Cryptocurrencies are undeniably gaining recognition in the mainstream, and traders of all levels are entering the space. With a variety of new projects and tokens coming into the market regularly, the adoption of cryptocurrencies is undoubtedly increasing. In fact, the number of people owning cryptocurrencies nearly doubled at the start of the year to nearly 220 million, with more funds pouring into the market in 2021 than in the previous five years combined.
Cryptocurrency exchange Phemex has announced that it has added 55 new cryptocurrencies to its trading pairs in response to the growing demand for investment opportunities in the crypto community. These include many popular cryptocurrencies as well as promising altcoins.
With this new listing, Phemex gives traders and crypto enthusiasts access to some of the most popular cryptocurrencies on the market. Here are some of the coins to be listed:
Avalanche (AVAX) is a smart contract blockchain platform focused on fast transaction speeds, environmentally friendly performance and low costs. The Avalanche ecosystem consists of three blockchains, each of which is a parallel blockchain specializing in different transactions. Distributing tasks across chains creates a decentralized, secure and scalable network, allowing the Avalanche platform to remain agile, solving one of the most pressing problems in the DLT industry, the triad of blockchain.
Trader Joe (JOE)
Trader Joe's (JOE) is a decentralized finance (DeFi) protocol that continues to unleash new developments. As an AMM-based DEX built on the Avalanche blockchain, the project's primary purpose is to provide a clearing and trading service, but Trader Joe's also provides other essential DeFi features such as staking, yield farming, and lending.
Stargate (STG) is a cross-chain bridge built on the LayerZero protocol that enables local asset transfers between different blockchain networks. The protocol is designed to eliminate the need for wrapped tokens and allows users to send tokens directly to blockchains that do not support the associated assets. The protocol is built around unified pools of liquidity shared across chains. Stargate's goal is to make cross-chain bridging a seamless process that only requires a single transaction.
Ethereum Classic (ETC)
Ethereum Classic (ETC) was released as a hard fork of the Ethereum (ETH) network following a community dispute that occurred after the DAO hack in 2016. The Ethereum Classic blockchain supports smart contracts and decentralized applications and maintains its own Ethereum Classic tokens. The blockchain uses the Proof-of-Work protocol to validate transactions that require computing resources for ETC mining and can continue to provide a revenue generation avenue for ETH miners who are not too keen on Ethereum's transition to Proof-of-Stake.
Dash makes it possible to make cheap and fast payments anywhere in the world. Although the project is built on Bitcoin, it consists of a two-layer network structure. The first layer is a proof-of-work (PoW) system where mining devices solve complex mathematical operations to verify transactions. Layer-2 contains master nodes. Anyone who proves to have 1,000 Dash can operate a masternode. These master nodes are responsible for Dash's InstantSend and CoinJoin features, and are also allowed to vote on governance and funding proposals.