Emerging Tokens - 17th November 2021

As DeFi King ETH hit its all time high a week ago, altcoins followed suit. A lot of young DeFi projects on Novum’s radar hit their all time highs in the past few days - SAITO, FUSE, STACK, KP3R, TONCOIN, PBR, XRD, CHR and more.

At Novum, we have been tracking emerging projects launching/trading on Uniswap V2. In the past two months, our top ranked projects in terms of 30 days liquidity provision performance had been completely gobbled up by meme-coins. However since last week, we see a growing number of DeFi projects resurface.

This week, we look at 5 interesting emerging projects listed on Uniswap V2.

Last updated: Nov 17th 9am GMT

Chromia (CHR)

Chromia is a blockchain protocol launched in May 2021. Chromia’s design is unique in a way that it is a blockchain and a relational database like SQL. Chromia can also serve as a layer 2 solution for Ethereum and Binance Smart Chain. My Neighbor Alice, one of the leading play-to-earn blockchain games, is using Chromia’s advanced NFT standards and on-chain logic.

Chromia has a market capitalization of $677 million and had a great run in November. Revolve Games joined Chromia’s ecosystem in late October and entered Binance Launchpool strengthening its power in the metaverse space. CHR increased by 236% in the past 30 days. The RSI of CHR is at 67 at the moment. CHR has been trading in between $1.02 and $1.34 in the past week since it hit its ATH of $1.41 on the 11th of November. It is currently trading at $1.18, 15% below its ATH. Compared to other DeFi projects that hit their ATHs around the same time that are trading below 20-30% of their ATHs, the price of CHR did not fall too much.

DeFi Plaza (DFP2)

DeFi Plaza is a decentralized exchange on Ethereum. To tackle the notorious Ethereum gas fees, DeFi Plaza went live with a 0.1% trading fee. The DEX currently supports 16 largest and most liquid tokens on Ethereum, creating 120 unique trading pairs. DeFi Plaza focuses on the simple functionality of swapping on the Ethereum network with low cost and has gained $5M in liquidity since its launch. The project recently announced that it would deploy on the Radix public network.

DeFi Plaza’s native token DFP2 has a maximum supply of 67.9M DFP2 and 50M DFP2 will be released from October 2021 until October 2022. More than 70% of the total DFP2 is secured for liquidity mining. See their tokenomics here. DFP2 saw a big price jump of 27% in the past 24h which is probably fuelled by a massive trading volume increase of 2744% between 15th and 16th of November (00:00 UTC).

TON (TONCOIN)

Initiated by the founders of Telegram and now led by TON open source community, TON(The Open Network) is a project that aims to connect decentralized networks and the internet through its services including TON Proxy, TON Storage, TON DNS and more. TON blockchain’s scalability is supported by its architecture that consists of a master chain and up to 292 accompanying blockchains. TON blockchain’s annual inflation is set at 0.6% and this will fund validator rewards.

There are more than 80k addresses holding TONCOIN. TONCOIN’s recent price jump can be explained by leading exchange OKex’s jumpstart mining program for TONCOIN and TONCOIN’s listing on FTX. TONCOIN increased 53.4% in the past 7 days. RSI went up as high as 98 9 days ago, and it is now 73.

Epik Prime (EPIK)

Epik Prime is one of the leading premium licensed NFT technology providers. Epik Prime partnered with more than 250 gaming companies and 1000 brands. AAA clients include Warner Music and Universal. EPIK is a membership token that unlocks member benefits including access to exclusive collections and opportunities to claim NFT rewards. The maximum supply is 2 billion EPIKs and 40% of them is secured for the Epik Prime community.

As a player in the NFT space, Epik Prime’s EPIK token more than quadrupled in price after Facebook(now Meta Platforms) rebranded itself as a metaverse platform. It has been correcting the price movement since early November. However, EPIK still outperformed ETH and BTC in the past 7 days and especially in the past two days when BTC and ETH started to show a downward trend. EPIK’s RSI has slowly cooled down in the past 10 days and is now at 61. The RVI (Relative Volatility Index) is also slowly moving towards 50, a potential entry signal. The 24h trading volume is up by more than 150% as of writing, and the number of accounts holding EPIK is up by 1.8%.

Radix (XRD)

Radix is a blockchain protocol specifically designed for DeFi. Radix improves developer productivity. Radix developers are incentivized to contribute to the community via its royalty fee. When a developer contributes to Radix’s DeFi library and other projects use the components of the developer to build a successful DeFi project, the developer will earn a direct royalty fee. Radix is designed to provide cross shard synchronicity for seamless composability in DeFi. Radix unveiled its asset-oriented DeFi programming environment called Scrypto last week. Learn more about Scrypto here.

Coinbase Custody’s eXRD (wrapped XRD on Ethereum) support announcement in early November could be one of the contributing factors of XRD’s recent surge in price. XRD increased by 326% in the past 2 weeks, and hit ATH 3 days ago. Since then it fell by 29%. XRD’s RSI went up as high as 99 a week ago and is now 61. Although it saw a harsh price drop recently, given its healthy team and its launch of new programming language Scrypto, it will be interesting to see how Radix can attract dev talents.

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