The post Governance Tokens Toncoin (TON), Compound (COMP) And Snowfall Protocol (SNW) Rise After FTX Collapse! appeared first on Coinpedia Fintech News
Two Governance tokens – Toncoin (TON) and Compound (COMP) – have lifted the mood of crypto investors with their performances in the market after the shock implosion in the FTX exchange.
There is also a new Governance token from Snowfall Protocol (SNW), which is rapidly gaining investors’ trust. The governance token of a decentralized blockchain-based platform plays an important role in ensuring that decision-making is not dependent on the whims and fancies of a single individual.
As seen in the FTX collapse case, wrong decisions of the exchange’s founder have affected millions of crypto investors. The strong growth of Toncoin (TON) and Compound (COMP), and the rising popularity of Snowfall Protocol (SNW), in the days following the FTX collapse shows that investors are now seeing more value in decentralized projects. This article takes a look at how Toncoin (TON), Compound (COMP), and Snowfall Protocol (SNW) are performing.
Toncoin (TON) jumps 27% in 7 days
Though most cryptocurrencies are in the red since FTX implosion, Toncoin (TON) has emerged as one of the few coins trading in the green. As per CoinMarketCap data at the time of writing, Toncoin (TON) price has increased by over 27% in the last 7 days. Toncoin’s (TON) price has jumped more than 38% in the last 30 days to $1.73. While the price of Toncoin (TON) is still 67% below the all-time high (ATH) of $5.29 on 12 November 2021, it can bridge the gap fast if the present rally continues.
Toncoin (TON) is the native token of The Open Network, which is an independently developed iteration of the TON (TON) blockchain project, designed by the team behind Telegram. Toncoin (TON) is used for payment of transaction fees, securing the network, and voting on governance proposals.
Compound (COMP) shows strength in a falling market
Compound (COMP) token has remained strong in the falling market since the FTX collapse. CoinMarketCap data shows the price of Compound (COMP) token has jumped nearly 16% in the last 7 days to $39.70. Though the Compound (COMP) token’s price remains over 95% below the ATH of $910 on 12 May 2021, its strong performance in the last few days has soothed the nerves of investors.
Compound (COMP) serves as a governance token of Compound (COMP) network, a DeFi protocol that allows users to borrow or lend cryptocurrencies. Compound (COMP) network is one of the few crypto projects completely governed by token holders. Each Compound (COMP) token is equivalent to one vote on the network. Compound (COMP) network was recently in news after the token holders unanimously voted to pause activities for four cryptocurrencies – ZRX, BAT, MKR, and YFI – to protect users against a potential market manipulation attack.
Snowfall Protocol (SNW) surges in popularity and price
Joining the big league of Governance tokens, Snowfall Protocol’s (SNW) token has gained in popularity and price. Currently in presale, the price of Snowfall Protocol (SNW) token has jumped 500% to $0.030. Snowfall Protocol (SNW) is also attracting a lot of users with its unique features.
As a multi-chain compatibility protocol, Snowfall Protocol (SNW) facilitates transfers of both non-fungible and fungible tokens. Snowfall Protocol’s (SNW) cross chain bridge has been designed to facilitate communication among blockchains.
Snowfall Protocol (SNW) gives governance rights to token holders in Snowfall Protocol’s DAO. The Snowfall Protocol (SNW) token also serves as a utility token of the Snowfall Protocol (SNW). As more buyers are showing interest in Snowfall Protocol (SNW), the price of this token is expected to jump fast. Analysts are predicting that Snowfall Protocol (SNW) could be the next 1000x token.
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