Binance completes NEM (XEM) snapshot for upcoming XYM airdrop

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Mar 15, 2021
  • XEM will be airdropping the new XYM token to XEM holders to start a new era for the new network.
  • The price of XEM climbed after the XYM airdrop news but fell back after Binance announced the completion.
  • There are high expectations from the XEM community as the company hopes to roll out new products soon.

Binance has recently announced in a press release that it had taken a snapshot of the NEM (XEM) balances of users. The top cryptocurrency exchange plans to use the balance when issuing XYM in the next airdrop.

According to the announcement, the Symbol Network of NEM will go live on March 15, and everything has been put in place to make it successful.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

However, the network will not run alongside the older network, although a single team will be in charge of both. While XEM will still be relevant and used on the old network, the new network will see the adoption of XYM as its new token.

XEM will be airdropping the new XTM token to XEM holders to kick-start a new era for the new network. Binance said it took the snapshot for the upcoming airdrop on March 12, but it was confirmed successfully the next day.

Steady growth since inception

The first NEM blockchain was known as NIS1. It began operations with zero downtime in 2015 without experiencing any major outage.

The main goal of the network was to promote smart contracts using simplified architecture. However, NIS1 gradually and steadily evolved into what is now known as Symbol. This has improved on the core strengths of NIS1, which include security, ease-of-use, as well as speed.

The development team has always considered security for the project since it’s very vital to prevent smart contract hacks. With Symbol, there are three levels of signature accounts to offer expansive protection against hacks.

Under this circumstance, it will be impossible to have a repeat of the March 5 hack of the PAID network on Symbol.

The fundamental impact of development

The market has always responded to positive news about assets, and XEM news is no exception. After the announcement of the NIS1 upgrades and XYM airdrop, the price of XEM surged slightly. However, it corrected after the Binance snapshot. The falling of assets after snapshots is very common in the market, so it did not surprise many.

There are high expectations that the XEM price may still climb, as the company is planning to roll out more projects.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money