Last week we discussed the cryptocurrency ChainLink and its multiple oracles, this week we will take a closer look at SXP. This cryptocurrency is best known for its physical payment cards, including one in collaboration with Binance but was after rebranded to Solar and could be viewed as a combination of ETH, Solana, and Cosmos.
Swipe is still young in the world of cryptocurrencies. Barely four years old, the multi-asset cryptocurrency ecosystem has seen a pace of development that may be unmatched in the crypto space.
Indeed, in its first few months of operation, it has partnered with the likes of Coinbase and Binance. Binance actually later acquired Swipe, and this came after the company announced that it would be moving into DeFi by introducing a suite of applications and protocols that will be governed by the SXP token
After buying the last shares of SXP in December 2021, the project has been rebranded to become Solar, an ecosystem with open-source developers. After months in devnet, the solar mainnet was launched in March 2022.
The backbone of Solar’s ecosystem is its delegated proof-of-stake blockchain called Solar Core. The core code is a fork of the Ark blockchain that promises to be fast, modular, sustainable, efficient, and fully decentralized.
In its dPoS consensus mechanism, 53 delegates function as nodes responsible for securing and maintaining the Solar blockchain. Block production is divided into rounds and consists of 53 blocks, and each delegate submits one block per round. The block submission time on Solar is eight seconds.
In the first quarter of 2022, Solar has already made great strides with the introduction of the desktop wallet and staking, among others. Other features are expected in Q2 and later in the year such as the alpha version of their metaverse, the beta version of their NFT marketplace, and their launchpad planned for the end of the year.
From a technical perspective, SXP has not escaped the recent bearish wave in the crypto market and is now trading around $0.47. SXP is close to its lows and is not necessarily in a good position if we focus on buying.
The technical indicators on the daily horizon are quite positive but the price action leaves something to be desired. Indeed, to be able to serenely consider a buy-on retracement after confirmation, SXP should ideally exceed $1.20. This still represents a 150% increase.
We have only one bot trading SXP on our platform but it performs well and allows you to trade both sides, thus countering the current price action
- Surge Bot SXP
It’s pretty good, right? Come and try it for yourself!
And here is another new coin that no longer holds any secrets for you! This one was a different project in comparison with all the others we covered in this series. Next week, we will discuss another very interesting project, heavily focused on the DeFi ecosystem, CAKE.
See you next week!