Basic Attention Token Will Be Listed on Crypto Exchange Gemini Later This Month

Digital asset exchange Gemini, which was founded in 2014 by the famous Winklevoss twins, announced on Monday (April 6) that it will soon be adding support for the trading of Basic Attention Token (BAT).

In a blog post published earlier today, Gemini said it will be allowing of BAT deposits into Gemini accounts starting at 09:30 Easter Time (or 13:30 UTC) on 24 April 2020, and mentioned that trading would "follow soon thereafter."

Here is how Gemini describes BAT:

"Basic Attention Token is the native currency token of the Brave Browser, which is built to provide a more efficient and effective mechanism for connecting and rewarding users, advertisers, and publishers.

"Brave blocks unsolicited ads and tracking by default and rewards users with BAT payments when they opt-in to view ads.

"Users can then directly or indirectly contribute BAT to the sites they visit while enjoying a faster, more secure browsing experience, all of which is accomplished without revealing a user’s browsing history or preferences.

"Brave and BAT were created by Brendan Eich, who developed the Javascript programming language and also is a co-founder of Mozilla."

This is the first time that Gemini is adding support for a new digital asset since December 2018 (when it listed Bitcoin Cash), and this move by Gemini will bring the total number of cryptoassets it supports to six (the others are Btcoin, Ether, Bitcoin Cash, Litecoin, and Zcash).

Gemini pointed out that "BAT deposits to existing Gemini Ethereum addresses are not supported", and that instead, in order to deposit BAT, "you must first create a new Ethereum deposit address by logging into Gemini and going to the Transfer page."

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.