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It's been just over a fortnight since I provided an in-depth overview of SYScoin and how it will be the future of Web3. If you missed that article you can view it here where we take a deep dive into NEVM and delve into the projects successful past. It is quite the impressive an resilient team.
Since the article people have been approaching me for MORRR and I've even been told that a number of people picked up a few bags of SYS. Please it is important to not that my articles are not financial advice and are purely reporting on Crypto News. But with that in mind I have been following the project over the two week period and things have definitely progressed quite a lot since our last article.
SYScoin price has remained steady despite a significant market down turn and remains one of the few projects that continues to remain positive. Which is a clear indication of a strong community and lots of Diamond hands.
Further exciting news is the recent announcement that the first decentralised exchange and AMM has been developed on top of the SYScoin network PegasysDEX which is currently in live testnet phase. This is the first of more developments to come as SYScoin commences its advancement.
Simply connect your SYS wallet and the DEX functions quite nicely, do keep in mind that it is in testnet phase so if you do experience any bugs make sure to reach out to the project team.
The launch of the DEX also signals the commencement of smart contracts on SYS which as the network grows we will start to see a lot more tokens on offer on the PegasysDEX and a few more projects popping up.
In an announcement that will be sure to meet the needs of many investors SYScoin will be altering its current tokenomics to become deflationary which is good news to many who are in search of blockchains that can also provide a price security.
SYScoin is moving towards developing their blockchain as a store of value and security and being built with the security of Bitcoin we can already see their strength in this field. Implementing EIP-1559 will enable fee burning of SYS, elimination of the max supply cap on SYS, and the introduction of dynamic blocksize. All of this should lead to a secure and profitable network while also being fast as announced in the SYScoin update.
The benefit of smart contracts is that this also opens the door to staking tokens and one thing people keep asking me if I know about or if I can find out is WEN staking?
Currenly SYS only enables validator staking and it requires 100,000 SYS to operate a validator but I recently reached out to the project team to find out WEN.
At the moment the team is currently exploring options to make it possible and will provide further updates to the community as they emerge. One important thing to note is that SYS is going to be a little different to current model blockchains whereby it's Layer 1 won't be where the majority of transactions occur. These will take place on Layer 2 and feed into Layer 1.
For those interested in operating a Masternode the stats are as follow:
link SYS Masternodes Stats Collateral: 100,000 SYS
Cost: $116,301.03
ROI (regular): 5.01%
ROI (seniority 1y): 6.76%
ROI (seniority 2.5y): 10.02%
Monthly income: $485.76
Seniority 1y: +$170.01 (+35%)
Seniority 2.5y: +$485.76 (+100%)
Reward cycle: 103+ hrs
Masternodes (enabled): 2433
Masternodes (total): 2457
SYS collateralized: 38.88%
Updated: 11:11:00 UTCPowered byzapAllnodes
You can continue to receive live updates on Masternode stats within the SYScoin Discord
At current users may experience some delays in transactions until the blockchain is fully operational so it is important to note that if you are engaging with SYS you're early so be conscious of the development ongoing in the background.
In the interim if you're wanting to find a way to add SYScoin to your wallet there is an easy search and lock process which can be found on Chainlist (click that link to go there). it's a step by step process that automates adding either the mainnet or testnest or both.
If you're a developer looking to build on SYScoin mainnet the NEVM model means it is the same as Ethereum to use and build on. So if you're looking for a new project why not check out SYScoin.
Are you bullish on SYS? let me know in the comments section below!
Image sources provided supplemented by Canva Pro. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
