While the world economy is in turmoil, the crypto market seems to be enjoying some of its best times, considering the entry of blue-chip firms and Bitcoin soaring at its all-time high. Bitcoin and Ethereum seem to be obvious choices for crypto investors. However, the entry of smart contracts and new DeFi products have weakened the dominance of the two crypto brothers.
This article is part 1 of our two-series coverage that highlights the top five promising crypto gems that have shaken the dominance of Bitcoin and Ethereum. Investors can consider adding them to their portfolios as each one appears to have a bright future. Here’s the link to part 2.
Uniswap is a leading decentralized exchange on the Ethereum network that allows users to exchange ERC-20 tokens through liquidity pools. With a 24-hour trading volume of $2 billion, it is the world’s largest decentralized exchange. Moreover, Uniswap doesn’t require users to go through the rigorous processes of verifying KYC/AML details, thereby preserving their anonymity.
UNI is the governance token of Uniswap that uses Ethereum’s network to process transactions. Token holders can also stake UNI in exchange for rewards. It is the first DeFi token to reach the top 10 list of largest digital assets by market cap.
Recently, eToro added UNi to bolster its crypto offering for investors in the coming months. Besides, the DEX is launching Uniswap V3 on May 5, with concentrated liquidity positions. The update will help liquidity providers to offer liquidity with a capital efficiency of around 4,000 times higher than V2.
Market Cap (April 29, 2021): $21,778,317,663
CoinGecko ranking: 9
PlasmaPay is a crypto wallet and decentralized exchange licensed in Estonia. The platform acts as a bridge between the decentralized and centralized financial markets by enabling users to connect fiat via on- and off-ramps. The DEX has an intuitive interface to give users access to the very best DeFi tools to bring crypto adoption to the masses.
PPAY is the utility token of PlasmaPay. The network intends to use PPAY to bridge between Polkadot, Ethereum, BSC, and its own native blockchain (to be built in the future). Holders can also use their tokens to vote in the governance of PlasmaPay protocol and to earn staking rewards. Moreover, the token can be used to pay for the service fee.
In the second quarter of 2021, PlasmaPay is expected to launch an Initial DEX Offering (IDO) platform called SpacePort. Moreover, the platform has plans to shortly launch HyperLoop – a cross-chain bridge protocol, PlasmaChain, and Node program. To further enhance its ecosystem, PlasmaPay has also recently partnered with CasperLabs, Sheesha Finance, and Bondly.
Market Cap (April 29, 2021): $36,987,940
CoinGecko ranking: 638
Fuse is a permissionless and public blockchain that aims to lower the barrier, cost, and friction of everyday finance. The ledger is anchored to the Ethereum network via a bridge, therefore enabling any token to move freely between Ethereum and Fuse Network. The network has created a dApp called Fuse Studio to set up their own communities. The whole network is supported by validators, who get paid in $FUSE tokens in return.
$FUSE is a utility token that holders can use to carry out all kinds of transactions on Fuse Network and for staking in return for incentives. Since the network uses a delegated proof-of-stake consensus algorithm, validators also get to vote on important maintenance and governance decisions concerning the project.
Fuse Network can be used by anyone who operates a mobile phone. Therefore, businesses like Seedbed, Wikibank, Digital Rand, and PayWise have built upon the platform to build products that can cater to small communities. Fuse Network’s list of partners includes e-Money, Rupiah Token, KrystalDeFi, Orion, Unmarshal, MantraDAO, CorionX, and Boson.
Market Cap (April 29, 2021): $17,698,010
CoinGecko ranking: 875
Blind Boxes is a gamified aggregator marketplace for non-fungible tokens. The platform curates collections of digital assets from top brands, well-known artists, and famous NFT creators. Then it offers them in mysterious boxes – hence, Blind Boxes. While the project provides digital creators with an opportunity to showcase their work to a broad audience, it also offers collectors a chance to discover and get hold of rare digital art.
$BLES is the governance token of Blind Boxes, which holders can stake in the management of the platform’s DAO (Decentralized Autonomous Organization). Collectors can mine $BLES by opening Blind boxes, whereas creators can mine by selling NFTs for $BLES.
The platform has recently launched Blind Boxes Marketplace Beta to ensure a high-quality final product. Looking at its huge potential in disrupting the NFT space, BSCpad also listed it as one of the promising projects.
Market Cap (April 29, 2021): $12,199,802
CoinGecko ranking: 993
The market is very bullish and ripe for picking. While no one can guarantee how long the crypto market will continue to flourish, it doesn’t mean you should miss the opportunities right in front of you. The projects above are curated from our list of promising altcoins, which are poised to thrive in the days to come.
Nonetheless, it is important to remember that the cryptocurrency market is highly volatile. We suggest exercising caution and do your own research before investing in any digital asset.
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