3 Altcoins To Keep Tabs On — POLX, MATIC, KSM | KuCoin Weekly Review Issue #21

2021/05/18 14:11:12

This was the week that things started to come back down to earth, as is the nature of the market. Starting with Bitcoin, we saw the price fall from $57,990 to $49,352. This can be put down to Elon Musk announcing that Tesla would no longer accept Bitcoin as payment, due to environmental concerns. This of course had knock on effects throughout the market.

This is especially true with LTC, which saw its own massive drop to the low $300s. ETH seemed to fare quite well despite this, however. While it isn’t reaching a new all time high this week, it made it to Sunday at a respectable $3,582.

For many, this drop in the market can be a tough pill to swallow, but, as always, we have sought out 3 altcoins that performed particularly well this week. Read on as the KuCoin blog introduces you to 3 promising projects: POLX, MATIC, and KSM.

Polylastic (POLX)

Polylastic created the Polylastic Index, a token performance tracker that focuses primarily on the Elastic Finance industry (EFi). What makes this index unique is how it emphasizes community support, technical innovation and the marketcap of the token in its weighing mechanism. POLX is the token used for governance and the weighting of the index through delegated staking.

Keen observers may have seen that Polylastic’s POLX token was recently listed on KuCoin. After this, the price of the token shot up significantly. KuCoin was actually the project’s premier listing, meaning it is the first place where users can easily trade the token. In addition, Polylastic’s insights into the EFi market provide a unique perspective. As more users were interested in the index and saw its potential, they began to hold the deflationary, fee-earning POLX token. All these elements allowed POLX to achieve a 110.8% 7-day ROI.

Trade POLX and 200+ other altcoins on KuCoin.

Polygon (MATIC)

Polygon is referred to as “Ethereum’s Internet of Blockchains.” It is a protocol and framework optimized for building and connecting Ethereum-compatible blockchain networks. It solves the common pain points associated with blockchains by combining the best elements of Ethereum and other sovereign blockchains into a multi-chain system. The Matic token plays the important role of governance and securing the network.

MATIC was already doing well for itself in recent weeks on the back of the DeFi fever in the crypto market this year. In fact, it achieved amazing growth back in April thanks to promising developments such as listings and partnerships. This recent jump in value came about following the increased interest in altcoins. With transactions on Ethereum increasing significantly following the growth of DOGE, SHIB and other similar tokens, Polygon’s ability to increase scalability for blockchains is really proving its worth. Who else but Elon Musk also played a part after the announcement that Tesla would drop Bitcoin as a payment method, instead searching for a more sustainable solution. Polygon would be set to gain from this, which is why MATIC achieved a 68.2% 7-day ROI.

Trade MATIC and 200+ other altcoins on KuCoin.

Kusama (KSM)

Kusama is dubbed the ‘Canary Network for Polkadot’, being created by the same team behind Polkadot. As a scalable network of specialized blockchains, it was made to be used as an experimental blockchain for development and testing - a sort of staging ground. Due to this role, it has become a hotbed for innovation not just within the Polkadot ecosystem, but the wider crypto market. The KSM token can be staked to either become a validator or nominator for the Kusama relay chain.

KSM has been growing in value as of late thanks to its ties to Polkadot. The big news is that the parachain auctions, a long awaited event, are now starting to move forward and take shape. The auction will be conducted using the KSM token, so as it begins to draw near, users are starting to buy some in order to take part in the crowd loan. Also, its role as Polkadot’s cousin means that it follows closely behind it, whether up or down. KSM achieved a 15.8% 7-day ROI.