These 4 Altcoins Opened The Week With Explosive News!

Various altcoin projects started the new week with important news. Here are the latest developments for KLAY, GNS, QUICK and BABYDOGE…

KLAY is changing the management system of the network

As one of the key developers and code maintainers of the Klaytn Blockchain, the Klaytn Foundation is making changes to the network’s governance system and the token model of native KLAY tokens. The foundation will assist the transition of the Klaytn Blockchain to a completely permissionless validator structure, provide opportunities for the general public to participate as a block validator, and provide a communication channel for Klaytn community members to participate in decision-making.

These changes are expected to improve Klaytn’s overall technical capabilities, revenue sustainability and localization capabilities, while ultimately making KLAY more valuable. To make these changes, the Foundation will work with the Klaytn Governance Council (GC), a group of network participants currently overseeing the governance of the Klaytn network. The Foundation will continue to serve as a decision-making body for Klaytn ecosystem expansion projects and propose key agendas for the Klaytn platform.

Update rumors for QuickSwap push altcoin price up

The price of QUICK, the native token of the Quickswap exchange, has risen significantly after speculation about an upcoming major update. According to DefiLlama, Quickswap, the largest decentralized exchange in the Polygon network, has a total locked value (TVL) of 178.98 million USD. The cryptocurrency community is awash with rumors about a planned update to Quickswap that is said to bring a feature for trading derivatives similar to GMX.

Additionally, the exchange is reportedly planning to distribute fees to token holders. A tweet from @Dudesignals, which has 15,000 followers, said, “Super boost update for QUICK is coming! They will release a PERP exchange similar to GMX. It will also distribute fees from exchanges to token holders,” he said. Although there is no official announcement, the price of QUICK has already risen to $150, representing a 110 percent increase in the last 24 hours. TradingView shows that the token is currently trading at $107. Rumors about the upcoming update of Quickswap have generated excitement and interest in the cryptocurrency community.

Gains Network’s locked aggregate value jumps

Gains Network, a decentralized derivatives project in the yield space, continued to attract more investment following its deployment on Arbitrum on December 31, 2022. The network ranked fourth in the derivatives sector across the entire market. In the Arbitrum network, the project is only behind GMX. Gains Network is a derivatives trading platform originally built on Polygon, supporting up to 1,000x leverage. The platform allows users to trade derivatives on a variety of assets including cryptocurrencies, stocks, commodities and stock indices.

Since its deployment on Arbitrum on December 31st, as we reported on cryptokoin.com, Gains Network’s TVL has doubled from $17.76 million in January 2023 to $35.94 million. This indicates that Arbitrum is a catalyst for the growth of the platform’s TVL. Currently, the TVL of the project has reached $48.85 million. According to DefiLlama, this is Gains Network TVL on Arbitrum, with $31 million in majority compared to $17.54 million on Polygon.

BabyDoge surpasses popular altcoin SHIB’s DEX

BabyDogeSwap, the BabyDoge project’s local decentralized exchange (DEX), has outpaced Shiba Inu’s DEX, ShibaSwap, in total locked value (TVL). The development highlights the relentless efforts of the BabyDoge community to promote the adoption of the project. The official BabyDoge Twitter account first noted the phenomenal success of benchmarking decentralized exchanges. Data from DefiLlama revealed that BabyDogeSwap has a massive $87.34 million TVL (including staked tokens), much higher than ShibaSwap’s $34.47 million TVL.

These numbers have changed since the announcement, but BabyDogeSwap is still on top. Recent data shows that ShibaSwap currently has a TVL of $35.58 million, a slight increase from the previous figure. Meanwhile, BabyDogeSwap currently has a TVL of $77.55 million, which is 118 percent higher than ShibaSwap’s current value. It is worth noting that BabyDogeSwap’s TVL also includes the project’s staked tokens, which amount to $17.96 million.