A recent analysis by Ben Giove, senior analyst at Bankless, drew attention. In this analysis, a number of altcoins were selected as potential “survivors” in the next cycle. Giove’s estimates take into account a variety of factors including fundamentals, techniques, adoption, innovation and community support. Here are the details…
Analyst bullish for many altcoins
Among the altcoins identified by Giove is Frax (FXS), the native token of Frax, a decentralized and algorithmic stablecoin protocol. Polygon’s native token, MATIC, is another altcoin that Giove believes will evolve in the next cycle. Polygon is a layer-2 scaling solution for Ethereum that offers fast, cheap and secure transactions. Solana’s native token SOL also made it to Giove’s list. Solana offers almost instant transaction certainty and low fees. It is also a high-performance blockchain that offers scalability up to 50,000 transactions per second. SOL holders can use their tokens to cover transaction fees on the Solana network. They can also stake for transaction verification and reward accumulation.
Lido (LDO), a decentralized liquid staking protocol, offers ETH stakers the opportunity to receive stETH in exchange for their contributions. LDO, Lido’s management token, allows holders to vote on protocol-related proposals and parameters while receiving a share of protocol fees. Rocket Pool’s utility token RPL also caught Giove’s attention. Rocket Pool offers minimum requirements and maximum rewards. Thus, it is a decentralized staking service that simplifies the process of staking ETH.
What are the other coins that the analyst draws attention to?
GMX ranks sixth on the analyst’s list. GMX is the governance token of a decentralized perpetual trading platform. It also offers leveraged trading on various crypto assets. GMX owners have the opportunity to vote on recommendations related to the platform. In addition, these users can receive a portion of the transaction fees generated. Optimism (OP), a layer-2 Blockchain built on top of Ethereum, aims to scale the Ethereum ecosystem using irollups while taking advantage of the security of the Ethereum mainnet. Another layer-2 scaling solution, Arbitrum (ARB), is also on the analyst’s list.
Also, according to the analyst, Immutable X’s utility token IMX draws attention. Because IMX plays a very important role in layer-2 scaling solutions for NFTs. Finally, Giove highlights UNI, the governance token of Uniswap, the largest DEX on Ethereum. With Giove’s comprehensive analysis, these ten altcoins are ready to tackle the challenges ahead and thrive in the next cycle. While success is never guaranteed, the factors considered provide a promising outlook for these projects. As always, it is very important for investors and enthusiasts to do their own research and be vigilant in the volatile cryptocurrency market.
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