HomeNewsAlgorand Receives Massive Boot From Upgrade: Cosmos-Powered dYdX Overtakes Uniswap As NuggetRush...

Algorand Receives Massive Boot From Upgrade: Cosmos-Powered dYdX Overtakes Uniswap As NuggetRush Approaches Launch

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  • Block creation times in Algorand have been cut by roughly 20% following its latest upgrade.
  • Meanwhile, the Cosmos-powered dYdX has overtaken Uniswap as the DEX with the biggest trading volume.
  • NuggetRush has been gaining massive traction, closing in on a major milestone ahead of its Q1 scheduled launch.

Algorand (ALGO) has cemented its position as one of the most scalable layer-1 blockchains with a new upgrade. In other news, dYdX, the Cosmos-powered decentralized exchange (DEX), has gained massive support from users, overtaking Uniswap.

dYdX now processes more trades than Uniswap, earning it the top position on the decentralized cryptocurrency list. Another top DeFi coin making rounds is NuggetRush. With its revolutionary GameFi platform, experts expect NUGX to lead the altcoin market in 2024. Let’s find out why.

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NuggetRush (NUGX) Gains Traction Ahead of Launch

NuggetRush (NUGX) is emerging as one of the top altcoins to watch for numerous reasons. To begin with, NUGX functions as a gaming token and gives meme coins utility. The platform plans to provide a play-to-earn (P2E) mechanism so that users can enjoy themselves and help holders of NUGX.

It will serve as both a utility token and a decentralized ecosystem. NuggetRush takes decentralization to new heights in the GameFi sector. The team behind the project has already declared its intention to give up its smart contracts control to the community after its Q1 launch. 

In addition, the game trumps the competition with a hyperrealistic mining virtual world. Users of NuggetRush will receive NFTs in-game, which may be exchanged on the platform’s market. These are some of the best NFTs because they can be traded for NUGX ERC20 coins or staked for up to 20% APY. 

Because of its active community, distinctive meme tokenomics, and utility potential, NuggetRush has the potential to rank among the top 10 altcoins gainers in 2024. Analysts have forecasted gains of up to 50x after this GameFi project launches. NUGX is currently available at a very cheap rate of $0.015 per coin.

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Algorand (ALGO) Sees Major Improvements After Upgrade 

One of the fastest layer 1 blockchain, Algorand,  has gotten even faster after a recent update. Dynamic Lambda, or dynamic round times, went live on the mainnet on January 17. Based on the report, the block creation times in Algorand have been cut by roughly 20%. 

The average block creation time of Algorand has dropped under 3 seconds. In comparison, it takes Ethereum an average of 12 seconds to create a block. The upgrade has also improved the efficiency of Algorand as it strives to become a permissionless blockchain.

Despite being one of the top altcoins, the price of ALGO has underperformed the market. In the last 30 days, Algorand has ranged between $0.18 and $0.25. If the altcoin price gains momentum over the next few days, it will look to reclaim the $0.20 and $0.30 levels.

dYdX Overtakes Uniswap As the Biggest DEX

Last year, the dYdX made a daring move to migrate its DEX platform to the Cosmos blockchain. The team cited Cosmos’s high throughput and low transaction cost as the major reason. The move appears to be paying off, as there has been a surge of activity on the dYdX exchange since then.

The increase in network activity has culminated with dYdX overtaking Uniswap in terms of volumes processed. dYdX’s v4 version based on Cosmos recorded a trading volume of almost $757 million, while Uniswap v3’s saw $608 million. 

The dYdX coin has also seen an improvement in investor sentiment post BTC ETF. On the weekly timeframe, the altcoin price has increased by more than 7% to recover the key support level above $3.00. Holding this level in the coming days could provide the boost to rally to $3.50.

Closing Thoughts

The upgrade of the Algorand network and the rise of dYdX and NuggetRush are positive signs for the blockchain industry in 2024. As these platforms continue to evolve and improve, experts expect positive moves from their coins. 

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Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628