The cryptocurrency market went into a deep crisis with the collapse of FTX. Investors and traders are wary of not only cryptocurrency projects but also trading platforms. However, the crypto industry is struggling to learn from the crash and move on. In this direction, analysts have selected 8 altcoin projects that have the ability to fight the collapse and have development potential.
Altcoin projects with potential
Polygon (MATIC)
Formerly known as the MATIC network, Polygon is a layer-2 scaling solution created in 2019 to address various limitations on the Ethereum Blockchain, such as transaction speed, throughput, and gas fees. The developers originally designed it as a scaling solution. But it has quickly evolved into a multi-purpose ecosystem that has garnered a lot of attention. Native token MATIC debuted on Binance Launchpad in 2019 amid the Initial Exchange Offerings (IEO) boom.
Looping (LRC)
Former Google software engineer Daniel Wang founded Loopring. The altcoin project aims to trade assets and make faster and cheaper payments on Ethereum without sacrificing security. More specifically, Loopring is a protocol for building non-custodial, order book-based decentralized exchanges (DEX) on Ethereum. It directs and processes trades without requiring you to own funds from buyers or sellers. Thus, it matches sellers and buyers at a market price. This is different from centralized exchanges, which require traders to deposit funds on the exchange in order for users to trade on their behalf.
Optimism (OP)
Optimism is a layer-2 Blockchain on top of Ethereum. The altcoin benefits from the security of the Ethereum main-net. It also helps scale the Ethereum ecosystem using optimism-rollups. This means that transactions are reliably recorded in Optimism, but ultimately secured in Ethereum. Optimism is one of the largest scaling solutions for Ethereum with over $300 million TVL. It hosts 35 protocols, the largest of which is Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM.
OMG Network (OMG)
OMG Network, formerly known as OmiseGo, is an Ethereum layer 2 scaling solution. As an Ethereum scaling solution, OMG Network was designed to allow users to transfer ETH and ERC20 tokens much faster and cheaper than transacting directly on the Ethereum network. The network is based on a new scaling solution called MoreViable Plasma, which uses a side-chain architecture to group several off-chain transactions into a batch, which can then be verified as a single transaction on the Ethereum root Blockchain.
Arbitrum
Abritrum is inexpensive and quick to use. It transmits all transaction information back to the main Ethereum Blockchain. While Ethereum manages only 14 transactions per second, Arbitrum competes with 40,000 TPS. Transactions cost a few dollars to complete in Ethereum, while in Arbitrum it costs about two cents. Arbitrum also supports the Ethereum Virtual Machine (EVM). In other words, Ethereum DeFi developers can integrate their decentralized applications (dapps) with Arbitrum without having to make any changes.
Solar Network (SXP)
Solar is a decentralized, community-driven Blockchain focused on building an ecosystem with true governance where everything SXP does is at the center of it. Unlike others of the altcoin project, it uses the Byzantine Fault Tolerance (BFT) consensus mechanism. Its decentralized structure is strong and energy efficient. Its native token is SXP. SXP became its own asset when Binance bought the remaining shares of Swipe last December 2021.
Shardeum (SHM)
Shardeum is an EVM compatible layer-1 Blockchain. It is possible to seamlessly deploy decentralized applications (DApps) on the blockchain. Shardeum’s claim is in the direction of the first network that it solves the scalability issue, thereby scaling billions of daily users.
Hedera Hashgraph
Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to build powerful decentralized applications (DApps). It removes some of the limitations faced by legacy Blockchain-based platforms, such as slow performance and instability. Hence, a Blockchain designed to be a fairer, more efficient system.
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