Although the crypto industry, in general, is booming, not all the tokens are following the upward curve. Let’s find out more about this year’s “crypto losers” – the tokens that lost most of their value in 2021.
Data provided by Coinranking as of Jan.3 2022.
- Celsius Network (CEL)
- Bitcoin SV (BSV)
- Synthetix Network (SNX)
- Compound DAI (CDAI)
- Tether USD (USDT)
Market cap: $2,94B
Celsius is a banking and financial services platform for cryptocurrency users on Cardano blockchain. It offers rewards for depositing cryptocurrency, cash loans with crypto collateral, and wallet-style payments. Celsius’ native token, CEL, performs different internal functions, including boosting user payouts, decreasing loan interest, and earning weekly rewards on savings, if used as the payment currency.
Bitcoin SV (BSV)
Market cap: $2,34B
Bitcoin SV (BSV) is a result of the hard fork of the Bitcoin Cash (BCH) blockchain, which had previously forked from the BTC blockchain. BSV aims to offer scalability and stability in line with the original description of Bitcoin as a peer-to-peer electronic cash system, as well as deliver a distributed data network that can support enterprise-level advanced blockchain applications. Compared to the original blockchain, BSV has advanced capabilities such as tokens, smart contracts, computation and other data use cases.
Synthetix Network (SNX)
Market cap: $1,25B
Synthetix is a DeFi protocol based on the Ethereum (ETH) blockchain. It offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying crypto and non-crypto asset without requiring one to directly hold the asset. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.
Compound DAI (CDAI)
Market cap: $3,52B
Compound is an algorithmic, autonomous interest rate protocol built for developers. The interest rates are algorithmically derived based on the supply and demand of an asset. The suppliers (and borrowers) of the asset interact directly with the protocol, receiving (and paying) a floating interest rate, without having to agree on terms such as maturity, interest rate, or collateral with a partner or counterparty. Each money market is unique to Ethereum assets (such as Ether, an ERC-20 stablecoin such as Dai, or an ERC-20 utility token such as Augur) and contains a transparent and public ledger with a record of all transactions.
Tether USD (USDT)
Market cap: $82,7B
The most valuable stablecoins in the market are backed by USD reserves, which include traditional currency and cash equivalents as well as other assets and receivables from loans made by Tether to third parties. Although technically, USDT has lost some price throughout the year, it’s only a result of the algorithmic maintaining of a stable price pegged to USD fiat.