in the footsteps of Doge. From $0.0071 to $0.24, it spiked by 494.6%, but only momentarily.

0e6c91acbaaadb939340b90ab6b7d69cca7712cf3631f47f742f6b046eacd9e8.png

5. BnkToTheFuture BFK

A wordplay on the iconic movie trilogy Back to the Future, BFK serves as an investment protocol for cryptos and equities. On 31st January, BFK reached $0.056 from $0.0079, making a 608% increase while also representing its year’s ATH.

eb8dd535d2d39b98e367df83907bf3f9476cbf183db861c896021e7d0ca09bd0.png

 

Why are two tokens in the chart at once? The Emergence of MILK2 /SHAKE

If one were to try to pin down the rise of memetic tokens, it would probably be a fruitless endeavor. However, not often do we see a marked rise of two tokens from the same platform, so let’s explore a little further.

Under the evolutionary pressure of innovation, just as SushiSwap emerged from Uniswap, so too did MILK2/SHAKE emerge from SushiSwap. To give you an idea of its positioning within the DeFi space, let’s zoom out and compare it to both the dominant mainstream payment ecosystems — PayPal and the pre-eminent cryptocurrency, Bitcoin.

f6f8fd12f4fd46e282c83344b60a088bdafe6bd2d3d73ff2a23654113bca2267.png

As you can see, MILK2/SHAKE represents only a sliver of the DeFi space with its $2.9 million market cap. Nonetheless, all successful projects start from humble beginnings, only to overtake the competition later on. Originally envisioned as a SushiSwap clone intended for migration to SpaceSwap’s AMM, this vision was soon revised due to issues with inflation and over-emission.

Consequently, SpaceSwap 2.0 evolved into a two-token ecosystem. Let’s look at a quick overview of what SpaceSwap is all about:

  • Like many DeFi networks, SpaceSwap uses Uniswap’s protocol for farming MILK2 tokens.
  • MILK2 token — the governance token — represents rewards as liquidity providers stake their tokens into liquidity pools, which here are called Gravity pools.
  • On top of these rewards, SpaceSwap offers Milk Shake (SHAKE) as an extra rare reward token.
  • There are a total of 10,000 SHAKE tokens.
  • MILK2-SHAKE token pairing in liquidity pools provides an exceedingly high APY (annual percentage yield).

Overall, the vital purpose of the SHAKE token is to reduce inflation. Any time a token holder swaps MILK2 for SHAKE, the former token is purged. On the other hand, if one were to swap SHAKE for MILK2, its price is lowered by 10 MILK2 to prevent instant arbitrage.

Shadow Staking Enters the Scene

Having already successfully passed the smart contract code audits by Lianantech, SwapSpace 2.0 has launched the much-anticipated Shadow Farming/Staking. It is no overstatement to say this is a revolutionary innovation within the DeFi space:

  • Token holders no longer need to stake liquidity provider (LP) tokens. 
  • It drastically reduces ETH Gas (fee) expenditure.

Keep in mind, a liquidity provider (LP) token represents a new token automatically generated by the SpaceSwap protocol whenever a user makes a deposit in either the Interstellar or Gravity liquidity pools, equal in value to the deposited stake. In essence, LPs are your claim to the pool’s assets  and you have control over when to withdraw them, without any third-party meddling! Moreover, as ERC-20 tokens, they can be used on other Ethereum DeFi protocols as well.

Although Ethereum is transitioning to Ethereum 2.0, it is no secret that its high transaction fees and the congested network have somewhat stalled DeFi’s growth. By keeping your LP tokens safely nestled in your wallet, you can now both alleviate network congestion and avoid exorbitant Gas fees. Truly, Shadow Staking could not have arrived at a better time.

As greater value leads to greater market traction, new partnerships are easier to form. Such was the case with SnowSwap, a decentralized automated market maker. SpaceSwap and SnowSwap are partnering up thanks to the drastically heightened security offered by Shadow Staking. On 4th February, SpaceSwap created two liquidity pools with SnowSwap’s native SNOW token.

7c08d7efa99d4d8e0da30059054b6c19cb238f9ea550919373d6255026f57581.png

If you want to learn more about SpaceSwap and its visionary co-founder Vladimir Nikitin, follow this interview on Infinity Chain News.

SpaceSwap’s Future as a Rising DeFi Star?

It is quite a feat to upgrade an entire Ethereum network, as Vitalik Buterin is discovering, but it is quite another feat altogether to make new grounds within an existing system. SpaceSwap’s Shadow Staking technology frees up Ethereum’s blockchain by having users keep their LP tokens in their wallets, while simultaneously fortifying users’ assets as they generate passive incomes. Following on from that achievement, Nikitin has more great plans for the SpaceSwap platform:

 

  • SpaceSwap Binance Smart Chain (BSC) - JustLiquidity Token Bridge is already serving as the first step. If you are not familiar with BSC, it is an upgrade for super-fast Binance Chain. With its cross-chain compatibility, BSC is poised to become the go-to environment for high-performing dApps.
  • SpaceLend - Native virtual banking protocols for borrowing and lending, aimed at becoming the mainstay for all HODLers seeking to employ their coins for outstanding interest rates.

 

  • SpaceSwap Starter - A crowd-funding platform where promising DeFi projects will be selected for fund-raising via SHAKE and MILK2 tokens. It’s not just constrained to DeFi either, it will include ICO projects as well.
  • SpaceSwap MultiChain DEX – A cross-chain decentralized exchange tapping across BSC, Tron and Ethereum blockchains.
  • Shadow Synthetic Assets Staking – This represents the next stage of evolution for the revolutionary Shadow Staking innovation, aiming to transform the entire DeFi ecosystem.
  • SpaceCrew – Not to be confused with MultiChain DEX, this project refers to a decentralized exchange (DEX) liquidity pool.

Next Space Station to Visit

If you are interested in SpaceSwap’s enticing track record and its roadmap, there is more good news. After the first 100 non-fungible tokens (NFTs) were sold on Rarible, now is a good time to farm even more MILK2 tokens, with three newly-added NFT pools. You can take the yield farming bull by the horns with this extensive manual and totally max out your APY gains. 

With DeFi’s future looking brighter than ever, NFTs will provide SpaceSwap with the necessary funds to materialize the ambitious and innovative goals they’ve set for themselves in this year’s roadmap.

 

How do you rate this article?

8


SpaceSwap Captain
SpaceSwap Captain

I am the Captain of SpaceSwap team. Please join our project: www.spaceswap.app


SpaceSwap Captain
SpaceSwap Captain

The blog of the Captain of SpaceSwap team. The SpaceSwap project aims to become a one-stop-station for major DeFi protocols. Welcome to our project: www.spaceswap.app

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.