The 10SET cryptocurrency registered an impressive performance this morning after registering a 35% rally in the last 24 hours at the time of this press, allowing it to become the biggest gainer on Decoin.
10SET has been trading on Decoin since early June this year, starting as high as $4.94 before the bears took control pushing it as low as $0.90 towards the end of June. It has been stuck in a ranging market since then, however, the bulls seem to be taking control this week. It traded at $1.75 at the time of this press after a 31.55% rally in the last 24 hours, taking the top spot for the highest gains achieved within that time.
Despite its recent gains, 10SET’s trading volume remains low compared to the trading volumes it experienced in June. However, a catalyst event such as additional listings might help boost its trading volumes.
What is 10SET?
It is the native cryptocurrency on the Tenset platform, a new project that wants to become the bridge between the crypto market and the stock market as part of its roadmap. However, that is not the only appealing thing about the project. They also plan to launch the Tenset Gems launch pad through which crypto projects plan to roll out solutions for the crypto market.
The Launchpad will provide support to crypto projects and a means for them to raise capital while connecting them to investors looking for legitimate investment opportunities that can provide robust growth potential. The Tenset Gems Launchpad also adds more utility to 10SET.
Tenset is also working towards launching the Tenset ETF which will generate returns for investors, thus providing even more utility for 10SET. The native coin is a deflationary ERC20 token and it has multiple use cases on its native platform. Users can also stake their tokens on the platform to earn passive income, thus providing a hodling incentive. It has deflationary characteristics built into its platform through token burning.
A 2% fee will be charged on every smart contract on the platform. 1% of the fees will be shared out to 10SET hodlers while the remaining amount is burnt. The latter ties into the cryptocurrency’s deflationary approach because it takes 10SET coins out of supply. Staking also removes the coins from the circulating supply, thus contributing to price growth.
10SET will also have another unique use case called smart backing where a collection of cryptocurrencies will back each token. The platform will leverage this segment further down the road to facilitate backed shares that will also allow 10SET holders to earn passive income through deposits, loans, and staking.
The high level of utility provided by the 10SET token and the robust tokenomics already positions it for strong growth in the future. It helps that the coin has a low circulating supply of 77.4 million coins and a maximum supply of 210 million coins. So far its market cap is at $135 million, which means there is a lot of growth potential to be tapped into.
If you combine the project’s robust tokenomics with the platform’s utility and solid development team, you have a winning formula. This is a project that has the potential for greatness assuming they manage to execute their roadmap as planned and grow to attract users.