Blockchain has now become a tool for all kinds of industries and businesses to improve their capital efficiency and make more cost-effective global transactions. DLT brings immense benefits, including top-notch security, immutable record-keeping, and high levels of decentralization. Over the last two years, the market capitalization of all cryptocurrencies has risen to over $2 trillion, and by 2024, global spending on blockchain solutions is expected to touch $19 billion.

However, there are downsides to this technology as well, including issues like transaction speed and scalability. This is where advanced solutions like layer-2 protocols play a key role, addressing some of the most profound issues plaguing decentralized networks, and considerably boosting its performance. Phemex realizes the importance and potential layer-2 solutions pose to the future of blockchain development, and is proud to announce the listing of 16 new tokens that represent innovative technology.

Notable L2 and NFT Tokens Listed on Phemex

Phemex loves its community of users and is always striving to provide the best possible experience to its clients. The team behind this leading crypto exchange, a group of ex-Morgan Stanley executives, is constantly on the lookout for new and innovative solutions that can address the multitude of challenges in the ecosystem.

This is why Phemex is listing 16 new tokens built on layer-2 protocols, NFTs projects and other projects bolstering blockchain infrastructure. In addition, Phemex will be hosting an exciting NFT Galore campaign and other giveaways to give back to its community with airdrops worth $10,000 USD. This move is part of the exchange’s efforts to expand its reach and meet the growing demand from users.

Some notable tokens include:

ApeCoin (APE)

ApeCoin is a token associated with the most famously extravagant NFT project out there – the Bored Ape’s Yacht Club. BAYC NFTs are famous for their high prices and utility as profile pictures by high-profile celebrities and crypto enthusiasts. The APE token will be distributed to BAYC holders, but the ERC-20 token can also be purchased and traded on exchanges, and will aid in the ApeCoin DAO’s voting process.

OMG Network (OMG)

OMG Network is a permissionless and trustless layer-2 scaling solution for Ethereum. It is specifically designed using an upgraded variant of plasma known as More Viable Plasma (More VP), and runs on a Proof of Authority (PoA) chain responsible for bundling ethereum transactions and validating them. Once confirmed, the batch of transactions is sent back to the ethereum blockchain for settlement.

Chromia (CHR)

Chromia simplifies the development of decentralized applications (DApps) using relational database management systems for social media, the web, and banks. The CHR token is a multi-functional one designed to create mutually beneficial incentives for participants across the platform, including investors, developers, and enthusiast users of Chromia dApps. In late-January, Chromia announced a $2.4 million seed round funded by NFT Gaming firm Chain of Alliance.

ImmutableX (IMX)

ImmutableX’s goal is to make minting and trading NFTs easier than traditional digital assets. The project gives users instant trade confirmation, bumping network scalability to over 9,000 transactions per second and eradicating gas fees without compromising user ownership and asset security.

IMX has several core features, including its ZK-Rollup scaling engine, an API abstraction layer, NFT-enabled wallets, a platform SDK, and more. The project sports a great developer ecosystem, offering NFT investors a world-class user experience

Cartesi (CTSI)

Cartesi is a platform designed to aid developers in building DApps. As the world’s first ‘Blockchain OS,’ Cartesi gives developers a reliable platform to build financial products for blockchain networks.

The Cartesi ecosystem consists of three main components. The Cartesi Node contains all the app’s off-chain components and computations, while the Cartesi Machine, a virtual machine that lives in the Cartesi Node and runs a decentralized version of Linux, determines which computations are reproducible and splits the work up accordingly to increases the network’s speed and storage capacity.

Finally, the Data Ledger solves the data availability problem, and is used for short-term storage, garbage collection, and localized consensus.

Biconomy (BICO)

Biconomy is a relayer infrastructure network and transaction superhighway for Web3, designed to reduce friction between blockchain applications and end-users. The network consists of an SDK (Software Development Kit) and a dashboard to alleviate difficulties associated with opening a wallet, buying crypto, storing private keys, and paying for gas.

Livepeer (LPT)

Livepeer is a P2P (peer-to-peer) decentralized video streaming and distribution infrastructure created on Ethereum. The native token LPT aims to secure the network and incentivize certain behaviors from its participants, including video miners responsible for encoding videos prior to global streaming distribution.

The project implements a marketplace model that offers developers, broadcasters, and network contributors a cost efficient alternative to existing centralized streaming solutions.

REN

Ren is software designed to incentivize a network of users to allow transfers of assets across the different blockchains, providing interoperability and liquidity across various decentralized networks. One of the project’s main goals is to make DeFi (Decentralized Finance) accessible by improving the user experience of dealing with assets on different blockchains.

For instance, users can lock bitcoin into a smart contract and receive an equivalent amount of ether on Ethereum through Ren. This also enables Bitcoin holders to access financial products on Ethereum without selling or transferring their BTC.

Trade with Phemex

By adding these assets, Phemex not only provides more investment opportunities to its users, but also helps the growth and development of projects building on blockchain technology. The platform offers a unique trading experience that is user-friendly and efficient, offering advanced features to those who want to take advantage of them. To learn more about Phemex and the newly listed tokens, visit Phemex’s most recent Spot Trading Announcement.