The crypto crash of 2022 has had a detrimental impact across the board. For instance, the cryptocurrency industry’s market capitalization hit an 18-month low, going from 3 trillion dollars in November 2021 to 864 million in June 2022.
Bitcoin, the pioneer of the cryptocurrency industry, fell to its lowest valuation in almost two years of 19,000 dollars. Non-Fungible Tokens (NFTs) dropped from a record 12.6 billion dollars in January 2022 to a 12-month low of 1 billion in June. The ill-effects of the crypto crash cannot be underestimated. We’ve seen its ramifications on a general level. Now, we’ll look at specific cryptocurrencies.
XDC Network (XDC)
XDC Network (XDC) ranks at number 93 with a token price of 0.024 dollars and a market cap of 928 million dollars. Both values went up 2.7% in the last 24 hours. During the same time, the volume of tokens traded was just 3.4 million, a decrease of 9.1%. The fact that all three values have fallen is an illustration of the crypto crash.
Once known as XinFin Network, XDC is an enterprise-level, Ethereum Virtual Machine compatible, hybrid blockchain that consists of public and private states and interoperable smart contracts.
XDC is an extremely well optimized and bespoke branch of Ethereum and J.P. Morgan’s Quorum. XDC reaches consensus through a delegated proof-of-stake (dPos) protocol. This mechanism enables two-second transaction time, almost zero gas fees, and more than 2,000 transactions every second.
Gnosis (GNO) ranks just below XDC Network (XDC) at 97th place. Its token price is 110.2 dollars and a market capitalization of 1.1 billion dollars. Both of these values have increased slightly by 0.4% in 24 hours. During the same period, the volume of Gnosis (GNO) tokens traded in the market is 4.1 million, an increase of 18.7%. Surprisingly, while all of XDC’s values were down, all three of Gnosis’ numbers are up.
GnosisDAO is known for building decentralized infrastructures for the Ethereum ecosystem. In 2021, xDAI and GnosisDAO communities voted to merge their ecosystems and created the Gnosis Chain in the process.
Gnosis Chain is an Ethereum companion that deals with scaling concerns. It is an associated execution-layer, Ethereum Virtual Machine (EVM) chain for stable transactions.
The term Supontis is a merger of two distinctive words from two languages. The English term Super is combined with the Latin word Pontis, which means bridge. Together, they make Supontis, which means super bridge.
The name is self-explanatory: Supontis (SUP) serves as a bridge for transferring digital assets between different blockchain networks. SUP is built using Binance Smart Chain (BSC) and supports the transfer of digital assets between multiple blockchains, namely Ethereum, Binance, Tron, and Fantom.
Typically, when a digital asset is used, the SUP protocol locks it in the first chain and makes the same number of wrapped assets in the second chain. Once the transfer is made through the bridge, the digital assets are secured and immovable. The smart contract allows the platform to support the transfer in two simple steps.
To comprehend this swap, we will cite an example. Imagine a situation where you are the user, and you wish to exchange tokens from Tron to Fantom. In this instance, Supontis (SUP) will start by locking your digital assets for a while in Tron while it establishes the same number of tokens in Fantom, which are unlocked.
If you are looking to reverse this process and move your assets from Fantom back to Tron, Supontis will unlock the assets that were secured in Tron, and the new assets that were made in Fantom will be burned.
The numbers mentioned in the beginning are interesting. While all figures of XDC Network (XDC) have dropped, all three values of Gnosis (GNO) are on the up. What this means is that the crypto crash is affecting each cryptocurrency differently. The developers of Supontis (SUP) will be hoping that their platform fares the same way Gnosis is doing.
Supontis Token (SUP)