Smart Contract Platform Chain’s XCN Token Pumps and Dumps

Altcoins DAO Decentralization Market Trading
Last updated:
Author
Author
Fredrik Vold
Last updated:
Why Trust Cryptonews
With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews
Source: AdobeStock / klaasic

 

The little-known smart contract platform Chain (XCN) is attracting attention after its native XCN spiked in price and briefly leaped into the top 40 list of the most valuable cryptoassets by market capitalization. Shortly after, however, the token dumped in the market to trade at its lowest point in nearly a week.

As of Wednesday at 09:23 UTC, Chain’s XCN token is trading at USD 0.0848, down 13% for the past 24 hours, 1.2% for the week, and 24.6% for the past 30 days.

At the time of writing, the token is ranked as the 50th most valuable cryptocurrency. The most active exchanges for trading in the token were Huobi Global and Gate.io, which combined made up more than 60% of trading volume over the past 24 hours.

Source: CoinGecko

Today’s market moves come after an announcement from Chain on April 23 that the Chain Decentralized Autonomous Organization (DAO) has gone live, with native staking and governance modules now said to be ready.

“The initial proposals to set rewards and make the entire protocol fully decentralized have successfully passed and the DAO is now fully in the hands of XCN holders,” the announcement said.

It added that the Chain Governance now controls the Chain DAO Treasury, which holds 10bn XCN tokens (worth some USD 840m at current prices). Only users who stake their XCN tokens in the Chain Staking smart contract will be able to vote on governance issues on the platform, the announcement said.

Meanwhile, the project also announced in April that it had partnered with Alameda Research, the parent company of crypto exchange FTX, as its “primary cryptocurrency market maker.”

Despite being little known among retail crypto users, the Chain network has been involved in the crypto space since 2014, although mainly in the area of permissioned, close-ended blockchains for financial institutions.

Permissioned blockchains differ from decentralized and permissionless blockchains like Bitcoin (BTC) in that a central party decides who gets permission to perform activities on the network.

Chain’s main product, a software package known as Sequence, allows companies to manage their financial assets in a token format on private ledgers, with support soon to be added for interoperability with public blockchain networks.

Chain is led by Deepak Thapliyal, an active non-fungible token (NFT) collector who made headlines after he purchased an NFT from the popular CryptoPunk collection for ETH 8,000 (USD 16.4m) in February this year, worth some USD 23.7m at the time.

____

Learn more: 
Do Kwon’s New Terra Revival Plan Fights for Support as Trust Challenge Remains
Crypto Market Dives – and Rebounds – Following UST De-Peg, US Inflation Report

CRO Trims Losses as Crypto.com Scraps Plan to Cut Rewards After Community Backlash
Record Inflows into Bitcoin as ‘Safety’-Seeking Investors Buy the Dip; Ethereum Outflows Double

Price Analysis
Bitcoin Price Hits All-Time High of $84,000 – How Quickly Can BTC Get to $100,000?
2024-11-11 16:00:29
,
by Arslan Butt
Bitcoin News
BREAKING: Billionaire Michael Saylor’s MicroStrategy Acquires 27,200 BTC Worth $2.03 Billion
2024-11-11 13:49:26
,
by Ruholamin Haqshanas
Industry Talk
Best Crypto to Buy Now November 11 – Dogecoin, PNUT, dogwifhat
2024-11-11 20:01:01
,
by Hassan Shittu

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

More Articles

Ethereum News
US Spot Ether ETFs See Record $294.9M Inflows Amid Post-Trump Election Rally
Ruholamin Haqshanas
Ruholamin Haqshanas
2024-11-12 08:00:48
Altcoin News
Hedge Funds and VCs Anticipate 4x Surge for Solana, Projecting $600 Milestone
Shalini Nagarajan
Shalini Nagarajan
2024-11-12 07:13:24
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors