Top Cryptocurrency Projects – An Intro
Reckoning investment decisions with calculated risk for a crypto portfolio is crucial for any investor. With back-to-back misfortunes around the globe that impact its economy, the overall population go-haywire. As a repercussion, the overall trading community has been baffled in picking a promising and sustainable project for their investment portfolio.
In this article, we point out a few of such projects that had performed better compared to their counter-entrants in the Web3 space.
Bitcoin – BTC
During every Bull and Bear cycle, the PNL (the Profit & Loss) statement has been a prominent factor in determining the performance of any Cryptocurrency. Another vital factor that has its dominant hand influencing the market sentiment is “the mother of all cryptocurrency – Bitcoin” herself.
One can argue that bitcoin is eventually not more than a store of value since its inception in 2009. But a hard truth for that swarm to digest is that the ATH (all-time high) of the crypto’s global market cap has trumped over 3 Trillion dollars back in November 2021.
Being the bulbous reason for market fluctuations, many tend to keep a close watch over Bitcoin’s performance on a daily basis.
Ethereum – ETH
After almost 6 years from the advent of Bitcoin, Ethereum’s arrival in July 2015, disrupted the whole banking sector. In November 2013, Ethereum’s Founder, Vitalik Buterin, published its Whitepaper. Despite causing a massive impact on the blockchain ecosystem, ETH had faced a few shortcomings.
Low throughput and high gas fees were the downsides of the ERC-20 (Protocol to create smart contracts) in the Ethereum ecosystem.
But, having a massive community that ranks in the top ten of the overall crypto space, always has its advantage. In addition to that, their swiftness in addressing any mishaps in the network has been one of their trust factors to the crypto-community.
After the ETH merge, through which they transformed their PoW (proof-of-work) to PoS (proof-of-stake), evidently they rectified the scalability hitch through Sharding consensus. In fact, the Merge proved the community’s projection towards the path of abetting an eco-friendly environment.
Withholding a subsequent solid roadmap following the Burn and the Merge, Ethereum is a sure-fire for the blockchain space’s future. As a result, this lists Ethereum to be one of the top-performing crypto projects in 2022.
.@VitalikButerin claims that #Ethereum will be able to to process "100,000 transactions per second", following the completion of 5 key phases:— Miles Deutscher (@milesdeutscher) July 22, 2022
• The Merge
• The Surge
• The Verge
• The Purge
• The Splurge
A quick breakdown of what each stage means for $ETH. 👇 pic.twitter.com/FnaWww8mHZ
Binance Coin – BNB
Binance Coin (BNB) is the native token of the Binance exchange. The coin which now operates on the BSC (Binance-Smart-Chain) had a history of layering over Ethereum during its initial phases.
Ever since BNB initiated quarterly burn, they managed to maintain a stable value even during the bearish 2021. Moreover, being a humongous player in the CEX (Centralized Exchange) avenue, Changpeng Zhao / CZ, the Founder of Binance, is spearheaded by his mission of Decentralization.
BNB is among the top 5 cryptocurrencies withheld in several portfolios, because of their vast ecosystem branching out to NFTs, DeFi, Trades till Credit Card Payments. Their amalgamation of DPoS (Delegated Proof-of-Stake) with the PoA (Proof of Authority) consequently paved their own consensus mechanism PoSA (Proof-of-Staked-Authority).
Due to its low-gas fees and high scalability, BNB serves as one of the best blockchain solutions for many successful projects. Engrossing utility following its integration into multiple domains of web3 emphatically made BNB, the top-performing cryptocurrencies of 2022.
Polygon – MATIC
In another case, reserving a place in the CMC’s (Coin Market Cap) top 10 trendings, for almost an entire year is crucial for any top-performing cryptocurrencies of 2022. Polygon’s MATIC is one such performer on the other hand, amidst the 2022 bear market. This Ethereum-based Blockchain scaling platform is rooted in Mumbai, India.
Polygon’s PoS consensus leveraged many businesses and brands to achieve their Web3 roadmaps. Furthermore, it had partnered with numerous big brands like Adobe, Adidas, Disney, Flipkart, Nike, NFL, Instagram, Reddit, Stripe, and Starbucks.
Besides the adoption of their consensus into the private precincts, Polygon has partnered with numerous Government projects. BIAL (Banglore International Airport Ltd) and Indian Police in Firozabad joined hands with Polygon to integrate its blockchain services.
In addition to this, Polygon’s L2 (layer 2) solutions, zkEVM, Zero, and the Miden are in their testnet phases under zk Rollups to leverage Ethereum’s scalability in the future.
DeFi – Decentralized Finances
The FUD (Fead Uncertainty Doubt) over the 2022 market, deterred numerous Noise-traders from investing in their Sentimental Coins. However, at the same time, it helped to unveil the alternatives for ROI (Return on Investment) that involved less risk in comparison.
Surprisingly, the Defi domain took a dominant position in this bearish moment of the market. With an engrossing TVL (Total Value Locked) of 70.19 Billion USD, the DeFi market has become unavoidable. This includes Derivatives, Vesting, Liquid Staking, IP and Governance Staking.
Ethereum holds more than half of the TVL mentioned, with a staggering 63.17% of Crypto-assets locked in its ecosystem. The BSC scores the runner-up position with a distribution of 10.22%, followed by Tron, Avalanche, Arbitrum, and Polygon. Explicitly, this mass adoption of Defi drew conventional banking features integrated into the platform.
This undeniably makes DeFi one of the top-performing crypto platforms of 2022. NEST protocol, Ample forth’s AMPL, and Venus’s VAI are the top Defi performers of 2022 according to CMC.
- Benefits and Drawbacks
OC (Over-Collateralization) and its Anonymity are its key advantages while the major disadvantages are its indispensable Smart-contract auditing combined with high market volatility.
GMX and TWT
GMX – A Decentralized Perpetual Exchange, initially launched in late 2021 on the Arbitrum One blockchain, was found with an astonishing growth rate of 110.26% in 2022. In short, this Spot exchange facilitates its users with AMM (Automated Market Maker) that amalgamates with their Low Swap fees, and Zero Price Impact Trades.
Without a doubt, the Trust Wallet is a ubiquitous storage option for 25 million users around the globe. Launched in late 2017, it coupled with numerous blockchain integrations including DEX and CEX into its wallet. The TWT, a native Crypto of the Trust Wallet had witnessed an astounding 110.92% in 2022, concurrently while writing this article.
These native tokens are the top-performing crypto projects of 2022.
During these crashes, investors usually predict them beforehand as it becomes a wonderful buying opportunity. This is possible only if you swap your assets to Stablecoins in order to DCA (Dollar-Cost-Average).
Stablecoins are known for their non-volatility, but there are few stablecoins that performed better for trades and transactions. Additionally, according to CMC and other Market analytics, Stablecoins like Venus’s VAI, Gemini’s GUSD, Liquity’s LUSD, Pax Dollar’s USDP, and FRAX, along with a few others performed.
Luna’s UST suffered from USD-depegging previously this year, disrupting many algorithmic Stablecoins to its downfall, but this doesn’t restrict traders to arbitrage with Stablecoins.
In brief consistent iterations and corrections are imperative for any new innovation to sustain in the environment. Hence, Bull Markets and Bear Markets are such crucial factors to determine the durability of any cryptocurrency project. During every bear market cycle, multiple projects including the big ones experience the heat.
Projects that lack the fundamentals and transparency in their communities break down easily during this cycle. The above-mentioned projects are fundamentally strong and thus they are also the top-performing cryptocurrency projects of 2022 according to the R&D enacted over several resources.
Quiz – What did you take away from this article
1. What is PNL? and Why it is important for Cryptocurrency?
a. Profit-Net-List to calculate the profits from a trade
b. Profit & Luck, to determine the luck attained from a successful trade.
c. Profit & Loss helps in finding out the performance of a token/coin.
d. Profit & Loss, which helps in funding a crypto project.
2. What is the first Cryptocurrency and when it was launched?
a. Binance Coin in the year 2009
b. Bitcoin Cash in the year 2017
c. Blocknet in the year 2014
d. Bitcoin in the year 2009
3. Which blockchain network came as a runner-up to Bitcoin?
4. The Burn is executed to
a. Make the coins unstable
b. Collapse the cryptocurrency
c. Make the users panic sell their assets
d. Maintain stability among the cryptocurrency
5. Which is the leading CEX – Centralized Cryptocurrency Exchange platform?
6. Which two crypto projects surpassed 100% growth in 2022?
a. GXC & TWT
b. TWT & GAIA
c. GEMS & XTZ
d. TWT & GMX
7. What was the end output of the Merge? they
a. Transitioned to proof of stake
b. Merged ERC-20 with ERC-721
c. Found the ERC-20 to facilitate Dapps
d. Transitioned to proof of work
This article is solely for informational and educational purposes only. All the articles here on TheNewsCrypto are articulated based on the Writers’ opinions and do not constitute any financial advice.