What's hot in crypto this week?
Zilliqa is a Singapore-based blockchain platform launched in 2017. It was the first to use "sharding" technology to solve the common blockchain hurdle of scalability -- an efficiency-boosting technique that allows the network to grow while transactions are being processed in parallel. The platform’s native token, ZIL, is used to pay for transactions.
On March 15, Zilliqa announced a new partnership with cryptocurrency exchange trading platform Binance to reward users for learning about its token and platform. A total of $10,000 in ZIL rewards were allocated for this “learn and earn” collaboration.
More recently on May 8 the team went live with a similar campaign that rewards social media engagement in ZIL. A total of 500,000 ZIL went toward the first 72-hour campaign, which uses SocialPay -- an innovative tool that connects to individual Twitter accounts, checks tweets, counts likes and rewards accordingly.
How have ZIL’s scores changed?
Our data shows a 35-point increase in ZIL FCAS in the last 20 days, driven by a spike in User Activity of 65-points (11.04%). Developer Behavior and Market Maturity also went up 12-points (1.46%) and 64-points (8.84%) respectively.
What's Flipside's take?
With everyone locked up at home, this easy way to make pocket money proved immensely popular. Not only that, but the tactic is actually very powerful for spreading awareness of Zilliqa, and for making a programming language for developers called Scilla more widespread. Scilla is an intermediate-level smart contract language developed by Zilliqa, which focuses on making applications more secure. Getting developers to use Zilliqa’s blockchain platform to build their decentralized apps is a sure way to grow its network exponentially. Decentralized applications -- or dApps -- are special apps that run on decentralized peer-to-peer networks instead of a centralized server.
As our data shows, the initiative has so far proven successful in driving real on-chain engagement with the ZIL token.
On the flipside, ZIL token flows in the past month suggest that the wallets that hold more than 25,000 ZIL, which we call “top holders,” are still holding most of the token supply. Encouraging new users to earn ZIL will move the project in the right direction, toward a safer ecosystem where top holders have less room to impact liquidity and price. We’re also seeing an overall increase in unique addresses active each day, which again is indicative of a move toward healthier fundamentals.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.