As the cryptocurrency market swings into a bullish phase, now is the best time for crypto enthusiasts and investors to familiarize themselves with digital assets with the potential for significant growth in price in the upcoming months.
This post will look at some hidden crypto gems that are all primed to have a big influence in 2023. However, despite their market caps, we advise that you do your own research before investing in any of the potential gems on our list. Let’s get to our list.
1) FXS
Frax is a fractional-algorithmic stablecoin protocol that implements the design principles of both collateralized and algorithmic stablecoins. Frax operates a two-token system. There’s the stablecoin FRAX and Frax Shares (FXS). Both tokens work to stabilize the system.
Source: Twitter
Frax is a unique stablecoin protocol. Some of its supplies are backed by collateral, and the other parts are algorithmic. However, the market pricing of the FRAX stablecoin determines the ratio between collateralized and algorithmic. So, if FRAX trades above $1, the protocol reduces the collateral ratio. However, the protocol increases the collateral ratio if FRAX trades under $1.
FXS is simply an investment and governance asset. In addition, FXS is the value-accrual token of the Frax ecosystem. So, investing in FXS makes sense because it has promising growth potential. The team is also pretty serious. So, that’s a plus for the token. FXS currently trades at $6.62.
2) INJ
Injective Protocol doesn’t get half the hype it deserves, and that’s pretty surprising. The network’s token, INJ, currently trades at $7.21. But the price action isn’t as fascinating as the potential of the Injective protocol. The protocol is a decentralized exchange (DEX). It offers:
- Cross-chain margin trading.
- Derivatives.
- Forex futures trading.
Source: Twitter
Unlike Uniswap and other exchanges, Injective doesn’t use an automated market maker (AMM) formula to manage liquidity. However, it subscribes to the order book model used across centralized stock and crypto exchanges. This way, Injective protocol can combine the transparency of decentralized exchanges with the efficiency of traditional finance.
Furthermore, Injective Protocol was designed to be simple for anyone to use. It provides its users with a comfortable set of features and designs. Some of the problems the protocol aims to solve are:
- Lack of scalability.
- Limited options.
- Hugh fees.
- Lack of interoperability.
Injective provides a cross-chain protocol that’s flexible. The protocol also provides multiple ways to earn passively. This includes staking. You can stake INJ for rewards. The INJ token powers the entire protocol. Traders can use the utility token to send value globally. INJ is also a reward token.
The ability to trade derivatives makes the Injective Protocol open for widespread use. Injective provides services to a developing niche market in the DeFi sector. As a result, it will likely experience increased adoption. This means more value for INJ.
3) GLMR
Moonbeam (GLMR) runs as a layer-1 blockchain solution working to improve Ethereum interoperability within Polkadot. It is the first fully functional parachain on Polkadot. So, Moonbeam wants to provide developers with an easy transition away from Ethereum’s congestion and fees. In addition, it supports token transfers from other chains. It also supports the use of Oracles, which communicate data to and from blockchains.
Source: Twitter
GLMR is Moonbeam’s token. You need to hold GLMR to access all of the network’s features. Some of the use cases for GLMR include:
- Staking.
- Paying fees.
- Sending value.
Moonbeam is pretty strategic for developers. Investing in Moonbveam makes sense if you are looking for a long-term project with good fundamentals.
Finding your potential gems could be a difficult task. But that’s why we are here. The projects listed in this article have good potential. As we said earlier, do your own research.
However, INJ, GMLR, and FXS are available on a few exchanges, including Bybit. Did you know that Bybit is giving out up to $30,000 in bonuses & together with a brand-new iPhone 14? Just click this link to find out more. If you already have a Bybit account (created without an affiliate link) you can still join by clicking this link.
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.
