Despite the recent selloff, some cryptoassets did much better than others last week, as the market started showing some early signs of a potential recovery. The top five coins leading the market out of the slump were decentralized finance (DeFi) darlings polygon (MATIC), enjin coin (ENJ), decred (DCR), uniswap (UNI), as well as crypto platform Horizen’s ZEN – all of which appreciated more than 50% over the last seven days.
Polygon (previously – Matic Network) has led the way with a 72% increase during the past week, as its native token MATIC bounced back from the recent drawdown, currently trading at USD 1.9 per CoinGecko (UTC 08:30). MATIC has been extremely volatile the last few weeks as it had hit an all-time high of USD 2.62 on May 18, then fell back to USD 0.81 during the market sell-off, and bounced back from USD 1.4 to USD 1.9 last week.
The price action is supported by growing on-chain fundamentals since the year’s start, including, but not limited to the announcement of Polygon Software Development Kit (SDK), surging numbers of daily active users per Santiment, as well as winning the favors of billionaire investor Mark Cuban who added this Ethereum (ETH) scaling and infrastructure development platform to his list of backed companies.
The second best-performing cryptoasset during the past week, ENJ, has risen by nearly 70% and was trading at USD 1.61 earlier today. The non-fungible tokens (NFT) platform gained extra popularity for organising a social media campaign, during which it airdropped 50,000 NFTs. The campaign seems to have been a success, resulting in 38,000 new Enjin app users.
Decred is another altcoin that has surged over 60%, hitting USD 172.25. The coin briefly dropped below the USD 100 mark, but has had a robust recovery last week. The project managed to integrate its decentralized exchange into its wallet, thus reportedly becoming “the first true decentralized autonomous organization (DAO) in the crypto space, after making a consensus change to decentralize its USD 87 million treasury earlier this month.”
Meanwhile, UNI, the native token of major decentralized exchange (DEX) Uniswap has gained over 50% last week, reaching USD 25.69. The latest news surrounding the project was the promise to reintroduce liquidity mining. Earlier in May, the project launched its Uniswap v3 – an upgraded version of the DEX, which is currently recording approximately USD 946m in daily trading volume.
Last but not least, Horizen has had a stellar week also as its token surged nearly 50%, hitting USD 108 per coin. In the last seven days, the Horizon community embarked on a roadshow which aims to make the project “the most popular” one in China, while the team discussed the timeline for the network’s coming decentralized sidechain solution, Zendoo – targeting the end of the third quarter for the testnet.