Author: changehero
February 22, 2022

When the Metaverse narrative emerged thanks to Meta, crypto developers of virtual worlds enjoyed the attention but also were pressured into making their own metaverses ready for adoption. What is Decentraland, one of the pioneering crypto Metaverses? Read all you need to know in our guide! Key Takeaways Decentraland is a three-dimensional virtual world divided […]

What is Decentraland (MANA)? A Beginner’s Guide

When the Metaverse narrative emerged thanks to Meta, crypto developers of virtual worlds enjoyed the attention but also were pressured into making their own metaverses ready for adoption. What is Decentraland, one of the pioneering crypto Metaverses? Read all you need to know in our guide!

Key Takeaways

  • Decentraland is a three-dimensional virtual world divided into districts. It is built on Ethereum, and in-game assets are represented by non-fungible tokens;
  • One of the types of these NFTs is LAND, which represent parcels of land accessible in Decentraland. Owner of a parcel can create unique experience for other users and monetize it with MANA;
  • The native cryptocurrency of Decentraland, MANA, is needed to buy virtual land and in-game assets, and represents voting power.

What is Decentraland?

First and foremost, Decentraland is a traversable 3D virtual reality platform. Its unique spin is in being built on the Ethereum blockchain and having capabilities it enables.
For one, Decentraland is, as the name suggests, decentralized because the game data is stored on multiple community-maintained servers. Furthermore, the platform has monetization capabilities possible only in the blockchain ecosystem.
The main appeal of Decentraland is in ownership of parcels of digital land. On these lots, owners are free to set up activities and environments, which can be monetized with the native tokens.
So, what is Decentraland’s price of admission, if any? While the native cryptocurrency MANA is necessary for in-game purchases, users do not need to pay to explore the many districts of Decentraland.
The lands are represented by ERC721 non-fungible LAND tokens, each lot is 6m squared and is assigned a coordinate in the Decentraland’s metaverse. The location of a lot is important, since there are districts of LANDs that give owners and creators targeted traffic.

History and Team behind Decentraland

In 2017, the Decentraland team, led by Ariel “Ari” Meilich and Esteban Ordano at the time, conducted an ICO for the MANA token, as well as select LAND pieces. The goal of $25 million was reached in little over an hour due to a small number of large investors.
The platform itself was first unveiled in a closed beta in 2019, and the public stage commenced in February 2020.
For Ari Meilich, Decentraland was only one of the ventures among the many startups founded by him. In 2020, he stepped down, handing over the reins to the community.
Ordano had a swath of relevant experience with Matic Network and BitPay, as well as blockchain infrastructure provider Zeppelin Solutions. While Meilich went on to create another game development company Big Time Studios, Ordano is still advising the Decentraland project.

What is MANA?

As briefly mentioned before, Decentraland has a native fungible cryptocurrency usable on the platform: the MANA token. While each LAND token is unique, MANA tokens are used as a form of currency on the Decentraland marketplace.
Since Decentraland is powered by Ethereum, MANA and LAND use the Ethereum token standards: ERC20 for MANA, ERC721 NFT for LANDs.
What can be bought with MANA? First of all, parcels of virtual land. The MANA used to purchase LAND is burned (i.e. removed from the supply).
Moreover, MANA can buy you avatars, names, wearables and access to content should the parcel owner charge for it.
After the founders stepped down from directing the project, Decentraland was supported by a decentralized autonomous organization (DAO). As is often the case, token ownership grants voting rights to the users and investors.
In the community vote, MANA and LAND owners can decide the auction rules and policy of this particular Metaverse.

What is Decentraland Crypto MANA Used For?

Therefore, there are a few use cases for MANA within the Decentraland metaverse:

  • It is the Decentraland’s currency. Players can customize their experience, creators can monetize their content using MANA tokens;
  • LAND auctions. Burning MANA reduces its supply, easing the inflationary pressure and increasing the value of existing tokens;
  • Governance. Owners of a stake in the Decentraland’s virtual world get to decide its future.

Comparison with Similar Projects

Perhaps the most prominent competitor to Decentraland at the moment is The Sandbox. After all, the premises of the projects are the same, and the differences between them are in the specifics.
The Sandbox Metaverse is divided into more plots of land (166,464 vs. 90,601), and it allows joint ownership. In Decentraland, parcels of land are generally individually owned with the exception of community-owned plazas.
The Sandbox is not run by a DAO (at least, yet) but by a Hong Kong-based company Bacasable. However, their users get to enjoy a better idea of where the project is headed, since there are always updates in the official channel.
Decentraland was the first to make a proof of concept and launch a public version of their virtual world. The Sandbox at the moment is in its public alpha stage, and accessible on a PC with an official client.

What is Decentraland Criticized For?

Decentraland is not just a blockchain platform, but one that offers a working product — a free-roam game — to end users. It seems that some of them voice frustrations at Decentraland as a game: they report performance issues and lack of things to do.
In the same thread, other users fairly point out that the client is in beta, and if the Metaverse is here to stay, these issues will be sorted out.
The latter challenge was pointed out by NFT Plazas all the way back in 2020, when the game went public. They argued that prohibitive costs will hinder the speed with which the metaverse will fill with content but they commended the project’s team for the effort to reward creators.

Partnerships and Future Plans

What is Decentraland’s user count? Ari Meilich claims the game has reached 300 thousand monthly active users, even though the real growth started “a couple months ago”.
Since there is no central entity to oversee and fund the development, the planning is done by the community. The closest to release features are improvements to SDK and a desktop client, but editor, localization and companion app are also in the plans.
Decentraland news is frequently name-dropping high-profile partners to their Metaverse. Samsung hosted an event for the users interested in their updates, Samsung Unpacked, in a dedicated lobby, Samsung 837X.
JP Morgan’s blockchain branch, Onyx, has also set up an Onyx Lounge in the Metajuku district. The virtual lounge was unveiled along with the report in which Onyx named the metaverse a $1 trillion market opportunity.

Decentraland in Social Media


Decentraland has turned two years old! Despite being largely under development, it has already got thousands of users that believe in the future development.


The official account announced an event in the Metaverse to celebrate the anniversary.


Meanwhile, even the mainstream media is reporting the spike in demand in virtual real estate. Just like NFTs pitch ownership of art and other assets, some people with cash to spare grab virtual land to be a landlord in the metaverse.

How to store MANA?

As an ERC20 token, MANA can be stored in most wallets that have support for Ethereum tokens. The guidelines for Decentraland recommend Metamask for its useful integrations.
The ChangeHero team can recommend the Exodus wallet if you want a software wallet with as many features as Metamask. Instant swaps are one of them, and the best rates for it are provided by ChangeHero.
For cold storage away from hackers and exploits, you can use a Trezor wallet. It can be easily managed with a desktop or browser application Trezor Suite.

How to Exchange MANA?

Getting MANA with crypto without sign-ups is possible on ChangeHero, and it’s very easy:

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your MANA wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives. 
    • The Best Rate transactions will use the rate current to the time when your funds arrive.
      The Fixed Rate will use the rate at the time of step 1;
  5. As soon as the exchange has been processed, your MANA are on the way to your wallet. 

ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].

Conclusion

The pandemic normalized many things that previously were thought to be unfeasible, from remote work to moving every facet of our interactions to the Metaverse. Decentraland arrived on the scene just in time to be at the forefront of this nascent sphere.
Want to learn more about all things crypto? Check out our blog and follow us on social media: Twitter, Facebook, Reddit and Telegram.

Frequently Asked Questions

[sc_fs_multi_faq headline-0=”h4″ question-0=”What is Decentraland and how does it work?” answer-0=”Decentraland is a three-dimensional traversable virtual world divided into thematic districts and lobbies. Decentraland is powered by the Ethereum blockchain, so it utilizes MANA tokens as a currency and NFTs for in-game assets and plots of land.” image-0=”” headline-1=”h4″ question-1=”What can you do in Decentraland?” answer-1=”Decentraland has thematic districts, where owners of plots can place activities, games and experiences for others to enjoy. Users can also buy wearables and custom avatars in exchange for MANA.” image-1=”” headline-2=”h4″ question-2=”What is MANA?” answer-2=”MANA is a native cryptocurrency of Decentraland. In addition to buying in-game assets and parcels of land, it grants its holder voting rights on the future of the virtual world.” image-2=”” headline-3=”h4″ question-3=”What is Decentraland built on?” answer-3=”Decentraland functions are supported by the Ethereum network. The front-end of Decentraland is developed in Unreal Engine 4.” image-3=”” headline-4=”h4″ question-4=”What is the future of Decentraland?” answer-4=”The future of Decentraland is decided by the DAO. Particular issues are voted on by the holders of MANA and LAND proportional to their stake. The features coming out soon are desktop client and a better SDK.” image-4=”” count=”5″ html=”true” css_class=””]

Author: changehero
February 17, 2022

There is barely a boring day for a SHIB holder: the team and community churn out announcements one after another, and the next thing you know, the chart is vertical. What kind of SHIB price prediction for 2022 do experts and analysts give and why? Read in our new article! SHIB Price Predictions for 2022-2030 […]

SHIB price prediction for 2022, 2025, 2030

There is barely a boring day for a SHIB holder: the team and community churn out announcements one after another, and the next thing you know, the chart is vertical. What kind of SHIB price prediction for 2022 do experts and analysts give and why? Read in our new article!

SHIB Price Predictions for 2022-2030

Year Price, USD
2022 0.000015-0.1
2023 0.00008665-0.00010428
2024 0.00002945-0.0000516
2025 0.00007468-0.00014063
2030 0.000079887-0.00097547
  • SHIB price prediction for 2022 varies wildly: from a bearish scenario with SHIB at $0.000015 to an overly optimistic goal of $0.1 this year;
  • Estimates at which SHIB will be traded in 2025 are also very far apart. Some experts see SHIB rising only to $0.00007468 and others give nice targets at $0.00014063;
  • Analysts that believe SHIB will be around in 2030 say it will be worth anywhere from $0.000079987 to $0.00097547.

What is Shiba Inu (SHIB)?

shiba inu crypto token logo
Shiba Inu was largely inspired by another dog meme coin, Dogecoin. The centralization of DOGE and its stagnation caused some blockchain developers, one of which is Ryoshi, to come up with an alternative.
Shiba Inu positions itself as a community-run fully decentralized cryptocurrency. Unlike the Dogecoin community, SHIBArmy is none too shy to take part in any crypto trend, keeping the relevance high.
It appeared in 2020, when DeFi was all the rage, and built a whole ecosystem of tokens. In 2021, it launched an NFT platform, and now the community has set their sights on the metaverse.
More about Shiba Inu and the SHIB token you will be able to find in our Beginner’s Guide.

Shiba Inu Price History (2020-2022)

SHIB token price history
Source: CoinMarketCap

At first, when SHIB had just launched, it was being traded for as little as $0.000000000145. The low price was in part due to the humongous supply of 500 quadrillion SHIB.
Both the price and trading volumes remained low until the first leg of the bull run on the crypto market of 2021. In a matter of a month, SHIB’s price skyrocketed from $0.00000008 to $0.00003503, an increase of 43,687%.
After the parabolic rise, the correction was also sharp and took SHIB down to $0.00000813. This level was maintained until the second leg up in October 2021.
At first, SHIB appreciated to $0.00003077 (adding 278%), and then, to its current ATH of $0.00008845 (another 187%) on October 28, 2021.
At the time of writing, the SHIB price is $0.00003033 and it ranks 14th by market capitalization.

What Influences the SHIB Price?

Whale Holdings

Despite the rhetoric of the team, they could not stop the process of accumulation of SHIB by large holders. More than 79% of the liquid supply is stored at addresses that hold more than 0.1% of the circulating supply.
81% of the total on-chain transaction volume is transfers worth over $100,000. Large players can easily move the market with an order big enough, intentionally or not.

Adoption

Shiba Inu’s use cases are diverse on paper but have limited practicality. Nonetheless, it gained a global army of followers.
WhaleStats shared the Shiba Inu coin news that in February 2022, it hit an all-time high in token holders, exceeding 1,175,000 holders.
It should be noted that since the addresses are pseudonymous and not limited in number per person, it most likely means number of addresses, not individuals. Nevertheless, this is still a number that not every crypto project has pulled off.
The Mover crypto card recently introduced support of the Shiba Inu ecosystem tokens. It might be tricky at the moment to find a vendor in the Metaverse to use the NFT version of the card, but their debit card is accepted everywhere where Visa is supported.

Ecosystem News

Shiba Inu often jumps when the team announces a new foray or upgrade, as it often is with other assets. This is especially true for them, since they try to keep the interest in SHIB high consistently.
2021 introduced a metaverse trend, and it did not take long for the Shiba Inu team to try finding an application there. On Feb 8, 2022 they announced early development of a metaverse initiative and shared some ideas about its future outlook.
The community holds burn events to reduce the supply of SHIB and increase its scarcity. However, with all their combined efforts, they have removed 59.2 billion SHIB from circulationб or 0.01%.

SHIB on Twitter


The verified Twitter account of Shiba Inu project shared some great news for the adoption of SHIB: their largest account is followed by 2.8 million accounts.


Trader Shib Knight shares daily updates and technical analysis of the SHIB-USD chart.


Word of mouth and community members going crazy on Twitter are not the least significant factor in SHIB’s popularity, after all. As long as there are passionate creatives like Runbrandt, Shib Army will only grow.

SHIB Price Prediction for 2022

News outlet Finbold gives a bearish short-term prediction for SHIB, drawing a lower base level in the range between $0.000015 and $0.000022. Generally speaking, though, they give a bullish SHIB price prediction for 2022 and are confident it can beat its 2021’s ATH.
Coingape analyst Brian Bollinger spots bullish patterns on the daily and 4-hour chart of SHIB-USD. A confirmed trend reversal would take SHIB above $0.00004.

YouTube is full of constantly updating SHIB price predictions for 2022 and further, making exorbitant claims. The Crypto Investing channel shared a digest of an AMA with the Shiba Inu developers, according to which they will be working on making SHIB worth 0.1 this year.
For that to happen, though, the market capitalization SHIB has to reach amounts to roughly half of the global GDP in 2022 ($102.404B).

SHIB Crypto Price Prediction for 2023 and 2024

In 2023, the average price of SHIB will gain 234% and reach $0.0001042, Coin Price Forecast predicts. Provided SHIB’s price history, this is quite reasonable.
According to Long Forecast, 2024 will be a profitable year for all current SHIB holders but not one without slumps. Summer 2024 will see SHIB scrape $0.00002945 but by the end of the year, it will be up 141%, trading for $0.0000516.

SHIB Price Prediction for 2025

For such a long term, CryptoNewsZ expects SHIB to grow in price significantly with the mass adoption. By then, they forecast, Shiba Inu token will score $0.000125, which seems moderate.
Similarly a moderate forecast is given by PricePrediction.net. They put the target higher at $0.00014063.
Investing Cube author Eno Ikenna Eteng is even less confident in SHIB, largely because of its unstable price and meme coin status. He is sure that SHIB will be worth at least $0.00007468 in a bullish scenario, though.

SHIB Price Prediction for 2030

No one knows for sure if Shiba Inu will stay to see 2030. The “Meme coin” label did not stop Dogecoin from lasting eight years, but it is uncertain if the Shiba Inu team will keep their developing and promoting vigor.
In case business proceeds as usual, Cryptopolitan thinks SHIB will be traded in a range between $0.00080207 and $0.00097547. Tech News Leader gives a SHIB price prediction for 2030 of $0.00079887 on average.

ChangeHero Shiba Inu Coin Price Prediction

In our opinion, it’s safe to assume that in the near future SHIB will keep moving in the same patterns of parabolic pumps and sharp corrections.
The effort the community takes to accelerate these surges is nothing to sneeze at. However, it is curbed by large holders that can cause a selloff that will stop any rally in its tracks.
Considering that each surge of Shiba Inu was larger than before, it can beat its current ATH as soon as in 2022 or 2023.

How to get SHIB on ChangeHero?

Getting SHIB with crypto without sign-ups is possible on ChangeHero, and it’s very easy:

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your SHIB wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives.
    Best Rate transactions will use the rate current to the time when your funds arrive. Fixed Rate will use the rate at the time of step 1;
  5. As soon as the exchange has been processed, your SHIB are on the way to your wallet.

ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].

Conclusion

Shiba Inu was often dismissed as a memecoin copycat and a perpetual hype generator without substance, but savvy investors are able to reap the benefits of it regardless.
What do you think about these predictions? Let us know in the comments in our blog or in our social media: Twitter, Facebook, Reddit and in Telegram.

Frequently Asked Questions

[sc_fs_multi_faq headline-0=”h4″ question-0=”What is SHIB?” answer-0=”Shiba Inu (SHIB) is an ERC20 token that was created as a reaction to Dogecoin. The Shiba Inu team aims to achieve decentralization and innovation with their projects.” image-0=”” headline-1=”h4″ question-1=”What will SHIB be worth in 2022?” answer-1=”Various sources give SHIB price predictions ranging from moderate $0.000015 to unrealistic $0.1.” image-1=”” headline-2=”h4″ question-2=”What will SHIB be worth by 2025?” answer-2=”Experts name targets in the range between $0.00007468 and $0.00014063 for SHIB in 2025.” image-2=”” headline-3=”h4″ question-3=”What will SHIB be worth in 2030?” answer-3=”By 2030, Shiba Inu can grow to $0.00079887 and even $0.00097547, analysts claim.” image-3=”” headline-4=”h4″ question-4=”Will SHIB reach 10 cents?” answer-4=”For SHIB to reach 10 cents, its market capitalization has to be about half of the entire world’s GDP in 2022. While a very bullish target, it is not quite realistic anytime soon.” image-4=”” headline-5=”h4″ question-5=”Is SHIB crypto a good investment?” answer-5=”SHIB is a very volatile and risky asset that can potentially bring massive profits or losses. In the right hands it can be profitable but Shiba Inu is a very risky investment.” image-5=”” count=”6″ html=”true” css_class=””]

Author: changehero
February 16, 2022

Most blockchains have to choose two out of three: scalability, security and decentralization. This so-called blockchain trilemma has inspired many blockchain developers to find a solution without compromise. What is Fantom’s solution to this problem, how does it work and why does it need the FTM token — explained in our Beginner’s guide. Key Takeaways […]

What is Fantom (FTM)? A Beginner’s Guide

Most blockchains have to choose two out of three: scalability, security and decentralization. This so-called blockchain trilemma has inspired many blockchain developers to find a solution without compromise. What is Fantom’s solution to this problem, how does it work and why does it need the FTM token — explained in our Beginner’s guide.

Key Takeaways

  • Fantom is a layer-one distributed ledger that uses a direct acyclic graph (DAG) to secure transactions. DAG achieves near-instant finality because it allows transactions to be processed asynchronously;
  • Fantom supports several application layers, each secured with the FTM token. FTM is necessary for staking, paying transaction fees and voting;
  • The Fantom ecosystem includes 158 protocols with the accumulated value of $8.5 billion USD.

What is Fantom?

Fantom does not use a blockchain like Bitcoin and other cryptocurrencies do. Instead, it uses a similar but non-linear structure — direct acyclic graph, which comes with its own set of advantages and challenges.

Consensus Protocol Lachesis

At its core, the integrity of records in Fantom is secured with Byzantine fault tolerance like in most proof-of-stake blockchains. To achieve this with a direct acyclic graph, Fantom developers came up with a type of BFT-securing protocol that works asynchronously.
In a linear blockchain, ideally there is only one block from which the sequence can be continued. If competing miners create a block at the same time and nodes register them simultaneously, it can temporarily split the chain.
The protocol Fantom uses, called Lachesis, can accept two or more blocks that get produced simultaneously, preventing transactions from failing. Another defining feature of Lachesis is that it is leaderless, so every block producer has equal status.

Application Development Layer Opera

With the Lachesis layer being the foundation, the second layer, Opera, is reserved specifically for building. Opera is Ethereum virtual machine-compatible, essentially meaning that anything that can run on the Ethereum blockchain, can run on Fantom, too.
In fact, Opera is only one of the execution chains that can be supported by the Lachesis consensus layer. This is why Fantom can support chains fashioned after other blockchains such as Binance Smart Chain or Ethereum.

History and Team behind Fantom

The main principles that Fantom uses were described in 2018 by a set of researchers and cryptographers. Key contributions were made by Quan Nguyen, Sang-Min Choi, Jiho Park, Michael Kong and Andre Cronje.
The team and company that now supports the Fantom development is Fantom Foundation. Michael Kong and Quan Nguyen serve there as CTO and CIO respectively, while Andre Cronje contributes as an advisor.
The development and launch were funded with proceeds from the presale, held in 2018 in February and June in four rounds. The Foundation raised about $45 million in funding from Alameda Research, Block Tower Capital and other VCs from around the world.
The testnet for the platform went live in 2018, and v.0.1 with Opera was released on the mainnet in December 2019.

What is FTM?

Fantom’s security protocol Lachesis is essentially a Proof-of-Stake specification. And in Proof-of-Stake, native tokens are used to represent monetary rewards and sometimes, voting power.
Moreover, in Ethereum Virtual Machine-powered platforms, the nodes operating EVM are also incentivized with tokens. To execute smart contracts, users pay for gas with a native token.
Fantom supports several networks, each with their own token. The Ethereum chain of Fantom uses the ERC-20 FTM token, and the Binance Smart Chain needs BEP-2 FTM.
The total supply of 3.175 billion FTM was minted at launch. 40% of it was sold to investors, with the rest going to the team, advisors and to the staking rewards pool.
The team’s and advisor’s FTM were released into circulation three months after the launch, in November 2020. All FTM are expected to be unvested in late 2023, when the staking rewards pool will distribute the rest of the supply in circulation.

What is Fantom crypto used for?

As already discussed in the previous section, there are a number of ways to use the FTM coin:

  • Staking. If you are not meeting a requirement of 1,000,000 FTM to run a validator node, you can delegate as little as 1 FTM and receive a proportional reward. The team claims the current APR for a FTM stake or delegation is 4%, or 13% for a year-long commitment.
  • Network fees. Any transaction, be it a token transfer or an EVM call, incurs a fee in FTM. This fee will be used to pay the validators.
  • Voting. Validators can take part in an on-chain vote regarding things such as block rewards and technical committees. Delegators can’t use their stake to vote but they can pick the validator that will represent their views.

Comparison with Similar Projects

Fantom was not the first project to set out to solve the blockchain trilemma: scalability, security and decentralization. Algorand also strives to solve this problem.
The differences between these two are structural: Algorand uses probabilistic finality while Fantom opts for asynchronicity. Algorand is also layer-one first in design, while Fantom puts significant attention toward sub-chains.
Fantom wasn’t the first platform to use direct acyclic graphs either. Another example of a DAG network is IOTA’s Tangle ledger, which does not have transaction fees at all to be usable in Internet-of-Things.
In structure, Fantom is more similar to the Cosmos blockchain, with its security layer and application layers. In fact, you can use the Cosmos SDK to build on Fantom.

What is Fantom Criticized For?

Messari Research described direct acyclic graph platforms in general as vulnerable to attacks in low transaction activity periods. In Fantom’s profile, they mention Fantom Foundation did not deliver on proposed improvements to smart contract platforms.
Fantom’s key contributor Andre Cronje inadvertently became involved in the Wonderland controversy this January. Cronje announced a collaboration with Daniele Sestagalli not long before another of his projects, Wonderland, was linked to a serial fraudster.
Cronje stepped away from the joint project after the news. The case did not affect the Fantom ecosystem directly.

Partnerships and Future Plans

At the time of writing, the total value locked in Fantom is $8.46 billion USD across 158 protocols, according to DeFi Llama. Aside from the most popular Ethereum-compatible DeFi protocols and stablecoins, Fantom houses several popular protocols native to the chain.
For example, automatic market maker Spookyswap, lending protocol Scream and non-custodial liquidity protocol Geist Finance. The three protocols account for more than $3 billion in TVL.
As for the future updates, the largest one in the works is the Fantom Virtual Machine. There are no estimated dates of shipping yet, but it will significantly improve the capabilities of the network.

Fantom on Social Media


Users often compare Fantom to Ethereum, given the purposes and use cases of both networks.


Fantom is trending in the CoinGecko database searches, hinting at an increasing user demand.


Trader CryptoBullet gives a short-term forecast for FTM. To close the volume profile visible range, FTM’s price has to go to the support level they highlighted.

How to store Fantom?

For access to all the features of Fantom Network, the developers suggest using the Fantom Wallet. If you are frequently using other cryptocurrencies, you might want to look at multi-coin alternatives.
ERC20 FTM can be stored in the Exodus wallet, where you can instantly swap the tokens with any other supported cryptocurrency with ChangeHero. For more reliable storage, Trezor cold wallets also support ERC20 FTM. 

Where to Buy Fantom Crypto?

FTM can be traded on some crypto exchanges but it comes with a lot of unnecessary hassles. You have to create an account and deposit funds into the exchange’s custody. 
ChangeHero is an alternative way to trade FTM against any currency supported by the service. It’s a non-custodial instant cryptocurrency exchange, so you won’t have to worry about losing access to your funds or setting up an account.
For your convenience, FTM can be bought on ChangeHero in five easy steps:

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. And now, relax! We are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
  5. As soon as the exchange has been processed, your FTM are on the way to your wallet. We’ll be happy to hear your feedback if you enjoyed using ChangeHero!

Customer support is always available in chat on our website, official Telegram group or through the email: [email protected].

Conclusion

Fantom offers an unconventional solution for the blockchain trilemma that will only improve by onboarding more users. The competition in smart contract platforms is saturated, but Fantom is already making a name for itself.
Browse our blog for even more educational articles and Fantom crypto news. ChangeHero is on social media, too: find us on Twitter, Facebook, Reddit and Telegram.

FAQ

[sc_fs_multi_faq headline-0=”h4″ question-0=”What is Fantom?” answer-0=”Fantom is a distributed ledger that consists of two layers: consensus layer and multiple application layers that support decentralized apps compatible with the Ethereum virtual machine.” image-0=”” headline-1=”h4″ question-1=”What does Fantom do?” answer-1=”Fantom is developing with a particular focus on DeFi, thanks to the contribution of Yearn.Finance founder Andre Cronje. It houses 158 protocols that come together to $8.46 billion of total value locked.” image-1=”” headline-2=”h4″ question-2=”What is FTM?” answer-2=”FTM is a native token of the Fantom network, needed for staking, transaction fees and on-chain voting.” image-2=”” headline-3=”h4″ question-3=”How fast is Fantom?” answer-3=”The goal of the developers is to make Fantom scale up to 300,000 finalized transactions per second. On 25 January 2022, when Fantom network processed more transactions in a day than Ethereum, its actual throughput reached eight transactions per second.” image-3=”” headline-4=”h4″ question-4=”What is the future of Fantom?” answer-4=”Fantom is attracting builders to their DeFi ecosystem to improve the security of the network. The largest upgrade in the pipeline is the native Fantom virtual machine.” image-4=”” count=”5″ html=”true” css_class=””]

Author: changehero
February 9, 2022

XRP was designed to become a means of quick global value transfers, but became a subject of a legal battle for several years. In this article, we will have a look at what might happen to Ripple’s XRP in the future and share the top XRP price prediction for 2022 and beyond. All XRP Price […]

XRP Price Prediction for 2022, 2025 and 2030

XRP was designed to become a means of quick global value transfers, but became a subject of a legal battle for several years. In this article, we will have a look at what might happen to Ripple’s XRP in the future and share the top XRP price prediction for 2022 and beyond.

All XRP Price Predictions

[table id=43 /]

  • In 2022, analysts expect XRP to continue its rally and break out of a downtrend. The bullish impulse can take it above the current ATH of $3.48 but if it fails, the support of $0.7 is a level to keep an eye on;
  • The probability of a new bull run in the next three years is low according to the forecasts but by 2025 XRP can eventually grow up to $15;
  • At the end of the decade, in 2030 XRP is predicted to trade for somewhere between $7 and $12.

What is XRP?

XRP is the name and ticker of cryptocurrency that was released in 2012 by Ripple, a San-Francisco based fintech company. While the company uses the currency in its products for corporate and financial institutions, XRP and its ledger are open-source and decentralized.
XRP is a bridge between banks or money transfer providers for instantaneous and virtually costless money transfers, replacing prepaid accounts in a foreign currency. The transactions on the ledger are confirmed within seconds, in comparison to an average remittance taking 3 to 5 business days.
XRP is deflationary, pre-mined and for the time being the XRP that are not in circulation are stored in an escrow account regulated by the smart-contract. The liquid supply is 41,602,126,647 while the outstanding supply is little short of 100 billion (99,989,673,274.51 XRP).
To learn about Ripple and XRP in more detail, check out our Beginner’s Guide to XRP on it!

XRP Price History

XRP Price in 2013–2016

At the end of 2013, one of the first price spikes for XRP during this period occurred. It lasted from late November to December, reaching $0.028 but correcting itself over several months. This movement took XRP’s price up by almost 400%. Almost exactly a year later, the same pattern repeated itself, taking XRP price up from $0.005 in November 2014 to $0.027056 at its peak a month later.
During other times, the XRP price moved between $0.005 and $0.009, two significant levels for almost two years. The support was breached only for a brief time in December 2015 and January 2016. This period closed at $0.006449 per XRP.

XRP Price in 2017–2019

XRPs price once again had a spike in value in late 2017 and early 2018. This time, however, it also corresponded to a massive increase in the cryptocurrency market. 
The spike was actually a culmination of a rally that started in mid-2017. On December 10, 2017, right before the price spike, XRP was at $0.239 and just a few weeks later, XRP hit $3.48 on January 4, 2018, which is the current ATH. 
From there, though, XRP dropped with a few peaks and valleys along the way, briefly going back up to $0.837 on April 21. The asset was back at $0.358056 on the closing day of 2018, worth ten times less than at the beginning of the year.
2019 was not as turbulent but for the investors XRP did not show promising results. The year closed with an almost 50% loss, going down from $0.353771 to $0.194349.

XRP Price in 2020-2022

In the bull market of February 2020, XRP managed to climb to $0.349789, but the fall in March was as drastic. On March 12, XRP price dropped to $0.115093, 60% down from the year’s high. 
A brief bullish market in August 2020 almost closed this gap but it was not until November that XRP’s price really took off. It could have reached higher than $0.6921 if the US Securities and Exchange Commission did not subpoena Ripple.
Nevertheless, each new development in the case brought back the confidence and XRP rallied with the crypto market in 2021. At the peak of it, in April 2021 XRP was worth $1.8392.
From there, it formed a clear downtrend, and 2021’s closing price for XRP was $0.8396. 2022 so far was continuing this downtrend, until very recently.
At the moment of writing, XRP ranks 8th by market capitalization in the CoinMarketCap rating. The price of 1 XRP is $0.8552.

What Influences the XRP Price?

Adoption

For a project like XRP, which was developed with a clear use case and for a certain group of users, adoption is key to its relevance.
Active users of the On-Demand Liquidity (ODL) solution include Bitstamp and Bitso, which use it for cross-border transfers. These exchanges recently amped up their liquidity represented in XRP by 20 million each.
In a Q4 2021 report, Ripple revealed the growth of ODL-related purchases from $491 million in Q3 2021 to $1.039 billion in Q4 2021.

Tech Updates

Closely tied to the previous factor, network updates often become a catalyst for more short-term XRP price swings. In January, RippleX team launched a XLS-20 devnet for native non-fungible tokens on XRP Ledger.
The updates and features that involve XRP can happen on adjacent networks, too. Cross-chain bridge Allbridge integrated XRPL, making it interoperable with Ethereum, Avalanche, Solana, Terra, Polygon, Fantom, Binance Smart Chain, Celo, Aurora, Harmony and Heco.

Legal status

Ripple’s XRP is in the middle of an ongoing legal battle with the US Securities and Exchange Commission for its status. If XRP is ruled out as a security, then Ripple has been providing unauthorized financial services.
According to the defendants, the prosecution does not have a strong enough base for the claim. Other cryptocurrencies, such as Bitcoin and Ethereum, are not deemed securities, and it will be impossible to prove whether there was a secondary market in the US.

Partnerships

The aforementioned subpoena didn’t merely cause a dump in XRP price in late 2021. It cost Ripple some of their key partnerships with ODL users as well.
In 2019, Ripple and money transfer service provider Moneygram entered a two-year partnership in which the latter would use Ripple’s solutions for cross-border transactions. In late 2021, however, this partnership was ended, coinciding with the SEC lawsuit.

#XRP on Twitter


Real-time news feed Watcher.Guru reports on a rally happening in XRP at the moment. The fuel to the fire seems to be the progress in the Ripple vs. SEC case.


To give you an idea how fast XRP is blowing up, here is a chart shared by CryptoDude.


Credible Crypto provides more analysis of the price movement. The XRP position seems to be solidifying and breaking out of a downtrend.

XRP Price Prediction for 2022

YouTuber Dereck Plaza gave an exhaustive analysis of the XRP charts to see what’s next. He considers the combination of a +20% in a day move and increased but not significant volume to be bullish.
Nevertheless, XRP’s relative strength index is in an oversold area across all time frames, so it needs to cool down first. The support levels to keep an eye on are in sequence $0.80, $0.78, $0.75 and $0.70.
What is the bullish scenario then? In his opinion, the $0.58 bottom is in, and there is a double bottom pattern forming. If it plays out, some time in February to April XRP can beat its current ATH of $3.84.
The same prospects are painted in the XRP price prediction for 2022 by CryptoNewsZ. They are citing more fundamental reasons, such as institutional interest in XRP, evidenced by the Grayscale trust.
Kelvin Maina provided InvestingCube with his analysis, accounting for both upside and downside moves. He anticipated the breakout to $0.87, and from there the price can go up to the resistance of $1.10 or the support near $0.70.

Ripple XRP Price Prediction for 2023

Prediction service by the TradingBeasts website forecasts some volatility for XRP in 2023. In mid-year, it will be trading lower with the predicted minimum of $0.8360 but grow until the end of the year up to $1.3913.

Ripple Price Prediction for 2024

Even less bullish prospects are seen in the prediction by Long Forecast. January 2024 will start on a high note and even see XRP for $1.04 a piece, but by October its price will go down to $0.47.

XRP Price Prediction for 2025

Prediction service Crypto-Rating claims that by 2025, Ripple’s solutions using XRP will secure a $1 trillion+ market cap for the coin. With the outstanding supply of 100 billion, that means $10+ per XRP, and their projections put the target closer to $15.
And now for something more positive and as likely. Ripple’s expansion into foreign markets, for example, Latin America or Europe, will boost adoption and price increase. With that in mind and taking into account the analysis of Crypterium, the level of $4.5 per XRP is forecast to be reached in five years.
A third source is equally bullish on XRP but moderate in targets. The Up to Brain analysis has confidence in adoption of XRP but does not see it beating the current ATH.

XRP Price Prediction for 2030

With the available data, it is still not reliable to project for the end of the decade, which is roughly the same as the lifetime of the entire crypto market. 
Some suggestions for how much XRP will be worth point at $17 or even $20.

ChangeHero’s XRP Price Prediction

XRP is a project with a reputation largely reliant on Ripple, a proven disruptor but laden with controversy at the same time. Should Ripple’s efforts to promote XRP’s adoption result in a success, the currency has all the chance to become the first globally acknowledged supplement to cash.

How to get XRP on ChangeHero?

If you already have crypto, you can use it to buy XRP on ChangeHero, it’s very easy:

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your XRP wallet address and memo in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives. 
    • The Best Rate transactions will use the rate current to the time when your funds arrive.
      The Fixed Rate will use the rate at the time of step 1;
  5. As soon as the exchange has been processed, your XRP are on the way to your wallet. 

ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].

Conclusion

The near-term future of XRP hinges on the SEC vs. Ripple case. Should they defend their ground, XRP is on track to finding real world adoption.
What do you think about these predictions? Let us know in the comments in our blog or in our social media: Twitter, Facebook, Reddit and in Telegram.

Frequently Asked Questions

[sc_fs_multi_faq headline-0=”h4″ question-0=”What is XRP?” answer-0=”XRP is a cryptocurrency developed by Ripple and independent contributors. XRP uses a token of the same name for transactions in the network.” image-0=”” headline-1=”h4″ question-1=”What will XRP be worth in 2022?” answer-1=”According to different analysts, in 2022 the XRP price can beat its current ATH of $3.48 or see a correction to $0.7.” image-1=”” headline-2=”h4″ question-2=”What will XRP be worth by 2025?” answer-2=”Depending on the source, XRP is expected to be in the range between $3 and $15 in 2025.” image-2=”” headline-3=”h4″ question-3=”What will XRP be worth in 2030?” answer-3=”By 2030, XRP is estimated to be worth up between $7 and $12.” image-3=”” headline-4=”h4″ question-4=”Is XRP a good investment?” answer-4=”Most of the experts have high confidence in XRP but following XRP news might be a good idea.” image-4=”” count=”5″ html=”true” css_class=””]


Disclaimer

This article does not constitute financial or investing advice. No price prediction or forecast is guaranteed to provide exact information on the future price. Past performance is not indicative of future results.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.

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Author: changehero
February 4, 2022

Celsius and its token CEL made new records in 2021 but winded down by the end of the year. Early 2022 has made things even more difficult, so what’s in store for CEL holders now? See what analysts think in our Celsius price prediction 2022 and long-term. Celsius Price Prediction 2022, 2025, 2030 [table id=42 […]

Celsius Price Prediction 2022, 2025 and 2030

Celsius and its token CEL made new records in 2021 but winded down by the end of the year. Early 2022 has made things even more difficult, so what’s in store for CEL holders now? See what analysts think in our Celsius price prediction 2022 and long-term.

Celsius Price Prediction 2022, 2025, 2030

[table id=42 /]

  • A rounded-up Celsius price prediction 2022 is nebulous: some sources say to prepare for a bearish scenario. Others are more bullish and give an extravagant target all the way up at $14;
  • An even higher degree of uncertainty surrounds Celsius 2025 prediction: there are sources that put support levels below the current price and those who claim it can rally up to $50;
  • The analysts that gave CEL price prediction 2030 are moderately bullish. $7-12 is quite realistic to achieve in eight years.

What is CEL?

Celsius is a cryptocurrency financial service platform with a particular focus on banking and lending. Users of the app can collect rewards for cryptocurrency deposits, take loans with collateral and send their funds.
The platform supports 6 stablecoins (as well as USD) and 29 other popular cryptocurrencies for collateral. Supported stablecoins for both loans and collateral include TUSD, GUSD, DAI, USDT, USDC and PAX.
The platform works with the help of a CEL utility token based on the Ethereum blockchain. Users can opt in to receive rewards on deposits in CEL for an increased APY (annual percentage yield) or pay back the debt in CEL with a discount.
If you want to know more about the project and/or the CEL token, we have a comprehensive guide for you! If you are more interested in CEL the price, carry on reading.

CEL Price History

CEL Price in 2018-2020

Celsius ICO was held in March 2018 and raised $50 million. During the presale, tokens went for $0.3 each but the first trades on the actual markets had CEL trading for only $0.06.
That lasted until early 2019, when the core product, Celsius Wallet, was released. The holders of ICO CELs were still not in profit that year.
Only in 2020, which it started at $0.15, CEL managed to grow all the way to $7. This parabolic growth was in sync with the crypto market, which rallied after Bitcoin took off to $60 thousand.

CEL Price in 2021-2022

Thus, 2021 started on a high note for anyone whose interest was caught by CEL. By then its ROI exceeded 1,900% on average.
On June 4, 2021 CEL reached its current ATH of $8.02. Since then, though, it moved trending downward, and the 2022 correction accelerated the downtrend.
At the moment of writing, the CEL price is $2.39. It ranks 95th by market capitalization according to Messari.

What Influences the Price of CEL?

Token Economics

The Celsius platform is backing the value of CEL, so it’s only natural that there are some mechanisms to bolster it.
The CEL distributed to users weekly are bought by Celsius Foundation from exchanges the week before, so the more users accrue, the more it has to buy. This buying pressure drives up the prices and value of CEL.
To ease inflationary pressure on CEL, the team also conducts weekly token burns. On average, 10% of the buyback is removed from the supply.

Regulatory Status

Celsius Network offers high-yield earning accounts, which from a legal standpoint can cause a dispute.
In September 2021, Texas and New Jersey regulators issued a cease and desist order against the application. The company was accused of dealing and fundraising in unlicensed securities, and the hearings are to take place in February 2022.

Exploits and Bugs

The real reason the regulators are probing platforms like Celsius is the lack of investor protection. DeFi at its current state seems to be quite prone to events that can lead to loss of funds.
In December 2021, BadgerDAO became a target of a front-end attack, when perpetrators redirected transactions created by users. The protocol lost $120 million, and Celsius in particular suffered a loss of $50 million.
When addressing the incident, protocol founder Alex Mashinsky reaffirmed that the company lost funds but the users didn’t. He went on to confirm that they are working on retrieving the stolen crypto.

Twitter posts on CEL


What does the future hold for Celsius? Alex Mashinsky teases new features to come in 2022: more incentives for CEL holders, reward tier rework and community governance.


To make the app even more user-friendly, Celsius team works on integrating it with L2s and bridges. The initiative is called CelsiusX, and users are already enjoying cheap transaction fees and quicker transfers.


Celsius content analyst Adria GF compared the charts of BTC, ETH and CEL. All of them made contact with the 20-day displaced moving average, an indicator that forecasted the bounce off a local low.

Celsius Price Prediction 2022

Crypto Crow CEL Price Prediction 2022: $14

YouTuber CryptoCrow believes that Celsius Network is the solution to the banking crisis, highly appraising their model. At the peak of the bull run, he suggests it can reach $14, though now it is not clear whether the uptrend will continue.

CoinQuora Celsius Price Prediction 2022: $1.46-10.12

Using Fibonacci extensions, CoinQuora analysts suggest two scenarios and therefore, support and resistance levels to watch. Having lost the support at $3.42, CEL can go lower, down to $1.46.
Should bulls return, they have $6.03 and $8.04 resistances to overturn, before hoping to reach $10.12. However, neither relative strength index nor moving averages rule this scenario out.

Tech News Leader Celsius Price Prediction 2022: $3.89

Tech News Leader gives a bullish but very moderate prediction for CEL in 2022. Even in favorable market and macroeconomic conditions, they see it topping at $3.89.

Celsius Price Prediction 2023, 2024

Coin Data Flow Celsius Token Price Prediction 2023: $2.45-8.61

One of the ways to predict how cryptocurrencies grow is to use data native to the market. What if Celsius repeated the growth rate of Bitcoin, then?
In that case, Coin Data Flow calculates that CEL will reach $8.61 by 2023. If it repeats at least 1% of BTC’s growth, its high in 2023 will be at $2.45.

PricePrediction.net Celsius Crypto Price Prediction 2024: $7-8.38

Using historical data, PricePrediction.net projects that CEL in 2024 will be worth $7.25 on average. Not much volatility is expected in this forecast, with $7 being the lowest price and $8.38 the highest.

Celsius Price Prediction 2025

LongForecast CEL Price Prediction 2025: $1.73-3.47

Don’t hold your breath for a bull run in 2025, LongForecast warns. Their figures do not show explosive growth, and in 2025 CEL will be flailing between $3.47 and $1.73, with a decline toward the end of the year.

CryptoNewsZ Celsius Price Prediction 2025: $45-50

An opposite point of view comes from the CryptoNewsZ team. With more people gaining knowledge and exposure to crypto, they see huge prospects for the market as a whole, and this will positively affect CEL, too.
Their price target for 2025 lies somewhere at $45-50.

DigitalCoinPrice Celsius Price Prediction 2025: $4.42-5.68

Algorithmic prediction sites like Digital Coin usually fail to account for explosive rallies but give realistic predictions grounded in historical data.
With that in mind, let’s see what they have calculated for CEL. On average, its price is expected to float around $5.18, in the range between $5.68 in January and $4.42 in March.

Celsius Price Prediction 2030

Different prediction methods can account for different events, and therefore show radically varying results. This is especially true for long-term predictions, which cannot anticipate factors that do not exist yet.
So, take these predictions with a grain of salt: CoinPriceForecast projects a growth of only 201% by 2030, making CEL worth $7.26. Captain Altcoin considers this token a worthy investment, but their algorithm shows a target of $12.26 in 2030 – a bit more bullish but not stellar.

ChangeHero’s CEL Price Prediction

Celsius Network is a popular app with a loyalty program empowered by CEL that users enjoy. However, this popularity might backfire, as regulators direct their attention to the app and require it to adhere to the existing laws.
CEL heavily relies on the performance of the app and the company, which may make it less decentralized and independent than other cryptocurrencies. In return, it is offering more value and use to the users, so its fundamentals are arguably stronger.
In the years to come, we can expect to revisit lows as the crypto market cools down. However, in the long term, growth can surely turn into an uptrend for the token price.

How to get CEL on ChangeHero?

There is more than one way to get CEL without having to register in Celsius and waiting for rewards. If you already have crypto, you can use it to buy CEL on ChangeHero, it’s very easy:

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your CEL wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives. 
    • The Best Rate transactions will use the rate current to the time when your funds arrive.
      The Fixed Rate will use the rate at the time of step 1;
  5. As soon as the exchange has been processed, your CEL are on the way to your wallet. 

ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].

Conclusion

Celsius Network is in a complicated state right now, but it seems they are dealing with all challenges with grace. The predictions seem to echo the positive sentiment about the future of CEL.
Even more crypto projects are covered in detail in our blog. Feel free to follow our pages on social media: Twitter, Facebook, Reddit and in Telegram.

Frequently asked questions

[sc_fs_multi_faq headline-0=”h4″ question-0=”What is Celsius?” answer-0=”Celsius is a DeFi platform for savings and lending. It supports several popular cryptocurrencies, as well as a native token CEL that provides rewards to the Celsius users.” image-0=”” headline-1=”h4″ question-1=”What will Celsius be worth in 2022?” answer-1=”In 2022, CEL can be worth anywhere between $1.46 and $14.” image-1=”” headline-2=”h4″ question-2=”What will Celsius be worth in 2025?” answer-2=”Estimates given for CEL in 2025 range from $1.73 to $50.” image-2=”” headline-3=”h4″ question-3=”What will Celsius be worth in 2030?” answer-3=”Depending on the source, by 2030 CEL can grow up to $7.26 or $12.26.” image-3=”” headline-4=”h4″ question-4=”Is Celsius Network a good investment?” answer-4=”Most predictions and analyses state that Celsius and CEL have considerable potential in the long-term.” image-4=”” count=”5″ html=”true” css_class=””]

Author: changehero
February 2, 2022

Crypto advocates are often calling for tokenization of everything, and derivatives trading protocols are a step in this direction. One of the most promising platforms for trading assets without even owning them is Synthetix Network. What is Synthetix, how does it work and what are its pros and cons? Find all this in our Synthetix […]

What is Synthetix (SNX)? A Beginner’s Guide

Crypto advocates are often calling for tokenization of everything, and derivatives trading protocols are a step in this direction. One of the most promising platforms for trading assets without even owning them is Synthetix Network. What is Synthetix, how does it work and what are its pros and cons? Find all this in our Synthetix guide.

Key Takeaways

  • Synthetix is a decentralized financial protocol for trading synthetic assets that track the price of real world assets: currencies, stocks, derivatives and indices;
  • In Synthetix, the common denominator that allows trading between all these assets without friction is debt. It is nominated and backed by the SNX tokens;
  • In 2022, the network is going to migrate to Optimism, an Ethereum layer-two scaling protocol. At the moment, Ethereum Synthetix and Optimism Synthetix coexist and are developed with the merger in mind.

What is Synthetix?

A lot of DeFi protocols rely on synthetic assets – those that imitate the price of a real asset but do not require you to own the original. Some, like MakerDAO, support only one kind of such asset (the DAI stablecoin), while other protocols are more sophisticated.
Synthetix is a blockchain-based platform for creating and trading derivative assets: real-world currencies, commodities, stocks and indices. These derivatives are represented by the blockchain tokens, and their real counterpart prices are tracked by oracles.

Creating Assets and Staking

A synthetic asset can be created by depositing SNX as a collateral into the smart contract, and to receive SNX back these assets need to be repaid. The collateralization to synthesis ratio has to be at least 750%.
If you want to trade a synthetic USD for Bitcoin, you are using debt represented by sUSD. By sending sUSD for an equivalent amount of sBTC, you are claiming that you will be willing to repay this debt in a new asset.
This creates debt in the protocol, which is in turn collateralized by a basket of currencies, Synthetic Drawing Rights (XDR), inspired by the International Monetary Fund debt collateral.

Trading Synths

Once the synthetic assets, or Synths, are created, they can be freely traded on the Synthetix Exchange. The best part is, there is way less friction between exchanging one kind of synthetic asset for another than on the traditional markets.
Trading on the Synthetix.Exchange has a trading fee, 0.3% of which is sent to a staking pool. Stakers claim the contents of this pool weekly on a pro-rata basis, provided that their collateralization rate is adequate.

Scaling with Optimism

Originally, Synthetix was built on Ethereum, which became more expensive to use as more users onboarded and the value of ETH grew. Since each transaction incurs a network fee, the team needed to find a solution so that users would not need to waste value on fees.
In July 2021, the team announced transfer to Optimism, a Layer 2 protocol for Ethereum. The transition is still in progress, though the majority of the protocol’s functions are already available on L2.

History and team behind Synthetix

In September 2017, Kain Warwick launched Havven (HAV), a decentralized stablecoin protocol. As the scope of the project increased and it became possible to create other synthetic assets in addition to the stablecoin, it was rebranded to Synthetix in 2018.
At the same time, Sydney-based Synthetix Network was established by Warwick, Peter McKean, Jordan Momtazi and Justin J. Moses. Warwick and Moses worked together on Pouncer, a live auction site, and the team in general had prior experience in blockchain development.
Synthetix was launched with a total of ~$30 million of investitions, raised in two ICOs, a seed round and a foundation sale. Notable investors include Coinbase Ventures and Three Arrows Capital.

What is SNX?

So what is Synthetix crypto, SNX, that we already mentioned? It is an Ethereum token for minting assets on the Synthetix Network.
The initial supply of 100 million SNX was split between founders and investors at the 40/60 ratio. To give stakers an incentive and attract new users, the staking rewards are added to the total supply.
From December 2019, the monetary policy includes a fixed supply with a decreasing rate of inflation. Every year until 2024, the amount of newly issued tokens will halve, until the cap of 245,312,500 SNX is reached.

What is Synthetix Used For?

The SNX token is necessary to collateralize the debt that is backing all synthetic assets on the platform. By staking the SNX tokens in the protocol, users receive an amount of inflation as well as Synth trading fees.
To unlock the stake, the Synths that were minted must be burned. This repays the debt that the collateral secures otherwise.

Comparison with similar cryptos

The project with a similar premise is UMA (Universal Market Access). Their pitch is to allow anyone to create financial instruments, so their scope is not limited to synthetic assets.
At the moment of writing, UMA offers five synthetic assets based on the dominance of popular cryptocurrencies. Synthetix gives exposure to seven fiat currencies, six cryptocurrencies and a DeFi index.

What is Synthetix Criticized For?

Synthetic suffers from quite a few various issues pertinent to its nature, to DeFi, and cryptocurrencies as a whole.
Due to the need for debt overcollateralization, a high degree of volatility in cryptocurrencies presents a problem. The exorbitant ratio of 500-750% is a sufficient measure to prevent liquidations from fluctuations, but a selloff is never off the table.
The collateralization ratio makes it more profitable to trade synthetics on secondary markets, which dilutes the value of the asset in comparison to its real-world counterpart. Not only this, but the synths’ prices can even be affected by events such as exploits that do not affect the original asset.
Not to mention, protocols like Synthetix are essentially unregulated derivatives markets. Under certain jurisdictions and regulations, this is simply illegal.
Synthetix has also been criticized by fellow crypto developers: in May 2021, Warwick announced four more projects on Synthetix, each with its own governance token. Dani Kulechov of Aave noted that this could lead to a community split and value dilution.

Partnerships and Future Plans

Synthetix is in the process of developing a merger with the Optimistic version. The updates are published in the official blog.
Meanwhile, all Synthetix Improvement Proposals (SIPs) for all branches are available in a repository. Some of the already approved SIPs include dynamic exchange fees, debt shares, Solana synth on Optimism, and removing the centralized oracle.
The most crucial partner for the Synthetix team is Chainlink, which provides price feeds for assets. They are also closely working with the Optimistic team on the Synthetix v3.
In 2022 so far, they have already unveiled a new partner: on-chain risk management platform Gauntlet. They hope that their risk-scoring system will help prevent liquidations early and provide insights for the collateralization ratio balancing.

Synthetix in Social Media


An upcoming feature being worked on is debt synthesis, according to the user @napgener. The gist of it is that the debt will be tracked across all chains and layers Synthetix is supported on, potentially branching to other platforms via bridges.


Trader Ahmet Alirsatar analyses the 4-hour chart of the SNX-USDT pair. The chart is potentially very heated up!


A not very obvious but nonetheless reliable way to get Synthetix Network token news is Kain Warwick, the man himself! In the linked article he shares insider info about the future of Synthetix in 2022.

Which Wallet to Use for SNX Crypto?

Synthetix tokens are ERC-20, meaning most compatible crypto wallets can store it. Popular picks for Ethereum tokens include MetaMask or MEW.
To store and exchange your SNX tokens at any time, you can use the Exodus crypto wallet. It has the built-in exchange feature with the most competitive rates, ChangeHero being one of the providers.
If you’d rather store SNX securely away from any Internet connection, Trezor or Ledger hardware devices are a way to go!

How to Exchange SNX?

You don’t have to search all exchanges that offer SNX pairs for the best rate, because ChangeHero does it for you. All that’s left for you to do is:

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. And now, relax! We are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
  5. As soon as the exchange has been processed, your SNX are on the way to your wallet. Leave a review with your impressions to help us be better for you!

Customer support is available 24/7 in the chat on our website or through the email: [email protected].

Conclusion

With synthetic derivatives, trading becomes more accessible and escapes the friction of traditional markets. Synthetix is striving to be the most approachable one by moving towards even more low-latency layer-two of Ethereum.
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Frequently Asked Questions

[sc_fs_multi_faq headline-0=”h4″ question-0=”How does Synthetix work?” answer-0=”In Synthetix, assets called synths can be minted in exchange for collateral represented in SNX. Synths then can be traded for each other or burned to unlock the collateral.” image-0=”” headline-1=”h4″ question-1=”What is Synthetix?” answer-1=”Synthetix is a blockchain-based platform for trading of synthetic assets, representing real-world currencies, stocks and indices. Synthetic assets allow trading of these assets without having to own the original asset.” image-1=”” headline-2=”h4″ question-2=”What is SNX?” answer-2=”SNX is the Ethereum token that is used in Synthetix for debt collateralization and staking.” image-2=”” headline-3=”h4″ question-3=”What is Synthetix used for?” answer-3=”Synthetix is used for minting synthetic assets and trading them for one another. It is a variant of the derivatives market.” image-3=”” headline-4=”h4″ question-4=”What is the future of Synthetix?” answer-4=”Synthetix is currently developing two versions of the protocol, on Ethereum and Optimism. Later in 2022 they are to be merged, and Synthetix is to operate on Optimism entirely.” image-4=”” count=”5″ html=”true” css_class=””]


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