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CoinDesk 20: AVAX, LUNA, MANA, SHIB Are In; Bitcoin Cash, EOS, ETH Classic, Filecoin Are Out
Old guard bows out as layer 1s, metaverse and memes surge in.
Two layer 1 smart contract platforms, a metaverse real estate token and a meme coin joined the CoinDesk 20 this quarter, replacing four assets issued by earlier generations in cryptocurrency and Web 3.
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.
STORY CONTINUES BELOW
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.
- Bitcoin cash (BCH) is a fork of Bitcoin. Backers of BCH split off in 2017, forking the Bitcoin chain to allow for faster and cheaper transactions.
- 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.
- Ethereum classic (ETC) is a fork of Ethereum that originated with a 2016 controversy over an Ethereum hard fork that restored funds stolen from users of The DAO, an early dapp on Ethereum.
- 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.
For a daily table of top gainers and losers in the CoinDesk 20, subscribe to the First Mover newsletter.
Galen Moore
Galen Moore is the content lead at Axelar, which is building interoperable Web3 infrastructure. He previously served as director of professional content at CoinDesk. In 2017, Galen started Token Report, a cryptocurrency investor newsletter and data service, covering the ICO market. Token Report was acquired in 2018. Prior to that, he was editor in chief at AmericanInno, a subsidiary of American City Business Journals. He has a masters in business studies from Northeastern University and a bachelors in English from Boston University.
