Ethereum is the second largest cryptocurrency by market cap, behind only Bitcoin. Its blockchain network supports smart-contracts and NFT trading, and also allows users to create decentralized apps (dApps). The Merge, Ethereum’s upgrade from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus mechanism, has opened new opportunities for the altcoin. The upgrade, considered to be the main event of 2022 in the crypto market, has provided expanded scalability for ETH, including a sharding feature. The Merge has also improved Ethereum’s deflationary qualities.
Another notable altcoin is BEAM, a native token of the eponymous DeFi platform. It is focused on user privacy and supports anonymous and protected transactions. The BEAM platform uses MimbleWimble and LelantusMW protocols. Beginning in May 2022, BEAM went upwards, reaching its high of $0.33 in July before retreating to $0.27 later on. Since then, it has been in a downward trend.
Axie Infinity (AXS)
The third digital asset with significant upside potential is Axie Infinity (AXS), a native token of the Axie Infinity game. The game is one of the most popular examples of the play-to-earn genre. AXS tokens are used for voting on the game’s governance votes, staking, and paying for the game’s virtual pets, Axies. These in-game pets take the form of non-fungible tokens (NFTs) and can be collected or used to earn money. Axie Infinity raised $2.97 million during the governance token sale in October 2020. In addition, the game attracted $7.5 million in investments from major investors like Libertus Capital and Collaborative Fund, among others.
The next popular altcoin is EOS, a major open source blockchain platform. The project aims to provide its users with maximum scalability and runs on the dedicated EOS virtual network. Currently, 999,350,058 tokens are in circulation, with Mandel 3.1 upgrade scheduled for late September.
KAVA is a high-speed Level 1 blockchain network that combines the two popular crypto ecosystems, Ethereum and Cosmos, into a single scalable network. It is a highly ambitious project that is gaining popularity. The Kava 11 upgrade of September 2022 is expected to boost the token’s price. It introduces liquidity staking, a liquidity aggregator, and MetaMask support for all network transactions.
The Cosmos project aims to create a united ecosystem of interconnected and compatible blockchain networks, allowing for faster transactions and higher network scalability, as well as increased interconnection. Its native token is ATOM. The Lambda upgrade scheduled for September 2022 is intended to increase security of the network and improve support for liquidity staking. The ATOM token entered a downward correction after moving up in early summer of 2022. It is expected to remain in a downtrend in the future.
Secret occupies seventh place on the list of promising tokens. The popular blockchain network is focused on ensuring user privacy and protecting their personal data. It also allows crypto market players to develop secure dApps safeguarding the privacy of its users. The project’s native token is SCRT, and it is based on the Cosmos network. The shockwave delta upgrade, which went live in mid-September, included CosmWasm 1.0 and updates to the WebAssembly engine.
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