Many cryptocurrency projects tend to fly by unnoticed for some time until the price increases. In the case of Decred, one can argue this price increase has been years in the making. Several interesting ecosystem developments deserve a closer look.
More DCRDEX Development
For several months, developers have worked tirelessly to build a decentralized exchange for the Decred ecosystem. Known as DCRDEX, the project has been available for a while now. It supports atomic swaps between Decred, Bitcoin, and Litecoin. Additionally, support for Ethereum and Bitcoin Cash will become more outspoken in the months to come.
DCRDEX appears to be bringing the liquidity to #decred! Can't wait for ETH to be added in upcoming months to open the floodgates to defi…. things may go ballistic!! $DCR could be become the lifeblood to all crypto, like Uniswap is for Ethereum. pic.twitter.com/JEFSTkRcVE
— Decred Dad (@rickdipersio) November 28, 2020
Compared to other decentralized exchanges, there is only a handful that actively explores cross-chain interoperability and liquidity. DCRDEX is paving the way for a far more liquid trading experience, without introducing extra hurdles along the way. If it can effectively bridge the gap to Ethereum, things are bound to get interesting. Certainly a project well worth keeping an eye on.
Regular Ecosystem Updates
Content creators active in the cryptocurrency industry have a lot of topics to cover every week. Some even dedicate regular videos to particular projects. In the case of Decred, there is a bi-weekly news update to be found on YouTube. In this update, there is a strong focus on development progress, staking, and so forth.
Videos like these allow the community to share their excitement with others in a straightforward manner. It is also an accessible way for onlookers to try and understand what the Decred ecosystem is about. Even though YouTube does not have the best track record when it comes to cryptocurrency content, it remains a viable video platform regardless.
Decred Co-Founder Appears on Nasdaq
Although this may seem minor to a lot of people, the co-founder of Decred recently appeared on Nasdaq’s TradeTalks to discuss the viability of blockchain technology in elections.
.@decredproject Co-Founder & Project Lead @behindtext joins @JillMalandrino on @Nasdaq #TradeTalks to discuss how blockchain can be used in elections by providing greater transparency, security and legitimacy to voting systems. https://t.co/TkOV24ZbI5
— TradeTalks (@TradeTalks) December 1, 2020
A more than valid discussion, although it remains to be seen if Decred’s chain would be a good fit for that particular purpose. It is more exposure for the project either way and should not be overlooked.
Network Statistics Look Healthy
It is always pertinent to look at the overall network health of a cryptocurrency project. Decred makes that rather easy, with the help of the Dcrstats website. It depicts a lot of information, but the most interesting aspect is the staking support on the network.
To be more specific, there is 6,652,838 DCR across the different staking pools. That means nearly 54% of the total available DCR supply is currently locked in staking. It is an all-time high for the network, indicating that a lot of holders are looking at a long-term play first and foremost. That may be a contributing factor to the Decred value skyrocketing as of late.
Decred Treasury Explodes
To fund the active development of the ecosystem, a Treasury was created a while ago. It has often held a decent amount of DCR, yet something has changed in the past week or so. The current Decred treasury has noted a very strong increase in value as of late. Part of this can be attributed to the DCR price rise, but that only seems to tell part of the story.
#Decred treasury is now $24.5M.
It was $16.5M this morning.
Now the treasury has grown, we can hire more devs and build more value
This means more coins will come off the market to stake.
More coins off market means less to buy.
Supply demand reflexivity is about to kick in. pic.twitter.com/bzF4bZXqHo
— Checkmate 🔑⚡🎟 (@_Checkmatey_) December 3, 2020
As the Decred Treasury grows in size, more developers can be hired and new projects can be developed. For now, it remains unclear what the outcome of hiring additional developers will be exactly. It is something worth keeping an eye on over the coming weeks and months.
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