Most of the high market cap cryptocurrencies including BTC, BNB, ETH and SOL were trading in the red as writing. But these large cap assets alone do not define the entire blockchain-based digital currency ecosystem.
Other cryptocurrencies, with a market cap in hundreds of millions of dollars, may trend more than large caps at any particular time. One such token is Golem crypto, with its ticker GLM, which appears to be making noise after a tweet by Coinbase exchange. Let’s know more about the Golem crypto
What services does Golem Network provide?
The primary offering of the Golem Network seems to be its “censorship-resistant protocol”. The project claims its network can be used to monetize idle computing power.
Users with idle power can lend it to others, which can bring revenue in the form of GLM crypto. Golem is targeting software developers by projecting itself as an open access and peer-to-peer architecture-based ecosystem.
Golem’s official website has listed projects built on its network. This includes a gaming project titled Chess on Golem, and a machine learning (ML) project titled DeML.
In its whitepaper, Golem Network has a mention of two primary users — Provider, and Requestor. The former is the one with idle computing power that can be lent to the latter, with everything done using a decentralized arrangement.
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GLM token
The GLM token is native to the Golem Network. It serves as a link between the Provider and the Requestor. GLM is powered by Ethereum’s blockchain, and it primarily is used as the utility token. The Requestor pays the Provider in GLM tokens, which means GLM is the medium of exchange within the network.
Golem crypto’s price
As of writing, the Golem crypto had a market cap of nearly US$470 million, which comfortably ranked it among the top 150 cryptos on the CoinMarketCap list. The trading volume was in the green, and one GLM token commanded a price of nearly US$0.47.
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It is notable that at this price, the Golem crypto is trading in the green on a year-to-date (YTD) basis. From BTC to ETH, most major cryptos have lost value so far in 2022.
But the Golem crypto was priced nearly US$0.8 in November 2021. By this measure, GLM has yet to recover lost ground.
Data provided by CoinMarketCap.com
GLM crypto on Coinbase
In a recent tweet, major crypto exchange Coinbase talked about GLM going live on its website and smartphone apps. Aside from the Golem crypto, the tweet mentioned three other tokens — AIOZ, HIGH, and SYN.
Also read: AIOZ crypto soars: What is this decentralized content delivery network?
Bottom line
The Golem crypto, with its price at the time of writing, had performed better than BTC and ETH on a YTD basis, though the increase was very nominal. Golem crypto’s price prediction is difficult considering its volatility, but GLM token’s use within the Golem Network may mean that the price in the long term might be a product of Golem Network’s adoption by developers.
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