- Syscoin has announced the launch of its smart contract chain.
- This occurred after it reached its 1,317,500 block, which marked the completion of Phase 1.
- This has the potential to increase the value of the SYS token.
Syscoin (SYS / USD) is a decentralized public blockchain and development platform that offers high performance through cross-chain interoperability for tokenized assets.
Support for smart contracts as a catalyst for growth
On December 6, Syscoin completed block 1,317,500 and all miners closed and upgraded to 4.3 .
This took a couple of hours to complete and the network now has support for smart contracts.
Also, projects running on Ethereum can migrate to the Syscoin platform.
Syscoin now expects Phase 2 to bring much more to the platform, and there are plans to even roll out zk-Rollups across the network, which could increase the speed up to 210k TPS in Q1 2022.
Then there are the Phase 3 plans, which are meant to implement Validium technology to achieve 4 million TPS and ensure that the Syscoin platform has long-term viability.
All of this has the potential to increase the value of the SYS token.
Should you buy Syscoin (SYS)?
On December 7, Syscoin (SYS) was worth $ 0.637.
To get a better perspective on what kind of value point this is for the token, we’ll compare it to its all-time highest value, as well as its performance last month.
In terms of its all-time highest value, it was May 5 when the SYS token reached a value of $ 1.14. This gives us an indication that at its ATH value point, SYS was $ 0.503 cents higher in value or by 78%.
When we looked at the performance of the token in November, on November 1, SYS was worth $ 0.312 cents. This was his lowest point of the month.
By November 30, it increased in value to $ 0.791 cents, which was its highest point of the month. Here, we can see that the token grew in value by $ 0.479 cents or 153%.
However, from November 30 to December 7, the value of the token has decreased by $ 0.154 cents or 19%.
Additionally, SYS experienced a 46% increase in trading volume in the last 24 hours, as well as a 25% increased market capitalization.
This makes for an excellent opportunity to buy the token, as it has the potential to hit $ 0.7 cents by the end of December, making it a solid buy.