BTSE welcomes five ERC-20 tokens onto the exchange, part of its commitment to growing the range of quality digital assets available to traders.
- Axie Infinity (AXS)
- Chiliz (CHZ)
- dYdX Token (DYDX)
- Enjin Coin (ENJ)
- The Sandbox (SAND)
1. Axie Infinity (AXS)
NFT games have become popular in the GameFi world as a means to earn income recently, thanks to play-to-earn games like Axie Infinity. By listing AXS, Axie Infinity’s governance token, BTSE adds further depth and dimension to the market for its users.
Axie Infinity and AXS Token
Axie Infinity, simply put, is like a Pokémon game built on Ethereum. It allows players to collect, breed, raise, battle, and trade creatures known as “Axies”, which are digitized as NFTs. Players can obtain AXS through in-game missions and battles with other players.
The play-to-earn business model — one of the latest developments in the gaming industry, especially in NFT games — allows players to earn NFTs or tokens in games and transfer them to fiat for use in daily life. Since the Covid-19 lockdowns started in 2020, playing Axie Infinity to earn rewards became the main source of income for many players around the world.
AXS token has four main functions:
- Governance: By staking AXS, holders can vote on the platform’s operations, making their voices heard.
- Staking: Axie Infinity’s staking program, launched in September 2021, allows AXS holders to claim rewards by staking on the platform. The annual percentage yield (APY) was initially around 400%. But as more AXS was staked, the APY began to decrease to around 129% now (as of Oct 21, 2021).
- Payment: AXS is accepted as a currency in Axie Infinity’s in-game purchase, as well as in its NFT marketplace for players to obtain new Axies.
- Trade: As exchanges such as BTSE, Binance, and FTX have listed the token, AXS can be traded on these secondary markets for non-gamers to get involved in the hype.
The price of AXS surged by over 130% in the past month. At $127.26 on October 21, 2021, it had a market cap of $7.8 billion and 0.29% market cap dominance, according to CoinGecko. Its circulating supply is around 61 million tokens out of a maximum of 270 million.
2. Chiliz (CHZ)
Chiliz (CHZ) is an ERC-20 token utilized in the world of entertainment and sports enthusiasts, being the official cryptocurrency of the Socios.com fan influence and rewards platform.
What is Chiliz?
The developers of Chiliz aim to bring sports teams and their most passionate fans closer together to change what they currently see as a passive connection between them. The goal is to provide millions of esports and sports fans with a token they can use to purchase direct voting allocations and participate in the decision-making processes of their preferred teams. Supporters become not just passive observers, but also engaged members of the club.
Chiliz partners with some of the top esports or sports teams and associations, such as FC Barcelona, Arsenal FC, L.A. Lakers, Boston Celtics and the UFC, among others. The sports range from basketball and tennis to football (soccer) and motorsport. Its growing involvement in major football leagues in Europe is introducing a large number of football supporters to cryptocurrencies — another strong driver for adoption.
CHZ Token and Use Cases
Other than for trading on exchanges, CHZ can be used for entertainment and sports, like purchasing team-themed NFTs. Its primary purpose, however, is for purchasing fan tokens, which provide voting power when teams request fan feedback through the Socios.com app.
Chiliz allows supporters other ways to engage with their favorite teams. Using CHZ, the platform creates a unique participatory experience for sports fans through membership rewards, VIP events, and fan voting. Supporters can have a say in how they want their favorite clubs to be run; they are also rewarded, thus more motivated, to vote on certain decisions.
Chiliz token (CHZ), at $0.328 on October 21, has a market cap of more than $1.7 billion and 0.06% market cap dominance, according to CoinGecko. Its circulating supply is around 5.3 billion tokens out of a maximum supply of about 8.8 billion CHZ tokens.
3. dYdX Token (DYDX)
The dYdX token governs the dYdX exchange, an Ethereum-based decentralized exchange that allows users to trade cryptocurrency perpetual contracts, margin, and spot trading.
What is dYdX Exchange?
The dYdX exchange utilizes smart contracts to eliminate the need for intermediaries in completing trades. It is a leading decentralized exchange (DEX) in terms of liquidity, volume, and other parameters; its trading volume recently surpassed that of Coinbase and Uniswap.
Its users can trade ETH perpetual contracts with up to 25x leverage using the Layer-2 solution for transactions and reduced gas fees. Spot and margin trading features are available on dYdX, and users can also borrow and lend cryptocurrencies from and to the dYdX protocol.
dYdX was founded in 2017 by Antonio Juliana, a former Coinbase engineer, and is backed by notable firms such as Andreessen Horowitz, Polychain Capital and Three Arrows Capital, among others.
DYDX Token and Use Cases
DYDX is the governance token of the dYdX exchange and allows token holders to make key decisions guiding the dYdX protocol, such as rewards, trading features, and others. dYdX token holders benefit from discounts on trading fees while carrying out transactions on the exchange. They can also stake their tokens in the Safety Module pool to earn additional rewards.
The dYdX token, at $20.19 on October 21, has a market cap of more than $1.1 billion and 0.04% market cap dominance, according to CoinGecko. Its circulating supply is around 56 million tokens out of a maximum supply of about 1 billion dYdX tokens. The recent surge in price can be attributed to traders’ increased interest in DEXes following China’s recent crypto ban.
4. Enjin Coin (ENJ)
ENJ is an Ethereum-based cryptocurrency used to back the value of next-generation fungibles and non-fungible tokens (NFTs) on Enjin, a leading NFT platform.
As NFTs and the projects around them have become popular this year, BTSE joins a growing list of exchanges that have listed ENJ, providing its users with more diverse token selections.
Enjin and ENJ
Enjin was founded in 2009, providing an ecosystem for users to create, distribute, purchase and integrate NFTs. It aims to make NFTs easy and accessible for individuals, while enabling businesses and brands to launch their NFT projects with Enjin’s end-to-end solution.
Game developers can tokenize in-game items on the Ethereum blockchain by using Enjin. These digital assets issued through Enjin are backed by Enjin Coin (ENJ) and can be traded with real-world value. NFT owners can also melt NFTs back into ENJ anytime. Therefore, unlike other digital assets, NFTs backed by ENJ ensure their transparency and scarcity as ENJ is a limited resource in the ecosystem.
Enjin describes ENJ as “the gold standard for digital assets”, highlighting its attributes of anti-inflation, tangibility, and trust. Listing ENJ on BTSE enables users to access the opportunities from the recent NFT hype and the growing NFT industry.
At $1.83 on Oct 21, 2021, ENJ has a market cap of $1.7 billion and 0.06% of market cap dominance, according to CoinGecko. Its circulating supply is around 934 million tokens out of a maximum supply of 1 billion ENJ tokens.
5. The Sandbox (SAND)
SAND, the native token of the Sandbox virtual world, is an ERC-20 utility token utilized by players, content providers, and traders alike.
What is The Sandbox?
The Sandbox is a peer-driven ecosystem where producers can use the blockchain to monetize voxel gaming experiences and assets. (A voxel is a data point defined in three-dimensional space.) SAND is exchangeable, modular and interchangeable, and powers the Sandbox game’s metaverse.
The Sandbox is a distinctive decentralized digital space where participants can create, possess and commercialize their gameplay experience via SAND and NFTs.
SAND and Use Cases
SAND token has several applications, including:
- A form of money in the Sandbox ecosystem: Users can earn SAND via gaming and use it to participate in gaming activities, such as buying equipment or personalizing their avatar identities. It may be used to purchase virtual land and assets from creators. Artists can purchase gems to define item scarcity and use SAND to publish assets onto the platform.
- Governance Token: SAND enables its holders to vote on governance issues. They can participate by themselves or assign voting privileges to other people.
- Staking and incentives: Players can bet with SAND tokens, as well as catalysts AND gems, to gain incentives and create assets.
SAND was priced at $0.77 on October 21, 2021, with a market cap of more than $694 million and 0.03% market cap dominance, according to CoinGecko. Its circulating supply is more than 890 million tokens out of a maximum of 3 billion.
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