Binance posted a press release on Twitter announcing that it had taken a snapshot of user XEM balances. The snapshot will be used for distributing XYM in the upcoming airdrop.
The NEM Network plans to release its new Symbol network on Mar. 15. It will run in separately from the old network, and the team will maintain both networks. It does use a new token, called XYM. XEM will still be used on the old network.
To get the new network in gear, NEM will airdrop XYM to XEM holders. The snapshot for this was taken by Binance on Mar. 12, and the exchange confirmed on Mar. 13 that the snapshot was a success.
NIS1 and Symbol
The first NEM blockchain, NIS1, started operating in 2015 with zero downtime, and no major outages. The idea behind the network was a simple-to use architecture promoting smart contracts. Symbol, according to the team, is what NIS1 evolved into. It is supposed to improve upon NIS1’s core strengths, namely speed, ease-of-use and security.
Security is important considering the rise in smart contract hacks. Symbol introduces multi-level multi-signature accounts, with up to three levels. Hacks such as the Mar. 5 exploit on the PAID network will be impossible under such conditions.
Market Reaction
At the beginning of March, the XEM price rose with the announcement of the XYM airdrop and NIS1 upgrades. Following the snapshot, however, the price plummeted.
Price falls after snapshots are common. Investments tied up beforehand are now free to move, and those hunting after airdrops simply move to the next project. For example, XRP, which is famous now for the Securities and Exchange Commission lawsuits against parent company Ripple Labs and two of its CEOs, had been preparing for an airdrop. After snapshots on Dec. 11, the token dropped 20%.
More Airdrops on the Way
The crypto community waited for months for the Symbol airdrop. Now that it is coming to fruition, there are more projects to look for.
Some of these are long term. For example, the Bella Protocol started airdrops on Sep. 29, 2020. The project will have eight airdrop rounds lasting through July 15, 2022. More than 2 million BEL tokens are slated for distribution. The platform itself is an aggregated user interface for DeFi protocols.
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