Altcoins that outperformed all other coins this week
Besides Bitcoin and Ethereum, many other altcoins have made huge gains. For this reason, today we take a look at four cryptocurrencies that have outperformed all others in recent days.
After Bitcoin rose enormously, especially in 2020, this trend has also affected the rest of the crypto space. Now the altcoins are following of Bitcoin Code app suit. Below we look at the top four performers of the top 100 cryptocurrencies on CoinGecko (04/02/2021).
4. SushiSwap (SUSHI): 121.6 per cent price increase
SushiSwap is Ethereum’s second largest decentralised exchange (DEX). SUSHI is a fork of UniSwap, the largest DEX in the world. In terms of functionality and appearance, SushiSwap is almost identical to UniSwap.
However, there are some significant differences. The DEX rewards those who provide liquidity on SUSHI with SUSHI tokens. This process is called liquidity mining and already ended with UniSwap last year. Compared to UniSwap, liquidity mining on SushiSwap is expected to continue until 2023.
Furthermore, the SUSHI altcoin not only serves as a governance token that allows owners to have a say in the development of the SushiSwap protocol, but SUSHI owners also share in the profits of the decentralised exchange. Trading volume on SushiSwap regularly exceeds $300,000 million a day.
3. SwissBorg (CHSB): 144 per cent price increase.
SwissBorg is a decentralised asset management platform accessible to everyone, based on blockchain technology. The aim of SwissBorg is to make investing in cryptocurrencies as easy as possible. In addition, users can receive interest on their Bitcoins and Altcoins on SwissBorg.
In addition, SwissBorg has its own token that serves multiple purposes. On the one hand, it serves as fuel for the entire SwissBorg network. Secondly, it can be used for staking, to get discounts and to guarantee users voting rights on the platform.
In addition, CHSB is also used to distribute rewards through the Proof of Meritocracy concept and the decentralised organisation’s Protect and Burn policy. The purpose of this policy is to increase the scarcity of the token and increase the value of the existing tokens by burning the supply from the generated revenue.
2. Uma (UMA): 291.7 per cent price increase.
UMA is a Decentralised Finance (DeFi) altcoin whose acronym stands for „Universal Market Access“. The decentralised protocol aims to make the financial market accessible to everyone and uses the Ethereum Blockchain to do so. It can be assigned to the DeFi derivatives sector and is one of the largest projects in this area.
On Uma, one can create custom synthetic tokens backed by UMA or other altcoins that can track the price of virtually anything. This includes stocks, commodities or even currencies, among others. Each asset is thereby mapped with an ERC-20 token and made tradable without actually having any exposure to the real asset itself.
In addition, as a UMA token holder, you get a say in the further development of the Uma protocol. Moreover, the team behind Uma is highly professional and consists of former Goldman Sachs employees, among others.