Veteran crypto staff NEM Group has introduced the a hit release of its Symbol mainnet.

According to a March 17 announcement, NEM now contains a “two chain ecosystem,” with NEM’s present NEM NIS1 chain proceeding to perform along Symbol.

Symbol’s release wasn’t totally clean crusing, with the mainnet going live two days overdue.

Despite the staff pronouncing the release can be behind schedule because of the wish to examine surprising node habits amid its pre-mainnet rollout, backed posts celebrating Symbol’s release have been in advance printed by way of quite a lot of crypto media shops.

The factor combating Symbol’s release used to be recognized inside of 24 hours, with NEM pronouncing on March 16 {that a} “network config issue” had ended in its pre-mainnet forking on startup.

NEM describes Symbol as an interoperable Proof-of-Stake blockchain designed to toughen asset tokenization, together with monetary, bodily, and highbrow property. Assets created on Symbol are given distinctive identifiers — permitting conditional programming for tokens to be enforced at a protocol degree. Symbol additionally helps each private and non-private deployments.

Symbol’s local XYM token is being airdropped to holders of NEM’s local token, XEM, at a one-to-one ratio in keeping with stability snapshots as of March 12 — with 7.3 billion tokens from its nearly 9 billion max provide being allotted to XEM holders.

While the cut-off date for pre-snapshot opt-ins for the airdrop expired on Jan. 9, XEM holders will have the ability to declare their tokens for as much as six years after Symbol’s mainnet release.

Opportunistic buyers having a look to cash-in at the airdrop seem to have pushed a violent pump and unload within the XEM markets, with the token gaining 250% from $0.23 at the beginning of February to $0.8 on March 4.

However, lots of the positive aspects have been short-lived, with XEM having retraced again to $0.6 by way of March 12, earlier than tanking backtrack to $0.33 over the following 3 days. As of this writing, XEM final modified arms for $0.37.

NEM/USD, 90-day chart: CoinGecko

XYM is these days buying and selling for $0.4, a kind of 8% top class over NEM, suggesting that Symbol is the Thirty first-largest crypto asset by way of marketplace cap, rating above FTX Token and beneath IOTA, in keeping with CoinGecko/

The NEM NIS1 blockchain first introduced in 2014, and used to be the primary chain to toughen on-chain multi-signature wallets. Symbol expands in this capability by way of permitting the signatory of multi-sig accounts to additionally contain multi-signature accounts with distinctive co-signers.

“This allows users to simplify the creation of complex signature requirements, which streamlines business processes such as payroll,” NEM stated in a statement.


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