Transactions are unlocked
XCH is moving between wallets, the first exchanges have spot trading available for Chia and ChiaLisp is ready for development.
In standard Chia Network fashion, the team was all on a zoom call to celebrate the big moment. I’m always a little nervous for this group doing something like this live but so far each one has been (relatively) uneventful and in this case that’s probably a good thing.
The highlight was the surprised reaction when one user sent the first transaction through with a 5 XCH fee, likely to ensure everything made it cold storage but there also might be some bragging rights to own the first transaction. Maybe that can be the first Chia NFT.
Netspace Growth
As expected, netspace growth has not slowed down by either raw numbers or day over day percentages. As of writing this we are right at 1.9 EiB in dedicated netspace. The netspace line is turning more vertical as 100’s of PiB per day are plotted and farmed. Now that a coin price is available, there’s no telling where exactly this growth rate slows down but we’d be happy to hear your predictions!
We have a coin price!
Unlocked transactions means trading begins and we get our first day with a coin price. Low liquidity across a small number of exchanges lead to some wild price fluctuation early, opening around $1500 going up to $2000 and as of this morning settling in around $700-$800. Not totally unexpected with a limited number of exchanges supporting XCH to kick off.
This puts Chia circulating supply at about a $330 million market cap. About expected for a newly hyped project with only a few exchanges trading. In the scope of the crypto ecosystem, there is still massive upside to this project and we look forward to monitoring the price discovery closely as it becomes more accessible to the masses.
https://www.okex.com/trade-spot/xch-usdt is the highest volume exchange with $56 million in trading volume so far.
Still no word on any US based exchanges, however Coinbase has started tracking the price https://www.coinbase.com/price/chia-network
We’ll be sure to post the most up to date exchange news on twitter as it becomes available.
Community Projects
LOTS of great stuff coming out of the community the last few weeks. Our team at Chia Decentral are big Plotman proponents for optimizing your plotting capabilities. https://github.com/ericaltendorf/plotman
Swar recently released another great plot manager solution to optimize time to plot that is getting a lot of great feedback in the community. https://github.com/swar/Swar-Chia-Plot-Manager We love these tools to help the netspace grow.
There was a great update to Chia Calculator this week. JM worked with the Calculator team to modify their netspace growth algorithm to account for exponential growth tapering off sometime in the near future. Great video to check out and adjust your reward expectation.
From Chia Decentral
JM was a content machine this week thanks to his shiny new camera setup.
He gave a great deep dive into the poisson distribution, luck and trouble shooting your farming setup. An absolute must view if you are concerned about your farming setup and rewards.
JM and I did another really fun Chia community AMA on Sunday. We’ll likely keep this going for the foreseeable future. We love chatting in real time with all of you. youtube.com/watch?v=99IbL1xFojQ&t=2s
I hopped on with Caleb Curry on Coin Breakthrough to talk about Chia, Netspace Growth, the hard drive market and Chia farming. Love this guy and look forward to doing more of these.
That’s all I got for you today. We’ll have lots of great new content rolling out this week so be on the lookout and follow us on twitter @ChiaDecentral
Good luck and happy farming!
