08 Feb Symbol blockchain news update – 08/02/24
Good morning world! Suffering a bit today so I apologise for any mistakes – I have been up since 3:00am and need more coffee 😅 Just a short post today but there is some interesting information in here so I thought I would get this out now rather than save up for some more stories!
Community activities
This is great to see – well done for taking the initiative honanem! He is going to write a community report for 2023 activities and is looking for all Symbol contributors to complete the Google form below so that their activities can be included. I know how difficult it can be to keep track of everything going on and for me it’s even harder not speaking Japanese 😅 I wonder whether it would be possible to share the results with me so that I can update my internal database of community activities and applications built on Symbol. I know that it is far from complete.maybe I will reach out to you after the submission period is over and ask 😊
Also, and I haven’t said this for a while, if any of you would like me to feature anything on the blog then just let me know and I will write about it.
Liquidity and listings
I was tagged in this post but couldn’t really contribute to the discussion but I can feature it on the blog at least. I think that this is a cause of frustration for everyone. Symbol is being developed on and is far more widely used than NEM (see this post for the proof) and yet XEM shows 12 times the trading volume of XYM over the previous 24 hours. Obviously, a major factor in this is that XEM is far more widely available with some major exchange listings whereas Symbol is not listed on tier 1 exchanges.
As Tresto rightly points out, there are a lot of people working hard to promote and develop on Symbol in Japan but the international interest is low and it seems to me that it is a bit of a Catch-22 situation. Exchanges won’t list coins with low trading volumes as they won’t make money but if the token is not available on any major exchanges then the trading volumes will be small.
Luckily Hatchet has provided some insight here and has confirmed that there are things in action behind the scenes to address the issues we currently face:
“Obviously, I cannot discuss specifics, but we are working on addressing key problems in market liquidity and coverage for both #NEM and #Symbol“
And noted that we need to show some engagement and demand outside of Japan. This to me has always been the holy grail for Symbol, we just haven’t found it yet.
NEMTUS flying the flag
NEMTUS has announced its participation in the “Open Source Conference 2024 Tokyo/Spring,” scheduled for March 10th. NEMTUS is providing an opportunity for companies interested in promoting services and products related to NEM and Symbol and will distribute their PR materials and merchandise at the event. Additionally, there is an option to co-exhibit at the NEMTUS booth, providing a direct channel to engage with attendees. If you are interested then please contact NEMTUS directly using the email address in the tweet below.
The conference will take place on March 10th, from 10:00 to 16:00, on the 7th floor of the Taito Building at the Tokyo Metropolitan Industrial Trade Centre. Further details on the event can be found here.
ONEPLATE
On January 26th, the “ONEPLATE meeting” drew participants into the world of Food NFTs through a hands-on experience with the ONEPLATE platform. The event featured a live demonstration which highlighted the platform’s ease of use and utility. Attendees, including first-time users, participated in a hands-on case study, navigating through the process of accessing, applying for, and receiving Food NFTs, culminating in the distribution of commemorative NFTs. The full report on the event can be found here.
Thanks!
Thanks as usual for reading. I will be back again next week with another update!
I’m a Symbol and NEM enthusiast and run this blog to try to grow awareness of the platform in the English-speaking world. If you have any Symbol news you would like me to report on or you have an article that you would like to publish then please let me know!
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