Weekly Altcoin update – Week 43

This week’s altcoin update is one of the biggest altcoin updates to date. We will highlight significant developments of the following coins: $ZIL, $RSR, $LTO, $OPUL, and $ZWAP.

Zilliqa

It has been a relatively news-packed week for the Zilliqa ecosystem, with various ecosystem partners launching products and integrations. One of these integrations is that; XCAD Network will be finally interoperable by Thursday. The ZilBridge will allow users to send over ERC-20 XCADs to the Zilliqa ecosystem, which lowers liquidity for XCAD Network on both chains, assuming that arbitrageurs are capitalizing on price discrepancies. The ZilBridge has bridged over 20 million USD in assets so far, in approximately three weeks. DeMons, a yield-farming NFT project, has its second sale of NFTs on the 28th of October! The previous sale of GodZilliqa’s, another race in the Demonverse, yielded over 200,000 USD in sales in the first 24 hours of the launch. The yielding mechanism allows NFT holders to gain passive income, 1500 $DMZ/yr, which generates a cash flow of 840 USD a year (with the current price of $DMZ).

Reserve Protocol

Reserve Protocol have made significant developments on their Reserve App in the last few months, and their efforts are reflected on several growth metrics. The Reserve App essentially grew in every single metric, Consumers, Volume, and supporting merchants. The app currently has over 55,000 active customers (I.e., customers who have funded and moved their funds at least twice in the last 30 days). In the last few months, about 19 million USD has been transacted by retail customers and 43 million USD by businesses. Despite the volume differences, retail consumers are making up nearly all the transactions on the chain. This is viewed as a good thing, considering Reserve Protocol focuses on retail investors by allowing them to utilize a relatively stable currency compared to their native currency. The Reserve app has transacted 2.2 million transactions since launch, with a volume of 311 million USD. This is considerable due to that Reserve Protocol is currently only active in 4 countries. Lastly, the ecosystem is getting more and more support from merchants; when the Reserve House of Chimera Paper in March was released, ~400 merchants were accepting RSV, which is over 7,000 now.

LTO Network

The community accepted the LTO Network Cobalt update over the week by governance voting. The Cobalt update is a significant update to the LTO ecosystem due to the flexibility and robustness it provides. The Cobalt Mainnet update will focus on self-owned data and peer-to-peer apps and eventually influence and empower developers to develop Private Aware Decentralized Applications. Therefore, developers can add value to the ecosystem through the LTO Network framework, which considerable clients such as The United Nations and governments are currently being used. The ecosystem will have to swap out their current ERC-20 smart contract to the new ERC-20 smart contract, which is expected to be done over the next few weeks.

Opulous

Opulous has been one of the most promising projects that have been recently launched. The ecosystem is growing at an abnormal rate and has partnered up with significant non- and music partners. The ecosystem has partnered up with LINE, a previously publicly listed company with a book valuation of approximately 5 billion USD in Q3 2020. The company has generated 1.5 billion USD in revenue over 2020 and has 89 million active monthly users in Japan as of June 2021. The partnership will allow Opulous to work with LINE’s Tech Plus Division (i.e., LINE’s blockchain division) to co-develop NFT products. Additionally, the Opulous Music NFTs will be possibly integrated within the LINE NFT market, drastically increasing the exposure of Opulous Music NFTs in Japan. The first S-NFT of Lil Pumps and Soulja Boy, their new track ‘Mona Lisa’, is about to launch on the 29th of October on Republic.

ZilSwap

The long-awaited NFT marketplace, ARK, of ZilSwap was launched yesterday. The first collection BearMarketNFT has been launched, and a few other collections will follow quickly, such as ZilDucks, DragonZil, Unicutes, and ZilMorphs. The launch of ARK is significant for the ecosystem, but especially for ZWAP and The Bear Market NFT holders. Due to that, the holders of these assets indefinitely receive 15% of the total transaction fees on ARK. However, holders can only receive a portion of the transaction fees if the asset is being held for at least 30 days. A weekly claim mechanism will be launched in Q4 to claim these platform fees.