Week 16 of 2021 was in many ways similar to Week 15 – bullish or sideways trading during the weekdays and a market correction during the weekend. And this week’s weekend correction was a big one. On Friday, April 23, Bitcoin dropped below $50,000 for the first time since early March and other cryptos followed along with even greater losses. The total cryptocurrency market capitalization dropped as low as $1.75 trillion, causing some investors get scared to the bones. However, sharp moves like that are nothing extraordinary on the cryptocurrency markets. Despite the dip, here we are again, entering a new week with optimism and trying to point you to the most promising coins and tokens for Week 17.
1. Uniswap (UNI)
UNI is the governance token of the automated market maker (AMM) protocol Uniswap. UNI tokens are ERC-20 tokens that allow holders to decide on the future of Uniswap by voting on proposals. Uniswap – the platform, which facilitates quick swaps between various Ethereum-based tokens, has recently been struggling to keep its users and market share because of high fees on Ethereum. The project is aiming to confidently reclaim the pole position with the launch of Uniswap v3.
Uniswap v3 launch on the Ethereum mainnet is targeted for May 5
Uniswap is one of the most used crypto decentralized exchanges (DEXs), and a pioneer in the Automated Market Making (AMM) space. In fact, according to Crypto Fees fee aggregator, Uniswap ranks 3rd in economic activity, with just Ethereum and Bitcoin ahead of the popular AMM protocol. Nevertheless, UNI is currently on the ninth place by market capitalization, which might indicate that the token is severely undervalued. Taking into consideration the fact that Uniswap v3 is set to bring several important improvements, UNI has an even greater upside potential. The Uniswap team has recently unveiled the features of Uniswap v3, which will first roll out on Ethereum mainnet on May 5. The revamped version of the Uniswap protocol, which aims to address important issues that the platform’s users are currently facing, will be deployed on Layer 2 Optimism network shortly after the Ethereum mainnet launch.
V3 will come packed with new features, including Concentrated Liquidity, which will allow Liquidity Providers (LPs) to set custom price ranges, to which they want to provide liquidity, and Active Liquidity, which will allow LPs to change their desired price ranges in real time based on market movements. By smartly utilizing the new tools, savvy LPs will be able to maximize their trading fee earning potential, as concentrated liquidity allows for the same amount of fees to be earned with just a fraction of the underlying capital, provided the asset pair trades in the range that they are providing liquidity to. In addition, Uniswap v3 is said to introduce support for non-fungible token liquidity pools and utilize a flexible fee structure. Because of all the cutting-edge features that the upgrade is promising to bring, the undervalued UNI token will likely appreciate in the days leading to the v3’s launch.
2. My Neighbor Alice (ALICE)
My Neighbor Alice is an online multiplayer game in which users can buy and own virtual islands, collect items as well as interact and socialize with other players. ALICE is an in-game currency which can be used to purchase plots of land, in-game items and NFTs. The game aims to cater both the players who are in for the fun narrative and gameplay as well as the ones who are more serious about NFT collections and trading.
First Ever Virtual Land Sale Starts on April 27
My Neighbor Alice allows players to own virtual islands but up to now, no one owns a plot of land in the game yet. That will change on May 12, when the first land distribution event will come to an end, resulting in 927 virtual plots of land on the Nature’s Rest Island finding their owner. To be eligible for purchase player must stake a minimum of 1 ALICE token or 20 CHR. Staking will run from April 27 at 12:00 PM UTC to May 11 at 12:00 PM UTC, when a lottery will take place. Players who have staked their tokens and managed to obtain a winning lottery ticket will have the opportunity to acquire a plot. Each plot of land will cost 50 ALICE, with an early discount of 60% bringing the cost down to 20 ALICE. There will be around 100,000 pieces of land available in the game, so more land sales will follow soon. However, judging by the high interest for the first land sale, being the first virtual landowner certainly has its charm. More information about the lottery and the land sale can be found here.
3. Qtum (QTUM)
Qtum protocol features elements from both Bitcoin and Ethereum, including the Ethereum Virtual Machine, and tries to combine the best of both worlds. The Singapore-based cryptocurrency project is designed as the backbone of mobile decentralized apps and optimized for blockchain interoperability.
Mainnet Fast Lane Hard Fork Scheduled for April 30
According to an announcement made by Qtum founder Patrick Dai, the Mainnet Fast Lane Network Upgrade is scheduled to take place at block 845000, which is estimated to arrive on April 30. The mandatory upgrade, which will be conducted through a network hard fork, will implement Ethereum Istanbul and Muir Glacier upgrades dates to the Qtum EVM. In addition, the update will feature several Ethereum Improvement Proposals (EIP 152, EIP 1108, EIP 1344, EIP 1884, EIP 2028, EIP 2200, and EIP 2384) as well as QIP 26, which will reduce block times to 32 seconds and boost the overall Qtum wallet responsiveness. Following the Fast Lane hard fork Qtum will become a fully functional Proof-of-Stake smart contract platform able to support a variety of DeFi operations. More information about the Qtum v.0.20.2 release can be found on the official GitHub repository.
How did the coins perform last week?
Over the course of the last week, the cryptocurrency market moved from an overall valuation of $2.05T to $1.80T on April 25, representing a 12.2% drop in valuation. Binance Coin managed to defy the general downtrend by ending the week with a 2.9% higher value than it entered the week. Other altcoins from our last week’s selection were hit hard during the recent market dip – both LINK and XTZ dropped heavily but have since rebounded nicely.