As June draws to a close, we are at the halfway mark for 2022. One of the most significant events of the first half of the year has been the current crypto crash. VertoChain news..
It started in May 2022 and continues to grab headlines. Bitcoin is a great example of how far cryptocurrencies have fallen recently. The value of a single token of BTC hit 40,000 dollars not too long ago. It is just 19,000 dollars now, representing its lowest point in 18 months. The market capitalization, defined as the total value of all available cryptocurrencies, has declined from 3 trillion dollars to 860 billion. We will consider an established cryptocurrency before looking at a new one.
Enjin Coin (ENJ)
Ranking at 76th place overall, Enjin Coin (ENJ) has a market cap of 485 million dollars and a token price of 0.48. Both these values have gone down 6.73% in the last day. During the same period, the trading volume is 69 million dollars, having declined just 1%. The effects of the crypto crash are minor at best.
Enjin Coin (ENJ) is named after its parent company. Enjin provides an ecosystem consisting of well-connected, blockchain-based gaming products. Enjin Network is a social gaming hub that allows users to develop websites, and clans and accommodates virtual commodity stores. Game developers can tokenize in-game articles on the Ethereum blockchain using an ERC-20 token. Following its announcement in 2017, ENJ was launched on the Ethereum mainnet in 2018.
Enjin Coin is a digital store of value that uses blockchain assets such as Non-Fungible Tokens (NFTs). Each time an asset is minted, a minting resource is stored inside an NFT and detached from circulation. The minting process ensures that there is a reserve value, the asset is transparent, instant liquidity is available, and there is greater utility in games and applications. Also, these assets are anti-inflationary and employ a melting function through which users can eliminate their blockchain assets and recover the ENJ value. Ultimately, the aim of the Enjin Coin (ENJ) ecosystem is to give users software products that they can utilize to develop, exchange, monetize and market through blockchain.
The main feature of VertoChain (VERT) is its Decentralized Finance (DeFi) protocols. Based on DeFi Pulse, the technology has already crossed the 100 billion dollars threshold. This is predominantly why the developers of VERT want to offer users a trustworthy DeFi platform because it is in high demand.
Built on Binance Smart Chain, the VERT framework uses a proof-of-stake model to give users the ability to perform cost-efficient transactions smoothly. This guarantees that the VERT network is not overburdened, and the cost of each transaction is up to 35 times cheaper than Binance Smart Chain.
The name VertoChain combines the Latin word Verto, which means swap, and the English word Chain, which is abridged from the blockchain. Hence, the idea of VertoChain (VERT) is to encourage a peer-to-peer exchange of digital assets across 5 different blockchains: BSC, Ethereum, Solana, Avalanche, and Tezos.
In addition, VERT also provides users with options like liquidity pools, yield farming, and multi-chain farming. The rates of using these protocols are market compatible. In terms of governance, VERT token holders have full democratization autonomy. Users have the right to cast their votes and determine the future of VERT. In case they want to make changes to the platform, they can vote accordingly. The makers of VertoChain hold the opinions of users in the highest regard.
Furthermore, developers of VertoChain (VERT) also want to enhance the blockchain user experience. They want greater seamlessness in the trading of digital assets so that both VERT and blockchain grow. They also adhere to the idea that having non-existent transaction costs in place will incentivize users to join the VERT movement.
Although the highly publicized crypto crash continues to affect all kinds of cryptocurrencies, new ones are released daily. There is no reason why VertoChain cannot follow in the footsteps of Enjin Coin and become a success.