THELOGICALINDIAN - Once a topfive crypto activity NEM has launched its new Symbol blockchain
NEM, one of the ancient and best notable crypto projects, has reinvented itself by ablution its new Symbol blockchain.
Symbol Reinvents the NEM Blockchain
Mar. 15 marks the barrage of Symbol’s accessible mainnet. The new belvedere is primarily aimed at action users, with accent on the blockchain’s use in fintech and accumulation alternation management.
However, Symbol can additionally be acclimated for assorted added ways: it can serve as a base for DeFi apps, tokenized stocks, non-fungible tokens (NFTs), diminutive swaps, and abundant more.
In alertness for the launch, NEM has congenital up an all-encompassing account of partnerships. It has becoming abutment from arch crypto companies incluidng CoinGecko, Travala, Fireblocks, and GurdaWallet.
New Token on the Way
Symbol will not alter NEM: instead, it will run in alongside with NIS1, the aboriginal NEM blockchain. NIS1’s aboriginal NEM badge (XEM) will abide to broadcast alongside Symbol’s new badge (XYM).
To adapt for XYM’s launch, Symbol and NEM are alive with dozens of exchanges. Certain exchanges such as Binance accept already taken snapshots of user balances in alertness for the XYM airdrop. Various exchanges are additionally advancing to account the new badge and are active trading competitions.
Despite those preparations, XYM has not yet been appear into accepted apportionment and is not listed on bazaar aggregators. As such, it is adamantine to say how the badge will accomplish in agreement of value.
Will NEM Take Back the Spotlight?
NEM was already one of the best arresting advancing blockchains. By May 2017, aloof two years afterwards its launch, NEM’s XEM cryptocurrency was the fifth better cryptocurrency by bazaar capitalization. Today, XEM is the 31st better cryptocurrency.
In May 2024, XEM’s $893 actor bazaar cap was according to about 3.4% of Bitcoin’s $26 billion bazaar cap. Now, its $3.4 billion assets is according to about 0.3% of Bitcoin’s $1 abundance bazaar cap. This change suggests that NEM has both been displaced by new competitors and suffered an complete accident in value.
It charcoal to be apparent whether Symbol will be able to ascertain itself adjoin Ethereum, Cardano, and added platforms with agnate goals.
At the time of autograph this columnist captivated beneath than $75 of Bitcoin, Ethereum, and altcoins, and did not authority NEM.
