Why did Muse (MUSE) crypto volume soar over 1000%?

June 23, 2022 04:53 AM AEST | By Versha Jain
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  • Muse is the governance token of NFT20.
  • NFT20 is a decentralized exchange and a permissionless Peer-to-peer (P2P) protocol. 
  • The token’s trading volume soared 1071% on Wednesday.

Muse (MUSE) token’s upward movement on Wednesday sharply contrasted with the fall in the broader crypto market. Its trading volume jumped a staggering 1071% to US$662,000 for no apparent reason, while the token price rose 92.20% to US$6.84 at 1:02 pm ET.

This stood in stark contrast to the crypto market’s decline of 4.65% to US$894.18 billion at the same time.

Muse is the governance token of NFT20, a decentralized exchange and a permissionless peer-to-peer (P2P) protocol. It allows users to tokenize their NFTs for trading on decentralized exchanges (DEXs) like UniSwap or Sushiswap.

Muse’s NFT20 DEX and the protocol help users create a new pool or add their NFTs to an existing pool for receiving the derivative ERC20 token in a permissionless way. The ERC20 tokens obtain value from NFTs traded or transferred on decentralized exchanges.  

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The MUSE token is traded on exchanges like Gate.io, Coinbase, Hotbit, and Uniswap (V2). NFT20 has created a secondary market for ERC20 derivatives of NFTs to address the liquidity problem. This provides price exposure to NFT projects without buying NFTs. 

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The protocol also offers NFT swaps in the same pool without tokenizing them, providing collectors with a fair price during trading. The project was co-founded by Jules and Adam, who developed NFT20 without external investments or pre-sale of tokens. 

According to its website, MUSE has more than 298 pools, with 22,731 NFTs. 

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muse cryptoData Source: coinmarketcap.com

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MUSE token:

Muse is the governance token of NFT20. 

For each NFT deposit, 100 MUSE tokens are minted, some of which go to the NFT20 protocol and the rest is distributed to MUSE token holders. MUSE’s current market capitalization is US$3.5 million, with 3,839 token holders. Its circulating supply is around 508,000. 

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Bottom line:

Although the project claims to address the liquidity issue in the NFT space by offering the derivative ERC20 token and swapping pools, investors should apply due diligence before investing in digital assets as the unregulated crypto space is susceptible to scams.

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