What currency is Symbol(XYM)?

As the native cryptocurrency of the Symbol blockchain, XYM serves multiple purposes, including facilitating transactions, powering smart contracts, and participating in network governance.

Dec 09, 2024 at 06:47 pm

What Currency is Symbol(XYM)? A Comprehensive Guide to XYM Cryptocurrency

Introduction

Symbol (XYM) is the native cryptocurrency of the Symbol blockchain, a next-generation enterprise-grade blockchain platform designed for high-throughput and scalable dApps. XYM serves as the fuel for transactions on the Symbol blockchain, enabling users to pay for gas fees, create smart contracts, and interact with various dApps.

Symbol Blockchain Overview

Launched in 2021, the Symbol blockchain is a fork of the NEM blockchain. It inherits NEM's strong security features and efficient transaction processing capabilities while introducing several key improvements.

• High Throughput: Symbol boasts a high transaction processing capacity, capable of handling over 4,000 transactions per second (TPS).
• Scalability: The Symbol blockchain is designed to be scalable, allowing for increased capacity as the network grows.
• Smart Contract Compatibility: Symbol supports smart contract functionality, enabling developers to build and deploy decentralized applications on the blockchain.
• Enterprise Focus: Symbol is primarily designed for enterprise use cases, offering enhanced security, privacy, and compliance features.

XYM Token Utility

XYM plays a crucial role in the Symbol ecosystem, serving various purposes:

• Transaction Fees: Users pay transaction fees in XYM to cover the computational resources required to process transactions on the blockchain.
• Smart Contract Gas: Smart contracts running on the Symbol blockchain require XYM as gas to execute their code.
• Voting and Governance: XYM holders can participate in network governance by voting on proposals and electing delegates to represent their interests.
• Network Security: XYM holders who stake their tokens contribute to network security and earn rewards for their participation.

Supply and Distribution

The total supply of XYM is 8,999,999,999 coins. The distribution of XYM at launch was as follows:

• Private Sale: 15%
• Public Sale: 15%
• Founders: 20%
• Ecosystem Growth: 20%
• Business Acceleration: 30%

XYM Market Performance

XYM has a market capitalization of approximately $280 million and is traded on several major cryptocurrency exchanges, including Binance and Huobi. The price of XYM has been volatile, experiencing significant fluctuations since its launch.

Conclusion

Symbol (XYM) is the native cryptocurrency of the Symbol blockchain, a high-throughput and enterprise-focused blockchain platform. XYM's primary utility includes paying for transaction fees, powering smart contracts, participating in network governance, and ensuring network security. With its diverse use cases and strong underlying blockchain, XYM holds potential as a valuable asset in the blockchain ecosystem.