Telegram founder Paul Durov announced on July 19 that Telegram will launch an in-app decentralized application (dApp) store and a Web3 browser. "We will also intensify our efforts to combat scammers trying to defraud newcomers to the crypto space," Durov stated.
Toncoin has emerged as one of the fastest-growing blockchain ecosystems globally, currently ranking as the 10th largest blockchain by total value locked (TVL), according to DeFi Llama. At the time of writing, TON Network’s TVL stands at $768 million, a significant increase from just $13 million at the beginning of the year.
Two main factors have contributed to this impressive growth. First, the popularity of the Telegram messenger, with over 900 million users worldwide, and its close integration with The Open Network. Second, various incentive programs launched by the team over the past few months, including Play-to-Earn (P2E) focused airdrops and high staking rewards for USDT users on the TON blockchain.
Upcoming events could further fuel this growth, such as the Hamster Kombat airdrop expected before the end of the month. Hamster Kombat, the most popular crypto game of all time, has rapidly grown to over 250 million users between March and July. This clicker game has reached mainstream popularity, attracting over 12 million followers on Twitter and 34 million subscribers on YouTube.
The hype surrounding the launch of the app store, the Web3 browser, and Hamster Kombat’s native token could potentially drive the next price surge for TON.
2. Cardano
Cardano is a decentralized blockchain platform designed to provide a secure and scalable infrastructure for developing and executing smart contracts and decentralized applications (dApps). Founded by Charles Hoskinson, a co-founder of Ethereum, Cardano launched in 2017. It uses a unique proof-of-stake consensus mechanism called Ouroboros, which is more energy-efficient and secure than traditional proof-of-work systems.
The platform's native cryptocurrency, ADA, facilitates transactions and operations within the network. Cardano's development is based on academic research and peer-reviewed studies, aiming to create a scientifically robust blockchain ecosystem. Its layered architecture separates the ledger of account values from the reasons for value transfers, enhancing the system's flexibility and security.
Why Cardano?
Earlier this month, the Cardano team released an update for its validator node software, Node 9.0. Charles Hoskinson, the founder of Cardano, mentioned that this update is the final step on the roadmap before the upcoming Chang hard fork. For the hard fork to proceed, 70% of the nodes must upgrade to version 9.0. Currently, 29% of the nodes have adopted the 9.0 version, suggesting it may take a few weeks to reach the 70% target.
The Chang hard fork is a significant upcoming upgrade for the Cardano mainnet, introducing decentralized governance to the blockchain ecosystem. It will also mark the beginning of the Age of Voltaire, the final phase in Cardano’s roadmap.
According to Cardano’s CIP-1964, a comprehensive proposal that initially outlined the project’s decentralized governance model in 2022, the new governance framework will include three distinct bodies: a constitutional committee, a delegation of representatives (DReps), and stake pool operators (SPOs). Any governance action must be approved by at least two of these three entities to be implemented on-chain.
The proposal also addresses various deficiencies in the current Shelley governance model by enhancing transparency and oversight of treasury transactions. The new system will provide more layers of control and ensure that every ADA holder has a say in the governance process.
Following the Node 9.0 update, Cardano saw significant positive price movement. Between July 8 and July 16, ADA outperformed all other top 15 cryptocurrencies, gaining 26%. Since then, the price has stabilized around $0.436.
It’s worth noting that ADA is currently showing "just" 38% year-over-year gains, while other major cryptos like Bitcoin (+125%), Ethereum (+88%), BNB (+146%), and Solana (+626%) have recorded much higher increases. This could indicate that ADA has more room for growth going forward.
3. Ethereum
Ethereum is a blockchain platform that supports smart contracts, enabling complex applications such as decentralized lending protocols and non-fungible tokens (NFTs). The Ethereum project was founded by Vitalik Buterin, who published the Ethereum whitepaper in late 2013, and the blockchain launched in July 2015.
One of Ethereum's first widely adopted features was the ability to issue custom tokens that could be transacted on the Ethereum blockchain. This capability was leveraged by many projects for fundraising through Initial Coin Offerings (ICOs) and other token sales.
Today, Ethereum boasts a vibrant ecosystem of decentralized applications, including decentralized financial services, NFT marketplaces, publishing platforms, decentralized cryptocurrency exchanges, and more. This diversity makes it a strong investment in 2023, in our opinion.
ETH, the native cryptocurrency of the Ethereum blockchain, incentivizes users to secure the network. Originally, the Ethereum network used a Proof-of-Work consensus mechanism but transitioned to Proof-of-Stake in September 2022.
Why Ethereum?
With Ethereum ETFs expected to start trading in the US market soon, ETH is certainly one of the most interesting crypto assets to watch in the short term.
Following the SEC's approval of 19b-4 filings from exchanges planning to list Ethereum ETFs, ETH experienced a substantial rally, reaching approximately $3,900. Since then, the price has dipped into the $3,000 range. However, once ETFs begin trading, we could see another wave of bullish activity in the ETH markets.
The first Bitcoin spot ETFs started trading in the US earlier this year. When they launched, BTC was trading at around $45,000, but in the following days and weeks, it surged to a new all-time high above $73,600.
While it’s uncertain if spot ETFs will have the same dramatic impact on ETH as they did on BTC, it's hard not to feel at least somewhat optimistic. According to Bloomberg analysts, the SEC could approve Ethereum spot ETFs for trading on July 15th.
4. Solana
Solana is a smart contracts platform with a unique architecture that enables it to process thousands of transactions per second while maintaining extremely low costs. Solana accomplishes this by using a distinctive Proof-of-History algorithm alongside a Proof-of-Stake consensus mechanism. As a result, SOL is one of the cheapest cryptocurrencies to transfer, with users paying less than $0.001 per transaction on average.
Founded in 2018 by Anatoly Yakovenko, Solana's mainnet launched in March 2020 and saw a significant boost in adoption in 2021. Although SOL lost much of its value during the 2022 bear market, Solana still boasts one of the most impressive ecosystems in the cryptocurrency sector and has the potential to be one of the next cryptos to explode.
Why Solana?
There have been two separate applications to launch a spot Solana ETF in the United States, submitted by asset management firms VanEck and 21Shares. Both firms are seeking to list these products on the CBOE BZX exchange.
21Shares plans to use Coinbase as the fund’s SOL custodian, with funds stored in segregated wallets on the Solana blockchain. Notably, the fund will not engage in staking SOL, likely due to regulatory requirements.
Outside of the United States, 21Shares already offers an exchange-traded product (ETP) that is 100% physically backed by SOL and provides access to staking yields. This product, with the ticker ASOL, trades on the SIX Swiss Exchange, Boerse Stuttgart, and Euronext Amsterdam stock exchanges.
While the existence of active Solana ETF applications is bullish for SOL overall, the path to approval might be more challenging compared to the recently approved Ethereum ETFs.
It's important to note that the U.S. Securities and Exchange Commission (SEC) has already claimed that SOL is an unregistered security in at least two lawsuits. Meanwhile, U.S. regulators largely treat Bitcoin and Ethereum as commodities. Another factor to consider is that, unlike Bitcoin and Ethereum, there is no regulated Solana futures market in the United States.
5. XRP
XRP is a cryptocurrency launched in June 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, who co-founded a company called OpenCoin with Chris Larsen. The developers gifted 80% of the XRP supply to OpenCoin, which has since been renamed Ripple. Ripple has placed the majority of its XRP holdings into escrow.
XRP is known for its very fast and low-cost transfers, making it ideal for use cases like remittances. It uses the XRP Ledger Consensus Protocol instead of Proof-of-Work or Proof-of-Stake. In the XRP network, each participant can select a set of validators they trust to act honestly.
Ripple has integrated XRP into its products, most notably On-Demand Liquidity (ODL). ODL, in partnership with cryptocurrency exchanges, utilizes XRP to facilitate efficient cross-border money transfers.
Why XRP?
US fintech firm Ripple, a major player in the XRP Ledger ecosystem, has announced plans to launch a new dollar-pegged stablecoin on both the XRP Ledger and Ethereum platforms. This stablecoin will be fully backed by USD deposits, short-term US government treasuries, and other cash equivalents.
To ensure transparency, Ripple intends to provide monthly attestations from a third-party accounting firm to verify the stablecoin's full backing.
David Schwartz, Ripple’s CTO and one of the original architects of the XRP Ledger, described the USD-backed stablecoin on the XRP Ledger as a “game-changer” for both users and developers.
XRP investors may benefit from the stablecoin by boosting liquidity on the XRP Ledger’s decentralized exchange and opening up new use cases for the platform, which could also positively impact XRP as an asset.
6. Shiba Inu
Shiba Inu is a meme cryptocurrency launched in 2020 by an individual using the pseudonym “Ryoshi.” The project draws heavy inspiration from Dogecoin and also features the Shiba Inu dog breed in its branding. Unlike Dogecoin, which operates on its blockchain, Shiba Inu is issued as an ERC-20 token on the Ethereum blockchain.
During the SHIB token launch, half of the total supply was sent to Ethereum founder Vitalik Buterin (who is not associated with the project). This move was presented as a token burn. Buterin later burned most of his SHIB holdings and sold the remainder to fund charitable causes.
SHIB gained significant popularity in 2021, becoming the second-largest meme coin by market capitalization, following Dogecoin. It is also currently one of the most popular penny cryptocurrencies.
Why Shiba Inu?
The Shiba Inu project has secured $12 million in funding through the sale of TREAT tokens, backed by international venture capital firms such as Mechanism Capital and Big Brain Holdings.
TREAT will be the final token introduced in the Shiba Inu ecosystem, serving as both a utility and governance token for a new blockchain aimed at enhancing transaction privacy. This blockchain will leverage Fully Homomorphic Encryption (FHE) technology from Zama and will function as a layer 3 solution built on top of the Shibarium platform.
7. Uniswap
Uniswap is a decentralized cryptocurrency exchange that revolutionized the market with its Automated Market Maker (AMM) model. This innovative design eliminates the need for order books, allowing for seamless token swaps directly on the blockchain without intermediaries.
As a decentralized protocol, Uniswap enables anyone to create liquidity pools for any token, making it a go-to platform for trading new crypto assets before they appear on centralized exchanges.
The AMM model pioneered by Uniswap has been widely adopted by other decentralized exchanges across various blockchain platforms. Despite this, Uniswap continues to lead in trading volume among decentralized exchanges.
The governance of Uniswap is managed by UNI token holders, who can propose and vote on changes to the protocol. UNI tokens were distributed to previous Uniswap users through an airdrop in 2020 and are now available for trading on both decentralized and centralized platforms.
Why Uniswap?
Uniswap’s governance token, UNI, has been the top performer among the top 100 cryptocurrencies over the past week, posting a +12% increase. This rise has pushed UNI to a multi-week high, even as most other cryptocurrencies have declined in value.
On-chain data indicates that UNI's price boost aligns with encouraging market trends. Open interest for UNI reached $168 million earlier in June, up from $85 million the previous month, signaling growing investor interest. While this doesn't guarantee continued price increases for UNI, it does suggest investor optimism about its future.
On June 14, Uniswap announced support for ZKsync, allowing trades on the highly efficient Ethereum layer 2 network. This integration promises lower fees and faster transaction times for Uniswap users, likely contributing to the recent positive sentiment surrounding UNI.
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