Hey, happy new year. It feels good to leave all the memories of the bear market in 2022 and look forward to a fresh start this year. Some experts expect the market to pick up this year and I believe that as well. So, nowās the best time to pick your horse.
In this article, Iāll show you 3 blockchains sectors and 6 projects (altcoins) to look out for this year in these growing sectors.
I. Cross-Chain
From 2020 to 2021 we saw a huge increase in layer 1 smart contracts platforms. Many of these projects launched their own tokens and created applications. All that growth led to a problem. So, these different applications and assets are scattered across blockchains. And people want to move into some of these platforms without KYC or other filters.
So, we have a huge interoperability problem. People previously used centralized exchanges to solve this problem. But, moving between chains in a decentralized manner is safer. So here comes cross-chain solutions.Ā Cross-chain projects are not the flashiest Web3 products. They are certainly not as popular as NFTs, games, or DeFi protocols. Cross-chain projects were also prone to attacks this year. The Nomad Bridge attack this year showed that they are vulnerable to hackers. But, 2023 is the cross-chain year. That’s a fact!Ā
From the role of cross-chain bridges in connecting multiple blockchains to the different mechanisms and types of bridges available, we explore it all.
Read more šš»https://t.co/MnTTSSnrWv#BlockchainForNonCrypto #massAdoption #KardiaAcademy
— KardiaChain (@KardiaChain) January 9, 2023
These cross-chain bridges are great tools for avoiding third-party exchanges and just switching from chain to chain to carry out a transaction. Cross-chain protocols allow blockchains to share data. They streamline interoperability between these blockchain networks. So, compatible blockchains can share information and exchange value.
Cross-chain bridges provide benefits for both users and liquidity providers. LPs can earn passive income for supplying liquidity to pools. Now letās look at our favorite cross-chain projects.
1) AVAX
The bear market hit Avalanche hard, shaving off a huge part of its price. But all that looks to be in the past. Avalanche supports cross-chain compatibility. So users can transfer tokens between Avalanche and Ethereum using the native bridge. AVAX is used to pay for transactions in the AVAX ecosystem.
#Avalanche Warp Messaging (AWM) is hereābringing fast, native communications to all Subnets.
šŗ Build your own VM and interoperate with other Subnets
šŗ Compound dApp capabilities by messaging contracts on other Subnets
šŗ No reliance on Bridges
šŗ More! https://t.co/QsKKZIWOlQ— Avalanche šŗ (@avalancheavax) December 22, 2022
Asides being a good addition to your portfolio, AVAX is in a big position to grow in 2023. Last year, Avalanche launched the āMultiverseā initiative to incentivize developers. The Multiverse was a huge success, bringing in several developers to the network. The team also has a series of innovations ready for a comeback. AVAX currently trades at $12.52
2) Moonbeam
Weāve talked a lot about Moonbeam in recent months. Moonbeam is an Ethereum-compatible smart contract parachain on the Polkadot network.Ā Moonbeam helps developers build apps that operate across different blockchains. This chainĀ will be one of the most in-demand cross-chain platforms in 2023. Moonbeam has serious potential as the first active interoperability network on Polkadot.
T-minus š® ššš¬š¦ until Moonbeamās 1-year anniversary!
ā”ļø Join us for the special 1st-Year Breakthrough celebration Wednesday, January 11 š« #Moonbeam2023 #Moonbeam1year
Register here š https://t.co/A0amWbseUk https://t.co/qHAgHkJRIr pic.twitter.com/hkD97ypWs2
— Moonbeam Network (@MoonbeamNetwork) January 9, 2023
This project is worth having in your portfolio. Letās look at the tokenās price: GMLR currently trades at $0.3347.
II. NFT
The non-fungible token (NFT) market was severely affected by the bear market. But, experts feel that 2023 would be a good time to prepare for the coming crypto bull market.Ā NFTs will move past the ājpegā era that dominated the last two years and it wonāt be all about digital art. The industry will have more utility as new technology will use NFTs as its base.
Valentina Zakirova, a venture capitalist and Patreon enthusiast, thinks that NFT artists will have unusual autonomy in 2023. Artists will be able to fully monetize their work without having to pay a middleman. Letās look at two key NFT projects for the coming year.
3) Beep Boop Botz
Beep Boop Botz is an intriguing P2E game that has got several blue-chip NFT collectors buying into the game ecosystem. Aside from having cool gameplay, this game gives holders the ability to yield $ETH through their native token $BOOP.
But do you own a Beep Boop Box? #BeepBoop #LinksInBio š pic.twitter.com/KIC3PIIfwe
— Beep Boop (Support in Bio) (@BeepBoopBotz) January 9, 2023
Beep Boop Botz is simply a staking game and incorporates the concept of battle mechanics. So, gamers play to stay alive and achieve their staking goals. The game has an anonymous team, but that hasnāt stopped gamers from trooping in. Players have sold their blue-chip NFT projects just to get into the ecosystem.
Beep Boop Botz is a collection of 10,000 bots thriving on the Ethereum blockchain. Each Beep Boop Botz is an access pass NFT to the BBB world. There are several reasons to consider this project. First, it offers you a chance to earn passive income. The gameās token, $BOOP is already listed on Coinmarketcap and Coingecko. You can also buy and sell the token on platforms like Uniswap.
The game also has an in-game wallet. So, you donāt claim your staking rewards through a transaction like in other games.Ā So, if you are looking for NFT projects with utility then this is your best bet.
4) KPR
KPR’s application procedure and Keeper List have been the talk of the NFT market over the past few weeks. The project kept early community members on their toes with its hype and buzz. So whatās KPR Verse all about? KPR is a storytelling and world-building project that plans to build a metaverse brand around a collective narrative that its NFT holders will help build.
// MISSION pic.twitter.com/rW9PciqKs8
— KPR (@KPRVERSE) October 28, 2022
More than 10,000 applications were submitted to the KPR allowlist application process in the first 24 hours of its operation. The team focuses on art and the website. The website is pretty interactive. So far, there is no published roadmap. So, the project runs in line with its storytelling plans.Ā
KPR has been consistently touted as a top NFT project for 2023 in several pockets of NFT Twitter. There will be serious demand for this project in 2023
III. DeFi
The DeFi world will most likely rebound as the market gets set for a bull run in 2023. Itās only a matter of time before Bitcoin and Ethereum pick up again. And when they do, investors are going to turn their attention to DeFi projects as they did in 2021. This will be a big break for those who back the right horse. Letās get to our two DeFi projects for 2023:
5) Convex Finance
Convex Finance is a platform that allows CRV (Curve) owners and liquidity providers to earn rewards. It provides a better way to stake. Convex is also pretty simple to use.Ā
ā¦and 6 months later @ConvexFinance has finally hit 300MM farmed $CRV! Congrats! Ready for 400MM!š¾š„š https://t.co/LQM1NnJVW1 pic.twitter.com/FRX1tfXbmD
— Kmets š¦š (@kmets_) December 23, 2022
Convex Finance is one of the best platforms for earning passive income. It rewards both liquidity suppliers and stakers, giving them the chance to boost their earnings.Ā
Why is Convex Finance Unique?
Hereās a couple of reasons why I love Convex:
- No withdrawal fees.
- Lower performance fees.
- Boosted reward earnings through pool.
So, if you are looking for a DeFi platform to earn easy rewards, you should check Convex Finance.
6) Balancer
Balancer has been quite successful so far and is sure to get bigger in 2023. Balancer is an automated market maker (AMM) and decentralized exchange on the Ethereum network. Using this platform allows you to swap tokens and earn fees when you provide liquidity to different pools.
With Balancer you can swap ERC-20 assets easily in a decentralized way. Balancer also allows you to earn a share of trading fees once you provide liquidity. Balancer competes with the likes of Uniswap and SushiSwap. But what sets it apart is that it offers users the flexibility to create their own private liquidity pools. Users can create pools using two or more crypto assets.Ā
The Balancer Report TL;DR š
š TVL is up on @0xPolygon and @arbitrum
š ļø @BalancerGrants released their Wave 6 report
š @beethoven_x explores Lidoās stETH poolSee the full report ā¤µļøhttps://t.co/EyluKzeP2X
— Balancer (@Balancer) January 9, 2023
Balancer only supports ERC-20 tokens. That could be a shortcoming but this project definitely has huge potential. Did I miss any projects in any of these sectors? Let us know your favorite projects for 2023.
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