Uniswap is a decentralized cryptocurrency exchange that is changing the way people buy and sell crypto. Polygon is a Layer 2 Blockchain network that changes what it means to build on Ethereum. BitDAO is a decentralized autonomous organization that is reinventing the way people invest in crypto assets. Crypto expert Dominic Basulto examines these 3 altcoin projects that are changing the landscape of crypto.
Three altcoins stay ahead of key transformation trends in crypto
Despite all the gloom and disaster about the current crypto winter, which you follow on Kriptokoin.com, the blockchain and crypto industry remains remarkably innovative. In fact, the ability to develop next-generation products and services may be easier now that there is no constant media hype to produce something immediately.
Therefore, I really like what I see with three different altcoins changing the crypto landscape: Uniswap (UNI), Polygon (MATIC) and BitDAO (BIT). Each of these tokens helps lay the foundations for a stronger, more resilient crypto industry, as well as changing the way we think about crypto. Let’s take a closer look at each of these.
Decentralized crypto exchange Uniswap (UNI)
With the continued fallout from the collapse of cryptocurrency exchange FTX, it’s perhaps not surprising that Uniswap is making the headlines. Unlike FTX, which is a centralized exchange, Uniswap is a decentralized exchange. This has several important implications for the average investor who wants to avoid the risk of holding their crypto on a potentially unreliable exchange. The most important of these results is that you never have to keep your funds in Uniswap to trade. Instead, you keep your funds in a digital Blockchain wallet that only you control. If you want to trade, just link your wallet to Uniswap.
Another important implication is that you can access a much broader set of cryptocurrencies to trade on Uniswap than centralized exchanges. This, combined with better pricing for most cryptos, makes for a very attractive value proposition for Uniswap. Uniswap faces a lot of competition. However, it remains the world’s largest decentralized exchange in terms of trading volume. It also stays ahead of the curve when it comes to trading other digital assets such as Non-Fungible Tokens (NFTs).
Altcoin that solves Ethereum’s problems: Polygon (MATIC)
What many investors may not realize about Polygon is that it is a Layer-2 Blockchain built on top of the Ethereum (ETH) Blockchain. Therefore, there is a very symbiotic relationship between the two. Ethereum provides security and stability as a core foundation layer. Polygon, on the other hand, provides higher processing speeds, lower costs and a superior user experience; It says it can process 65,000 transactions per second at a cost of just a fraction of a cent. That means it’s lightning fast and incredibly cheap compared to Ethereum. If you use Polygon, you really get the best of both worlds: high speeds, low costs, and full interoperability with the Ethereum Blockchain.
Based on this unbeatable value proposition, Polygon burst onto the scene in 2022. Blockchain has listed a number of high-profile partners over the year, including Disney, Starbucks, Meta Platforms, and Nike. They are all working with Polygon on innovative NFT projects and this trend is likely to continue into 2023. For example, Starbucks created an NFT-based customer loyalty program that runs on Polygon.
Finally, the decentralized autonomous enterprise BitDAO (BIT)
BitDAO is unique in that it is a decentralized autonomous enterprise (DAO). For layman, this means it is an organization held together by a decentralized Blockchain network. Every decision and every transaction of this organization is sent to the Blockchain and coordinated through smart contracts. This leads to tremendous transparency and trust. Imagine your boss working in the corner office has to post a complete list of all the actions taken during the day in a general ledger for everyone to see.
While each DAO can be set up to achieve different goals, BitDAO is set up to invest in different cryptocurrencies and Blockchain projects. In many ways, it’s like being part of an investment club where you partner with people from around the world to choose your next investment. Once you own a BitDAO token, you have one vote in the process. If you look at the BitDAO website, you can see some projects it has invested in, such as a new Tier-2 Blockchain. If DAOs become more popular, it could change the way we invest in blockchain and crypto. Instead of investing in cryptocurrencies alone, the focus could shift to blockchain projects and digital assets.
Which of these is the best investment?
All three of these altcoin projects have interesting long-term growth prospects. They are also among the top 50 cryptos by market cap. Currently, Uniswap and Polygon are strong long-term purchases. However, the jury is still out when it comes to BitDAO. Because this type of crypto token is fairly new. All in all, if you already own Bitcoin, both Polygon and Uniswap could be great ways to diversify your crypto portfolio in 2023.
The opinions in the article belong to the experts and are definitely not investment advice. We recommend that you do your own research before investing and trading.
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