The CoinDesk 20 is a list of the top cryptocurrencies by volume, as measured on a select list of trusted exchanges. The list is reconstituted quarterly, using data observed over the prior two quarters. The full list is here. A full description of the methodology can be found here. Volume data is provided by Nomics.
AVAX and LUNA, the native currencies of the Avalanche and Terra blockchains, respectively, joined the CoinDesk 20, making the first quarter the second quarter in a row in which layer 1 platforms, offering new alternatives to Ethereum, surged into the list.
MANA is the native token of Decentraland, a virtual reality platform built on the Ethereum blockchain, supporting ownership of virtual "land." Investor interest in Decentraland surged in the fourth quarter as Facebook renamed itself Meta Platforms and announced a new focus on applications in the "metaverse," a loose concept describing a variety of virtual play and workspaces.
Shiba inu token (SHIB) is a variation on dogecoin. Both are meme coins, their value based on the virality and attractiveness of images and catch phrases associated with a cryptocurrency.
The currencies that fell out of the CoinDesk 20 represent an earlier generation of currency and Web 3 innovation.
- EOS also emerged in 2017 as an alternative to Ethereum and is also designed to provide faster and cheaper transactions. Its 2017-2018 initial coin offering (ICO) raised a record amount.
- Filecoin (FIL) is a decentralized storage project that also emerged in 2017, holding an ICO that raised $200 million. It launched on mainnet in 2020.
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