BYDFi, the Singaporean based exchange, keeps offering new listings. Some of their newest listings include a gaming and two DeFi protocols. Bloomberg called BYDFi in 2023 as one of the top 10 crypto exchanges. Listing new tokens keeps building their foundation.
So, that’s why we take a closer look at three new protocols that BYDFi has listed.
Pixels ($PIXEL)
With Pixels ($PIXEL), BYDFi managed to list a hot gaming token. As you may know by now, the gaming industry is massive. Its CAGR, or Compound Annual Growth Rate, is 13.6%. This growth rate should continue with this number until 2030. To clarify, that means it’s a $682 billion industry. So, even if blockchain gaming only gets its hands on a small slice of this pie, it’s still interesting.
Two events helped to increase the game’s popularity. In September 2023, Pixels migrated from Polygon to the Ronin chain. This is a dedicated Web3 gaming chain. It’s run by Sky Marvis, the same team that’s behind the Axie Infinity game. The other stimulant was its listing on Binance.
Pixels is a web-based farming game that launched back in 2021. It has kept growing ever since. According to DappRadar, the game has 646.4k UAW’s or unique wallet users over the last 30 days. That’s an impressive 83.4% increase. BYDFi is listing the $PIXEL token at the right time, and you can buy it right here.
So, the current $PIXEL price is $0.52. It has a market cap of $402 million. There’s a 5 billion max and total supply of $PIXEL tokens. However, only 771 million currently circulate.
Source: Pixel game
Ronin ($RON)
With Ronin ($RON), we stay in the blockchain gaming space. Sky Mavis is the team behind Ronin. They also developed the immensely popular Axie Infinity game. Furthermore, they also own the popular Pixels game, as described above. You may remember that Axie got so popular that it was clogging up the ETH blockchain so they needed to create their own.
Ronin is an EVM-compatible chain built on Ethereum as a sidechain. It’s most famous for its Ronin bridge. This bridge connects Ronin to Ethereum. It was one of the first dedicated gaming chains when it launched in February 2021.
However, in March 2022 the Ronin bridge experienced a hack. According to the U.S. Treasury, the North Korean Lazarus group was behind this hack. Whoever the bad actor was, they got away with $662 million. Some part of the stolen funds was later recovered. Furthermore, Sky Mavis and Ronin refunded everybody who lost money in this hack.
In April 2023 the chain made the switch from a PoA (Proof of Authority) to a DPoS (Delegated Proof of Stake). That’s a consensus mechanism that approves all chain transactions. This also made the chain more decentralized.
To use the Ronin chain, you need either the Ronin browser or mobile wallet. You can use the native $RON token for staking or governance. It’s also used for paying the gas fees on the chain. The current $RON price is $2.85. Its market cap is $855 million. 300 million out of the total and max supply of 1 billion tokens circulate.
🚀 RONIN spot trading is now live! Unsheath your wallets and get ready to trade like a samurai. #RONIN #TradeNow pic.twitter.com/6rxL9vRVAd
— BYDFi (@BYDFi) February 6, 2024
Jupiter ($JUP)
With Jupiter ($JUP) we move into the DeFi field. Jupiter is a DEX aggregator. This means that Jupiter collects prices from various DEXes. As a result, trading on Jupiter may lead your assets en route to more than one DEX. To clarify, Jupiter runs on the Solana chain.
The aggregator uses smart routing to get the best deals for you. This means that it connects all available DEXes and AAMs. Now it starts looking for either direct ways or it uses multi-hop routes. That’s how it connects Solana tokens, and you get the best swap option.
The platform also uses trade splitting. So, it can happen that your trade happens for 35% on Orca and 65% on Raydium. This split reflects the best trade price that Jupiter can find. The trade % distribution happens each time dynamically. This also helps to get the best available price for bigger trades. It also helps when liquidity is shallow between various DEXes.
Recently, we saw an airdrop of the $JUP token. You qualified by using Jupiter with the in-wallet swap. By using the actual platform, your airdrop grew exponentially. So, the token is fairly new, and BYDFi acted swiftly to list it. The current $JUP price is $0.553. It has a market cap of $748 million. There are 1.350 billion tokens in circulation out of a total and max supply of 10 billion. You can buy $JUP here. See the picture below to see how the multi-hopping works.
Source: Jupiter docs
Conclusion
BYDFi keeps building its token assortment. Among their recent listing are two gaming tokens, $PIXEL and $RON, and a Solana DeFi token, $JUP.
You can buy $PIXEL, $RONIN, and $JUP at BYDFi. They offer the best of what Centralized Exchanges have. You can trade in spot or futures for very low fees and withdraw up to 0.5 BTC with no KYC necessary. Give BYDFi a try today.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by BYDFi.
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