SLP Token Market Cap Surpasses $50 Million

For over a year now, the Simple Ledger Protocol (SLP) token universe has grown quite vast. There are now more than 6,000 SLP tokens in existence and a number of SLP tokens have seen price discovery. Moreover, tokens listed on our SLP market capitalization aggregator show in the last two months SLP valuations have doubled.

Also Read: Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange

Data Shows SLP Token Market Cap Doubled in Value

Since August 2018, the Simple Ledger Protocol (SLP) ecosystem has continued to grow relentlessly and there have been 6,196 tokens created since the protocol’s inception. The SLP system is appreciated by BCH proponents because it’s built on top of the Bitcoin Cash network, but SLP doesn’t interfere with the chain’s consensus rules. Essentially, the protocol uses metadata tethered to OP_Return transactions on issuance, and every time an SLP token is sent or received. Since launch, a handful of popular SLP tokens have seen price discovery and numerous SLP tokens have been listed on various cryptocurrency exchanges. Currently, a number of SLP tokens are listed on exchanges like Bitcoin.com Exchange, Digifinex, Altilly, Coinex, Sideshift.ai, Cryptophyl, and Coinsuper.

Since a number of SLP tokens have gained value, they are now listed on markets.Bitcoin.com’s Featured Tokens page. At the time of publication, there’s a total of six SLP tokens listed on the market cap portal: Flex Coin (FLEX), Gocrypto (GOC), ACD Coin (ACD), Sai (SAI), Spice (SPICE), and Honestcoin (USDH). Flex Coin is a platform token that was created by the trading platform Coinflex. The token is meant to reward traders based on the proportion of the person’s trading volume. Each FLEX is worth $0.34 today and the market capitalization is roughly $34 million. The second-largest market valuation for an SLP token is Gocrypto’s GOC, which is a coin that can be spent at any of the hundreds of Gocrypto locations in several countries. GOC is trading for $0.03 per token and the Gocrypto market cap is $12 million.

ACD Coin is an SLP token issued by the Tokyo-based Alliance Cargo Direct and the token can be used alongside BCH at online and brick-and-mortar merchants in Japan and worldwide. Last month, ACD partnered with Alchemy to continue bolstering ACD merchant acceptance. Currently, each ACD is swapping for $0.26 per token and has a market valuation of around $5.2 million on Wednesday. The fourth-largest SLP market cap belongs to Sideshift.ai’s native token SAI, another platform coin meant to reward Sideshift users and further the swapping platform’s development. Today, one SAI is swapping for $0.04 and the entire market cap is hovering around $492,000. The token SPICE is an appreciation coin developed by an anonymous developer for the community. The token first appeared when people started tipping with the coin in the Coinspice Telegram chat room. Since then, it’s been listed on exchanges and people can use it to tip individuals on Twitter as well. A single SPICE is going for $0.00032679 on global exchanges and has a market valuation of $316,000.

Growing Interest in SLP Token Solutions

The last SLP token on the market cap list is USDH, a regulated stablecoin built on top of the Bitcoin Cash network. Honestcoin (USDH) was created by the Honestnode team USDH and is backed by USD with a 1:1 ratio. News.Bitcoin.com reported on several occasions during our recent market updates that USDH has steadily been growing as far as being paired with BCH is concerned. Since Honestcoin is a stablecoin, the price of USDH on markets.Bitcoin.com is roughly $1 and USDH has an overall market capitalization of over $46,000.

In the last two months, SLP valuations listed on our Featured Tokens page have doubled and it shows there’s a growing interest in SLP token solutions. In just a short period of time, the SLP environment has seen a bunch of development and innovation doesn’t seem to be slowing down. Also with a bunch of newly listed SLP tokens, users who wish to store these new digital assets don’t have to keep them on an exchange. The Bitcoin.com Wallet will support SLP tokens soon and SLP-based tokens can be stored non-custodially using Badger, Ifwallet, Electron Cash, Honeypoints, and the Crescent Cash wallet.

What do you think about the environment being built around the Simple Ledger Protocol and all the tokens created on top of the BCH chain so far? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Token prices referenced in this article were recorded at 1:15 pm EST on December 11, 2019.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Wiki Commons, and Pixabay.

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