The crypto world is facing its biggest challenge yet: a sustained crypto winter. Although the bearish winds showed some signs of relenting this past week, it’s more likely a temporary relief than anything else. Fortunately, a drop in token prices isn’t everything in the crypto industry; at least not anymore. Most cryptocurrencies offer practical utilities and continue to be relevant to their specific audiences. Here are some new developments from some of the most popular tokens trying to build their relevance and utility to crypto users.
Snowfall Protocol (SNW) Publishes its Prototype dApp
Snowfall Protocol (SNW) is a new cross-chain interoperability bridge that connects different blockchains and makes it possible for users to move assets, funds, and information between them seamlessly. Snowfall Protocol (SNW) also offers staking, yielding, dex (AMM), and other crypto finance services. As a smart contracts platform, Snowfall Protocol (SNW) hopes to revolutionize how crypto users execute transactions on crypto. While Snowfall Protocol (SNW) is scheduled to launch in February, the platform has already published its prototype dApp, giving users and investors a sneak peek into Snowfall Protocol’s (SNW) powerful features. Analyst Predict Snowfall Protocol (SNW) to quickly rise to $1 dollar after it launches. Snowfall Protocol (SNW) is a great pick for new and experienced investors.
Polygon’s (MATIC) Hard Fork Under Criticism
Polygon (MATIC) is a layer-2 scaling solution that leverages the security of Ethereum. Polygon makes it possible for developers to launch an unlimited number of dApps on the platform, and execute transactions at speeds above 65,000 tps. Polygon’s popularity has soared in recent months, which came at the cost of escalating transaction fees and reorgs. Polygon proposed a hard fork to address these challenges, which was finally executed on January 17. However, the move has raised serious questions about the project’s promises of decentralization.
The proposed hard fork should have required a supermajority from Polygon’s 100 validators to be executed. But, only 15 validators participated in the voting event, out of which only 13 validators approved the hard fork. Now, the Polygon community is questioning whether Polygon broke its decentralization promise by approving such a major change by involving only a handful of validators.
Shiba Inu’s (SHIB) Shibarium Under Scanner
Shiba Inu (SHIB) is a copycat meme coin launched to displace Doge coin as the de facto leader of meme coins in the crypto world. However, Shiba Inu has struggled to realize its dreams. Without any strong use case or utility, Shiba Inu never had a powerful reason to overtake Dogecoin. To address this problem, Shiba Inu is launching a layer-2 scaling solution Shibarium for which Shiba Inu will work as the mother chain. Also, usage of Shebarium will continuously burn SHIB tokens. This will have a deflationary effect on Shiba Inu and increase its price. Shiba Inu hopes this move will increase its value due to deflationary forces.
However, many observers are questioning the logic behind Shiba Inu’s launch of Shibarium. Creating a new token to increase speed and decrease transaction fees, instead of going for a hard fork on Shiba Inu is a questionable move. Some argue that Shiba Inu’s founders are probably jumping ship on Shiba Inu in favor of a new token.