NEM has unveiled the latest Symbol blockchain, which was once a top-five crypto project.
NEM, one of the first and most well-known cryptocurrency ventures, has relaunched its Symbol blockchain.
The NEM is reinvented by Symbol. The distributed ledger technology (blockchain).
The public mainnet of Symbol went live on March 15th. The new platform is specifically targeted at business users, with a focus on the use of blockchain in fintech and supply chain management.
Symbol, on the other hand, can be used in a variety of ways, including DeFi applications, tokenized stocks, non-fungible tokens (NFTs), atomic swaps, and much more.
NEM has a long list of alliances in place in preparation for the launch. Leading crypto companies have backed it, including CoinGecko, Travala, Fireblocks, and GurdaWallet.
A new token is on its way.
Symbol would run alongside NIS1, the original NEM blockchain, rather than replacing it. Symbol’s new token (XEM) will coexist with NIS1’s initial NEM token (XEM) (XYM).
Symbol and NEM are collaborating with hundreds of exchanges to prepare for the launch of XYM. In preparation for the XYM airdrop, some exchanges, such as Binance, have already taken snapshots of user balances. Several exchanges are already getting ready to list the latest token and are holding trading competitions.
XYM has not yet been published into general circulation and is not listed on market aggregators, despite these preparations. As a consequence, predicting how the token will work in terms of value is difficult.
Can NEM reclaim the limelight?
NEM was once regarded as one of the most promising blockchains. NEM’s XEM cryptocurrency was the fifth largest cryptocurrency by market capitalization in May 2017, only two years after its launch. XEM is currently the 31st most valuable cryptocurrency.
In May 2017, the market capitalization of XEM was $893 million, or around 3.4 percent of Bitcoin’s $26 billion market capitalization. Its total market capitalization of $3.4 billion is around 0.3 percent of Bitcoin’s $1 trillion market capitalization. This shift indicates that NEM has been replaced by new rivals and has lost all of its value.
It’s unclear if Symbol would be able to distinguish itself from Ethereum, Cardano, and other platforms with similar objectives.