The veteran crypto team of the NEM Group announced the successful launch of its Symbol mainnet.
According to March 17 notification“NEM now includes a ‘two-chain ecosystem’, with the existing NEM NIS NIS1 chain continuing to operate alongside Symbol.
The launch of the Symbol was not entirely smooth sailing, the mainnet became operational two days later.
Across the team notifying the launch would be delayed due to the need to investigate the unexpected behavior of the node in the middle of its introduction before the mainnet, sponsored articles celebrating the launch of the Symbol were prematurely published by a number of cryptocurrency media.
A problem preventing the Symbol from running has been identified within 24 hours by NEM notifying On March 16, the “network configuration issue” resulted in a pre-mainnet launch.
NEM describes Symbol as an interoperable Proof-of-Stake blockchain designed to support asset tokenization, including financial, physical and intellectual assets. Assets created on the Symbol receive unique identifiers – which allows conditional token programming at the protocol level. The symbol also supports public and private deployments.
The XYM Symbol’s native token is sent to holders of the NEM, XEM native token, in a one-to-one ratio according to the balancing moments as of March 12 – 7.3 billion tokens from its almost 9 billion maximum stock allocated to XEM holders.
While the pre-photo check-in deadline expired on January 9, XEM holders will be able to claim their tokens up to six years after starting the Symbol mainnet.
Opportunistic investors seeking to cash-in a landing party appear to have driven a violent pump and dump in the XEM markets, with the token gaining 250% from $ 0.23 in early February to $ 0.8 on March 4.
However, most of the gains were short-lived, with XEM returning to $ 0.6 by March 12 and refueling to $ 0.33 over the next three days. At the time of writing, XEM last changed owners for $ 0.37.
XYM is currently trading at $ 0.4, which is about an 8% premium over NEM, indicating that Symbol is the 31st largest cryptocurrency by market capitalization, ranked above the FTX Token and below the IOTA, according to CoinGecko/
The NEM NIS1 blockchain was first launched in 2014 and was the first chain to support an on-chain multi-signature wallet. Symbol extends this functionality by allowing signers of multi-sig accounts to also include multi-signature accounts with unique co-founders.
“This allows users to simplify the creation of complex signature requirements, which streamlines business processes such as payroll,” NEM said in a statement.