The pair of coins that allow community members to earn simply by holding are ushering in a new wave of cryptocurrencies.
First it was NFTs. Then, it was meme coins. Now, it looks like the latest trend to hit the cryptocurrency world are coins based in tokenomics – the idea of earning more coins simply by holding on to existing ones.
Safemoon Making Moves
One of the biggest movers this week that has been commanding attention from the blockchain world is the Safemoon Protocol.
Less than two months old and fueled by a serious marketing push that includes major crypto influencers, athletes, and social media stars, the coin has seen upwards of a 5000% increase since being released on March 9.
Describing itself as a “100% community driven & fair launch token“ that increases the balance of holders through a 10% fee on any transaction, it is quickly becoming one of the most talked about coins in the industry.
Our own Safemoon review and price prediction predicted the rise over a week ago, however having reached the ‘most searched cryptocurrency’ on Google rankings has propelled it to heights that even its biggest touters would not imagine.
EarnX Following Close Behind
The EarnX coin, which is based on the Yearn Classic platform, is a token that will be used exclusively for the NFT ecosystem that the protocol has created.
Using the same principles as Safemoon, holding the EarnX token means that community members will continue to grow their balance any time a transaction is made.
However, unlike Safemoon, EarnX has been able to make some real-world integration. Yearn has recently announced that the EarnX tokens are being used to verify the manufacturing of authentic Persian rugs in their newest partnership deal.
The platform is being called the first “physical NFT platform“ as each rug will be assigned a Non Fungible Token upon manufacturing. This allows buyers to know that the rugs are authentic when purchased, removing any doubt of counterfeiting as they make their way around the world.
What’s Next for Each Coin?
Safemoon is continuing it’s push to reach yet another ATH having broken the barrier set this weekend.
With plans for its very own exchange, which was funded by a crowdfunding campaign launched on April 15, Safemoon clearly has ambitions of further growing its nearly $4 billion market cap.
While EarnX hasn’t quite yet seen the same gains as Safemoon, the real-world use case and a recent listing on CoinGecko means that it is making a push to put itself in the conversation of an emerging tokenomics coin.
An upcoming listing on CoinMarketCap and two potential exchange announcements means that EarnX shouldn’t be too far behind the Safemoon juggernaut.