First, thank you to everyone who took the time to read my first article — “Why $ICX (Icon) Is A Top 10 Project”. Given the popularity, I’ve decided to release a follow-up review to further outline why Icon has a shot at the top 10. “The Icon ($ICX) Hit List” will be focused around recent releases and upcoming events that should attract new (and old) investors.
If you don’t know what Icon ($ICX) is, here is the high level.
Icon ICO’d as a South Korean based project in 2017 and raised $45M. The foundation was able to take these funds and create a project that is now trading at $1.3B as of today. ICON peaked at $12.64 on January 09, 2018 and is currently trading around $2.20 after bouncing from an all time low of $.11 in January 03, 2020. Please refer to my previous article for more details about the $ICX project.
In my opinion, the interoperability technology is what attracts investors to this project (and maybe because everyone loves KBBQ).
What is interoperability? Icon is set to “Hyperconnect The World” through their interoperability protocol (Blockchain Transmission Protocol) which will allow for independent chains to communicate with one another.
Why is this important? Investors, in my opinion, are looking for innovative technologies; projects that provide solutions to real world problems. I believe interoperability is ICON’s main competitive advantage and what attracted me to the project back in 2017. With the current issues with Ethereum’s network congestion, gas fees (price to transfer) are costing holders ~.05 $ETH ($100) to utilize the network. Icon solves this problem.
Now for what you came to read, the Icon Hit List. Icon has come out with an arsenal of announcements to potentially sling shot this project up the market cap list (currently sitting at #60). Below, I will give the high level of what’s to come, feel free to click the links to research further.
Binance — Big names are joining the Icon Community! Binance is the worlds largest cryptocurrency exchanges clocking over 100 million users with roughly $35B daily trade volume.
This week Binance announced they will launch $ICX staking on their platform with up to 21.79% APY which is almost double the current reward rate of 11.89%.
But wait, it gets better. Binance also decided to join the Icon community as a P-Rep (node validator). A P-Rep can be described as a senator of the Icon ecosystem, which shows Binance wants to be involved in the governance of the $ICX community. Thats not all, a few days after these announcements, Binance staked 30M coins on themselves and jumped the rankings to become the #2 most voted team. Thats roughly $65M staked! This is big news because this 30M supply is now locked up for a minimum of 8 days which will help lower trading supply, stabilize the price, and generate demand through Binance’s connection with Icon. You can find the list of all 100+ P-Reps here.
Icon Republic — Icon Republic, the official site of ICON, has noted they will be revamping the website. The Icon Republic site is a great place to find anything ICON related. From individual investors, future P-REPS, to developers, this place has information for all. With so much going on in the $ICX ecosystem, I personally refer to this website to keep up.
Here is a sneak peak of the new layout:
Check out the website Here
Airdrip — On February 18, 2021, ICON coined the word AIRDRIP. The first Airdrip will be for the $BALN token which will be outlined later in this article.
Airdrips open the doors to endless opportunities for the ICON community. What does this mean? ICON will become a hot commodity. Given how Airdrips are released versus an Airdrops, this doesn't only increase transactions on the networks with weekly drips; it increases buyer demand and limits who can sell. In order for one to receive the drips, investors must not only buy $ICX which will increase demand, but force (if you want the free tokens) the community to stake which currently has an eight day release period. Talk about a supply shock.
Min just gave the people a class of ECON 101 and very high IQ play in my opinion. As more projects develop on the ICON ecosystem, I expect more airdrips to occur attracting new money to the network. The foundation has already noted they will spend marketing dollars/time into these new projects which we now see will clearly benefit the ICON ecosystem as a whole; 2 birds, 1 stone.
ICONFI — A digital asset savings platform that provides simple & intuitive earn products so that anyone can easily multiply crypto assets. ICONFI launched 3 weeks ago and has already surpassed $30M AUM! Talk about growth.
ICONFI allows for deposits of BTC, ETH, ICX, USDT, and USDC, with multiple methods to earn.
Flexible — Interest rates are ranging from 2.50% — 3.50% for flexible earn allowing you to freely deposit and withdraw while earnings interest. Wells Fargo, one of the largest banks in the United States, is currently paying .01% in their Way2Save savings account. Thats over 250x the return of a traditional bank! FIAT > Stable Coin (USDT/USDC) > Flex rate, seems like a no brainer to me but research for yourself.
Fixed — Interest rates are ranging from 5.50% — 20% for fixed earn allowing you to earn higher interest from locking up cryptocurrency for a specific period of time. Fixed periods range from 7–180 days with higher rates at longer durations. You are essentially becoming the bank at a better return, welcome to DEFI. ICONFI recently ran a promotion for a 7 day fixed: One time 20% APR for each coin!
Staking — You are also able to stake your $ICX on the platform at the current rate of 11.88%. Great news for the community, staking will be automatically delegated to all active Sub P-Reps in equal amounts. They have plans to add additional coins to the staking option.
Check out ICONFI for yourself — ICONFI
BalancedDAO (March 31) — ICON takes DEFI to the next level with $BALN. Balanced is a DAO (Decentralized Autonomous Organization) on the ICON Network that creates tokens pegged to real-world assets.
“Balanced gives ICX a new purpose: collateral for tokens pegged to real-world assets like the USD. It provides a reliable form of payment for the ICON Network, and reduces the circulating supply of ICX. Contribute, and you’ll earn Balance Tokens in addition to voting rewards” — Balanced
Now instead of pegging to USD, imagine this platform pegging to other assets like the SP500, ARK Funds, TSLA. This is huge!
Please be sure to watch closely as they will be doing Airdrips (Yes, not Airdrops) shortly after launch. TWITTER
Here’s how it will work:
- The first drip will drop one week after Balanced launches
- Delegated ICX holders can claim their Balance Tokens from the Balanced website
- The more ICX you have delegated, the more you can claim
- If you don’t claim your Balance Tokens each week, you’ll lose them
- Unclaimed tokens are added to the next weekly drip
- To participate, you must be delegating from a wallet that you control the private key or keystore file (ICONex, MyIconWallet, etc.). If not, the staking platform you are using (i.e. Binance, ICONFI, etc.) must announce support
Orbit Bridge Integration — Interoperability is coming! Orbit Bridge is a decentralized Inter-Blockchain Communication (IBC) platform that will help ICON expand its DeFI capabilities by bridging into other top chains, like Ethereum. In my opinion, this is a huge game changer for the ICON networks as this puts us one step closer to “Hyperconnect The World”. Thank you Ozys P-REP team.
I think it’s safe to say that Orbit is one of the best at interoperability. “Since launched in late October 2020, Orbit Bridge has bridged more than 4000 transactions and over $80 million USD worth of assets, including sending $40 million USD worth of Ethereum assets to and from the Klaytn network” — OrbitChain Medium
“Orbit Bridge is already in production with two other blockchains, making ICON the third. The integration will allow the following Ethereum-based assets to be transferred onto the ICON Network:
Orbit Chain — ORC
Ethereum — ETH
Tether — USDT
USD Coin — USDC
Wrapped Bitcoin — WBTC
MakerDAO Stablecoin — DAI
Ren Project — REN
Band Protocol — BAND
Ocean Protocol — OCEAN
Chainlink — LINK
OmiseGo — OMG
Universal Market Access — UMA
Loopring — LRC
Reserve — RSR
Aragon — ANT.”
Full article —ICON Foundation Medium
OmmFinance (Q1 2021)— Omm (Open Money Market) is in alpha phases of development so launch is right around the corner. This is another DEFI project for the ICON network.
“Omm is a money market where anyone can lend and borrow assets, earn interest, and own a share of the protocol. The protocol will consist of two primary market participants: Borrowers and Lenders. Both Borrowers and Lenders can earn OMM tokens (“OMM”) as a reward for the liquidity provided to the Omm protocol” — OMM.
Some key features:
- Trade without selling ICX — You can keep your $ICX coins staked and borrow against your bag to buy more crypto assets, sort of like margin in a traditional stock account.
- Use in the real world — This project will also allow you to borrow Bridge Dollars (USDb), in-which can be used for everyday spending.. or for some hammering the sports book on the lock of the century :)
ICONbet — Speaking of sports betting, ICONbet will be launching a Sports Book and Texas Holdem poker!! ICONBET has been the ICON network’s top Dapp (Decentralized application)/Token. As of this year, ICONbet has distributed over 6M $ICX to TAP Holders, that’s about $14M at current price.
“ICONbet is a fully decentralized DAO casino, completely owned and operated by members of the ICONbet DAO. Membership of the DAO is represented by TAP token holdings, and TAP tokens can be earned through playing ICONbet or purchasing on third party services. Fairness, transparency, and profit redistribution are essential to ICONbet’s vision, and blockchain enables all these traits that we value. All of the smart contract code that facilitates TAP transactions is viewable in the ICON Tracker, and the founding team is building processes to allow for simple integration of games developed by 3rd parties.”
ICONbet has many popular games like DAOlette (Roulette), Lottery, and Blackjack. Can’t go to Vegas because of COVID? Jump on and play some DAOlette.
Check out the site for yourself — ICONbet
Pay Protocol — Paycoin is a virtual asset payment platform for both e-commerce and retail use. It is a virtual asset project initiated by Danal. Danal Co., Ltd. provides digital entertainment services in Korea and internationally. The company operates through four divisions: Commerce, Contents, Media, and Internet. The Commerce division offers integrated payment solutions and services, including payment services through telephone, payment services using mileage, and financial payments.
In November 2020, Danal announced their joining in the ICON P-REP race with promises to support swap between $PCI and $ICX in the Paycoin application which will enable ICON holders to use their coins as payment in more than 60,000 Paycoin merchants. This week they noted that Paycoin will support Bitcoin payments in their Korean merchants, including 7-Eleven, KFC, Domino’s Pizza, and more. They’ve also announced the $ICX integration is next!!
ICON’s NFT Market
Project Nebula — A 4x-genre strategic MMO game, runs on the ICON blockchain and is ICON’s first NFT marketplace. Along with DeFi, NFT (Non-Fungible Token), a token that represents something unique, has been catching the attention of the world with Youtuber’s like Logan Paul with over 20M subscribers joining the action by creating his own NFT.
NFTs are cool but Project Nebula is taking this to the next level by launching a game that ties NFTs to gaming. Both the blockchain and gaming industry has seen exponential growth over the recent years so keep an eye on this project as something big is coming.
“The Project Nebula marketplace is a player-controlled NFT trade outpost. The first on the ICON blockchain. You can easily buy, sell, and auction planets, and their collectible art, music and lore pieces, with your ICONex wallet. Show off your planet’s value and play-to-earn.” — Project Nebula.
Looking at their website, some of the most sought after planets are selling for over 1,000 ICX ($2k+ at current price), with the highest selling for 14,444 ICX ( $30K). One can obtain a free planet via the link in the previous paragraph.
Winible NFT — Winible wants to connect wine domains with people among the crypto community. Winible is another great NFT joining the ICON network which will allow for people to invest in wine bottles without owning a cellar. This has Gray V’s name written all over it.
Winible is in discussion with a limited number of French quality wine domains in order to select the best candidate to be the flagship of their first cuvée. Winible will sell the bottles at purchase price and can be exchanged on Craft, the ICON NFT’s marketplace being built by ICX_STATION. Craft ($CFT) will allow for anyone to trade/mint NFT such as artworks, domains, and more. Winible’s focus is to help disrupt the wine industry by allowing wine domains to sell their product on a decentralized marketplace.
Now the best for last!
Icon 2.0 — ICON 2.0: BATANG, a new blockchain software architecture based on Go, is at its finally stages of development and set to launch in the coming months. The timeline is subject to change but the foundation noted this will be ready to go by June 2021.
“ICON 2.0 is a brand new software; a faster, more stable, and scalable high-performance blockchain that inherits the current ICON Network. We are completely overhauling the ICON mainnet that was launched in 2018. ICON 2.0 will come standard with interoperability features to support and power cross-chain DeFi solutions. At launch, the ICON Foundation will deploy all necessary smart contracts on high-profile blockchains and will also run the relayers.” — ICON FOUNDATION.
If you thought the line-up was big, the foundation has noted once 2.0 launches, attention will be primarily focused on building out the ICON user base. I think it’s safe to say 2021 is going to be a huge year for ICON ($ICX) and timing couldn’t be better with blockchain back on the media headlines.
Check out the the ICON Foundation’s Medium post here.
Potential Listings — COINBASE
We haven't received confirmation of this but there has been multiple rumors of a Coinbase listing coming in the near future. When you look at the top 20 projects, the majority are listed on Coinbase.
How I see it is this is an Ace card still in the ICON foundations back pocket. They can play this card when ready and I believe they’re just waiting for the perfect time to make a move.
Personally, when I explain ICON ($ICX) to friends/family, the first question I get back is, can I buy this on Coinbase? I’m sure many of you can relate. Coinbase is the gateway to the USA marketplace and would be a huge value add to the ICON network as this will lower the barriers to entry for those who are not tech-savvy. Even $TSLA used Coinbase to buy their $1.5B Bitcoin.
Why do I think a Coinbase listing is coming? Last year, Coinbase released an article around a specification called Rosetta — “Coinbase initially developed Rosetta as the middleware used to integrate blockchains into its platform securely and painlessly, and today we’re sharing it with the world in the hopes it can ease development and integration time for both developers and crypto platforms alike.” Full Article
Last month, ICON released an update for January outlining the following — “ICON developers finished a reference implementation of the Rosetta specification for the ICON blockchain. Now, we’re waiting for the next ICON Mainnet update in order to fully function this implementation since it requires a few specific APIs included in the upcoming update. Once ICON Mainnet updates to the icon-service 1.8.0, then we’ll post this implementation on the Rosetta official forum to get reviewed by the Rosetta team.” Full Article
I think you can connect the dots on this one but if not, I believe ICON will launch on Coinbase after the 2.0 release.
HiRez — $ICX Music Video coming! (joking)
HiRez a rapper with over 2M youtube subscribers has tweeted that he is invested in $ICX. The rapper, HiRez, noted that he is open to discussing the project in more detail with Markus, Founder & CEO of ICON Hyperconnect. Hopefully they do a live stream because that will be an exciting discussion. Follow Markus on Twitter.
If you don’t know HiRez, he was all over the internet when he released the McDonalds rap order #Barssss — Link.
This was exciting to me personally because back in high school we’d watch his youtube videos in the parking lots of shopping centers. How times have changed!
Hopefully this article helps bring awareness to the $ICX project.
If you want to stay up to date with $ICX and other blockchain projects, please follow me on Twitter.
To learn more about ICON, please refer to the following links:
- ICON FOUNDATION
- ICON REPUBLIC
- The Sleeping Giant Cryptocurrency That Nobody Is Talking About By Mineable
NO INVESTMENT ADVICE — The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
We hold a position in $ICX