Have you seen everything it takes for a project to win a Polkadot parachain slot? Staking DOT, voting on governance measures, pledging DOT for the crowdloan, winning a slot by pledging the most, and marketing your project so you can win the slot.
Is it any wonder that some of these altcoins are able to hit the ground running after all this work they have to do BEFORE they’ve even secured their parachain slot? But not all DOT ecosystem projects are equal. Which are my favorites? Stay tuned and find out.
Coin #1: PHA
It’s hard not to compare Polkadot to Cosmos. They are the 2 biggest and most established Layer 0 protocols. And Cosmos is ahead of DOT. There’s no question about it. But for some reason, people misread this as terrible for Polkadot and it’s not. In fact, Cosmos’ success shows just how much more room there is for DOT to grow from where it is now.
So with that in mind, my first coin today is PHA. The Phala Network is a Web3 solution for developers’ computing and data storage needs. Plus, it has a focus on privacy. As I’ve mentioned many times on the channel, Web3, and more privacy, decentralized-enabled apps are one of the megatrends for our industry.
Why am I so excited about the @PhalaNetwork project?
— PARACHAIN BOY (@parachainboy) October 22, 2022
Think of this as one of the potential Web3 solutions for a decentralized Amazon Web Services. Then no one could shut down your network or computing power. It’s a very powerful narrative.
Why PHA has Such a High Potential?
P2P Computing is already here. But privacy and scale have been missing until now. Phala could fill that gap. It already does for privacy. As winners of the 13th parachain slot, they have over 1600 contributors to the crowdloan. That’s a lot of passionate long-term holders.
Lastly, I like Phala because it’s been bucking the sideways/downward trend we all know so well. In fact, after a 200% pump last week, there was not a lot of profit taking. Meaning there were not tons of sales after a move from 7c to 33c. It’s currently at 23.7c and poised to grow from here.
The Future Is Here.
👉 Metaverse✖️ Phala: a broader world with Fat Contract that secures your privacy with high-performance computing.https://t.co/3oVyofQxR1
— ₱hala Network (Hiring!) (@PhalaNetwork) October 29, 2021
Are you a fan of decentralized storage and computing like I am? Do you have a favorite service if not Phala like Filecoin, Sia, or Storj? Let us know in the comments.
Coin #2: PDEX
My next Polkadot coin is Polkadex or PDEX. Polkadex won the 16th parachain slot. They are a DEX and a blockchain. Their DEX currently supports the Polkadex chain, as well as Ethereum and DOT. The idea is to bring the power of DEXes across many chains.
And this makes sense since cross-chain interoperability is one of DOT’s defining themes.
🙌 THE POLKADEX @LEDGER APP IS HERE 🙌
Shout out to @_zondax_ for all their hard work to make this happen 🤝
Yes, you can stake your PDEX using Ledger 😎https://t.co/Zj0LoQqonb
— Polkadex (@polkadex) October 1, 2022
Why PDEX has Such a High Potential?
DEXes already have a solid place as crypto apps. But their cross-chain-ness? Not so. Most people I know use and like Uniswap, Sushiswap, and PancakeSwap. But Uniswap is ETH only and PancakeSwap is limited to BSC.
I also like that the recent price performance of PDEX is steady over the last few months. It’s staying in the range of $1.20-$1.50. Now it is $1.67. The bear market low might be in already for this one. And one of my favorite tokenomics features, and one I rarely see, ALL 7.46 million PDEX in existence are currently out there in the market. The circulating supply and total supply are the same, so there is 0 chance of a big private dump of tokens. This is something I REALLY like to see.
First of many bridges to @polkadex OB, Successfully transferred USDT from Ethereum mainnet to @polkadex and back. Chainbridge and our Parachain will be used for bridging liq. and testing the reliability of OB, refining the UI&UX, etc in production env for the rest of this year. pic.twitter.com/L8P4ENx3k4
— Gautham J (@gauthamastro) October 22, 2022
Coin #3: LIT
Next is Litentry, symbol $LIT. Beware, there are 2 other coins with the same symbol out there. Litentry is in Parachain slot 15. So a community is already backing it to provide the funding and crowdloan necessary to qualify and win a parachain slot. Just like my other coins on this list.
Understanding the Litentry Credit Computation network from original events -> Address Analyzing Nodes -> Litentry Identity Aggregation Layer.
Watch the video now: pic.twitter.com/DYSqySnNWC
— Litentry (@litentry) February 21, 2022
Their goal is DID or decentralized identity for Web3. Litentry wants to be an aggregator of all your identities across the web and bring them together into one decentralized solution. It would be an amazing solution to the online identity problem.
Why LIT has Such a High Potential?
I like Identity. I think along with remittance and cross-border payments that this is one of the main issues that crypto was created to solve. And it has not been solved yet. Their new Identity Hub product is on the market right now.
Big regional conference DOT in Vietnam just took place and if a ‘sell the news’ event was going to happen from there, it would have happened already. Instead, LIT, the native token of Litentry, keeps chugging along between 75c and 85c.
The merge is the next logical step in the process as both products rely on one another to unlock the max value.
— Litentry (@litentry) October 16, 2022
Also, there’s a burn proposal out there that has a good chance of passing. And you know I LOVE deflationary tokens. Have you found a decentralized identity platform that works for you? I’d love to hear about it if you have. Please comment below with it.
Coin #4: ASTR
Astar is a smart contract platform. Its goal: Multi-chain. So it works on Polkadot of course, but also Cosmos, Ethereum and its Layer 2s, EVM, and WebAssembly virtual machines too.
⭐ @insuredao v2 is now live on Astar
⭐ Multi chain payment enabled on @BlastAPI
⭐ @TokenCeres had AMA with @AstarNetwork
⭐ @CelerNetwork supports @TokenCeres through cBridge
⭐ @Algem_io introduces #nASTR Liquidity Hub pic.twitter.com/d3enhHcaRg
— Astar, the Future of Smart Contract for Multichain (@AstarNetwork) October 14, 2022
Why Astar has Such a High Potential?
What I like about Astar is it does smart contracts. Now you might say so what? Lots of platforms do. But do you know who DOESN’T do smart contracts? This is important. Polkadot’s Relay Chain does NOT support smart contracts.
Did you know that? A lot of people don’t know that. Let us know in the comments below if you knew this little factoid about Polkadot. So, Polkadot can’t reach its goals of cross-chain interoperability without smart contracts. And they don’t support them. So the top smart contract platform on Polkadot is?
We've put together a write-up on the Benefits of dApp Staking:https://t.co/hnCbYtJR4o
— Astar, the Future of Smart Contract for Multichain (@AstarNetwork) October 20, 2022
You guessed it. It’s Astar. Support for smart contracts, Ethereum’s Virtual Machine, and other technology to move between chains is Astar’s HUGE edge in the DOT ecosystem.
Coin #5: GLMR
My last one for today is Moonbeam. I like the potential of smart contracts so much, I have 2 here on this list. Like Astar, Moonbeam is an EVM-compatible smart contract platform. Lido and its liquid staking platform are built on Moonbeam and Osmosis from Cosmos is using it too.
1/ 🤩Save the date ➡️ Moonbeam Illuminate is back!✨
— Moonbeam Network (@MoonbeamNetwork) October 22, 2022
Why Moonbeam has such High Potential?
Well not to repeat, but everything we like about Astar, we like about Moonbeam too. With projects like Lido and Osmosis, Moonbeam might be a little further along than Astar. But we like both and think either or both could be big winners in cross-chain smart contracts.
Both got investments and valuable early-stage advice from Binance Labs too, which is one of our alpha secrets from a previous video. This is a trend that’s just too big to ignore as cross-chain smart contracts are the future.
— Moonbeam Network (@MoonbeamNetwork) October 18, 2022
You may have noticed my picks today were strategically based on where crypto’s megatrends are like:
- File storage and distributed computing.
- Cross-chain DEXes.
- Cross-chain smart contracts
Intersect with Polkadot. This is no accident. These trends are a big part of the future of crypto. And all 5 coins are positioned to grow from here and become big players in the space.
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