October 26, 2021 · 4 min read
Emerging Token - Proton(XPR)
Proton is a public blockchain designed for consumer applications and seamless P2P payments. Fiat on and off ramps and lack of KYC have been significant obstacles in opting in crypto as a day to day payment system. Proton tackles this problem by integrating a secure identity layer.
Proton wallet users can opt into providing KYC information, create an id, get a verified checkmark, and unlock new features of Proton blockchain. So rather than using ridiculously long addresses, you can move funds (fiat or crypto) between your bank accounts and @JohnSmith Proton wallet and push payments requests to @BobSmith. Verified accounts will be able to Proton’s decentralized ID will allow users to choose when and what parts of their identities to reveal.
Proton is a result of a joint effort of two projects Metal Pay, a cash and crypto payment app with more than 100K users and Lynx, an EOS wallet. Proton Blockchain has been integrated with the two apps since its day 1.
Proton uses the EOS dPoS governance model, which allows Proton token (XPR) stakers to select block producers. Proton can process 4,000 transactions per second and does not charge gas fees to users.
XPR is the native token of Proton, and is used for governance, network development resource allocation, and staking. Dapps building on Proton can rent resources in XPR from the Proton network itself. Different resource plans are outlined here. Proton currently offers 4.93% APR (variable) for staking. Users can stake short-term and receive a variable APR everyday. Long-term staking with higher APRs was disabled in July 2021.
XPR currently has a circulating supply of 8.3B XPR and has an annual inflation rate capped at 3%. The inflation is introduced to reward block producers and stakers.
Proton also introduced deflationary measures for XPR holders. The 0.1% swap fees from ProtonSwap are converted to XPR and burned. Projects building on Proton that buys XPR as development resources. These resources in XPR will be burned. And 10% of each minted NFT will also be burned.
Proton has made its foray into DeFi in early 2021. Launched in Q1 2021, ProtonSwap is a DEX that allows tokens to be wrapped in Xtokens then be swapped. ProtonSwap charges 0.3% transaction fees but fees can be discounted depending on how many XPRs you are staking. More on fee reduction rate here. To use ProtonSwap, identity verification is required. ProtonSwap is audited by PeckShield.
Proton also rolled out an NFT marketplace. Proton Market is currently in beta. Proton Market has made more than $500K in NFT sales. Proton looks to bridge ERC-721 NFTs.
Proton’s main proposition is about frictionless crypto payments with decentralized KYC at its core. Proton will need to keep an eye on legacy fintech payment systems such as Venmo and PayPal and how they march into the crypto space. As Proton looks to expand its DeFi offerings, the team will see competition against other layer 1 blockchain projects that promise low gas fees such as Telos, Avalanche, Solana, Cardano and more.
XPR Price Analysis
XPR has shown stellar growth in the past 30 days with a 335% price increase. The current market cap and price of XPR stand at $329M and $0.04 respectively. The trading volume in the past 24h increased by 17%. The current 7day RSI (Relative Strength Index) value stands at 55. It went up as high as 92 one week ago. There are more than 70K addresses holding XPR on Proton (up by 0.67% in the past 24hrs) and 12K on Ethereum (up by 0.04% in the past 24hrs).
With zero on-chain gas fees, frictionless fiat on off ramps, regulatory compliant direction and a healthy team all combined, Proton has a potential to help individuals’ everyday interaction with crypto and DeFi.
Do not confuse XPR(Proton) with XRP(Ripple).
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