The cryptocurrency ecosystem has recently witnessed massive trading volumes as investors pile in to get a taste of capital gains. Decentralized exchanges such as dYdX and mainnet networks like GateToken have experienced a surge in transaction volumes as the ecosystem continues to grow. On the other hand, a new crypto platform called Bitcoin Spark has recorded significant trends as investors await the Spark mainnet release. These projects indicate a growing community of Web3 entrepreneurs worldwide.
What is dYdX?
dYdX is a decentralized exchange (DEX) developed in 2017 by Antonio Juliano, a US-based computer expert. The exchange offers exclusive crypto derivatives trading, including margin trading, perpetual trading, and lending and borrowing services. The exchange features over 35 large cryptocurrency projects, including Dogecoin, Ethereum, Bitcoin, and Cardano. The Ethereum mainnet powers the exchange through smart contracts alongside starkware-powered rollups. The exchange’s native crypto asset is DXDY, the governance token.
What is GateToken?
GateToken refers to a utility crypto asset of the Gate exchange (Gate.io exchange). Gate is among the most prominent decentralized exchanges by trading volume and liquidity pools. The decentralized exchange is powered by its blockchain called GateChain. Gatechain is a new-generation ledger founded in 2013 by Han Lin. The platform set records by raising $64 million in the platform’s initial exchange offering.
What is Bitcoin Spark?
Bitcoin Spark is a Bitcoin upgraded network that offers an alternative blockchain network to Bitcoin. The Bitcoin Spark is still developing but has attracted whales from significant blockchain projects. Having raised millions of dollars so far (a few weeks into the ongoing ICO event), Bitcoin Spark’s future is destined to succeed.
The network’s utility and governance token is the BTCS token, which still needs to be minted on the Spark mainnet. The ongoing ICO event is powered by Ethereum ERC-20 tokens minted as BTCS tokens by the Bitcoin Spark team.
When Bitcoin Spark goes live on the mainnet, the developers will embark on a proprietary bridging system that will facilitate the transfer of the minted ERC-20 tokens to the spark mainnet. Bitcoin Spark developers have minted just around 4 million tokens on Ethereum to successfully run the ICO event ahead of the official network launch. Bitcoin Spark is among the projects defining transparency and accountability in Web3 through passing smart contract audits and KYC requirements by three and two independent firms, respectively.
Bitcoin Spark is being developed to ensure the profitability of network participants as well as enhance price stability for BTCS tokens. The ecosystem is among the first projects to decide to incorporate revenue-generating methods that will function profitably without the influence of bull or bear markets.
Clients who buy products or services from the Bitcoin Spark network must pay in BTCS tokens they purchase on centralized and decentralized exchanges. This means that the buying pressure of BTCS tokens will always be above average trading volumes since among its utilities are clients purchasing the tokens and using them to pay for the platform.
Bitcoin Spark also integrates a smart contract layer unique to those deployed on other smart contracting platforms. The network’s smart contracts allow developers to work on decentralized applications through different programming languages accepted by the EVM bytecode.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
Photo by Joshua Mayo on Unsplash
