Three major altcoin projects received significant attention and caught the attention of the DeFi community. Crypto expert Victor examines the unique features and uses of each of these avalanche-growing coins. Another expert, Camille Lemmens, shares the explosive potential of 5 altcoins in Polygon.
Altcoin projects attracting the attention of the DeFi community
Benqi (QI)
Benqi is a decentralized liquidity market protocol built on Avalanche. The protocol aims to revolutionize the way users earn interest on their crypto assets. It benefits from Avalanche’s fast and low-cost transactions. Also, Benqi offers users a hassle-free experience when borrowing, lending and earning interest.
Introducing Ignite🔥– the new base layer protocol for decentralized staking, designed to reduce costs to run Avalanche validator nodes by up to 10x. pic.twitter.com/7AJbfxCe3l
— BENQI🔺 (@BenqiFinance) March 2, 2023
As of the last update, Benqi has successfully completed a major security audit. It has increased its overall security and instilled trust among users. Additionally, the protocol has experienced significant growth in Total Value Locked (TVL). According to DeFillama, the TVL value is $209 million. The altcoin has crossed several milestones. It also attracted great interest from both investors and DeFi enthusiasts.
Gmx (GMX)
GMX acts as a bridge between traditional financial markets and the world of DeFi on the Avalanche Blockchain. Thus, it facilitates the creation of synthetic assets. It also represents the value of real world assets. Accordingly, it enables users to access decentralized financial instruments.
Weekly Rewards Info 🔹
$2,035,181.20 collected in the past 7 days
$1,819,159.18 (ARB), $216,022.02 (AVAX), $3,263.72 (GMX-ETH)
To buy and stake $GMX / $GLP: https://t.co/ef4TiHI8KE pic.twitter.com/yt1szmOvp1
— GMX 🫐 (@GMX_IO) July 20, 2023
According to DeFillama, his TVL is $577 million. In addition, the altcoin project is taking steps to integrate with existing DeFi protocols within the Avalanche ecosystem. It further solidifies its position as a reliable and secure platform for synthetic assets.
Trader Joe (JOE)
Trader Joe’s is an automated market maker (AMM) and yield farming protocol. The protocol has become a game-changing product for Avalanche users. Looking for lucrative opportunities in DeFi. It also uses Avalanche’s fast and inexpensive transactions. Thus, Trader Joe offers a user-friendly interface for seamless yield farming and decentralized trading.
Auto-Pools are here.
Automated liquidity built on Liquidity Book, the most capital-efficient AMM in DeFi🌊📘 pic.twitter.com/aZ5CRrX1dO
— Trader Joe (@traderjoe_xyz) June 1, 2023
According to DeFillama, his TVL is $101 million. It is clear that the protocol has gained a significant TVL. It has established itself as one of Avalanche’s leading productive farming platforms.
Projects at Polygon with explosive potential
Gains Network (GNS)
A decentralized derivatives trading platform. You can trade crypto and Forex with leverage. Overall, these platforms are gaining popularity. Gains Network does well on Polygon and Arbitrum. For example,
- The growth of the platform is also reflected in the price. Over the past 365 days, its native token, GNS, has increased by 238%.
- Available in Polygon and Arbitrum. Overall, interest in the Arbitrum ecosystem is high.
Gains Network contributors and community representatives have agreed on a plan to fully align incentives around the $GNS token for the protocol to reach its highest potential. 🍏
Today, we're excited to share that plan and hear from the community:https://t.co/HTNL422F5K
— Gains Network 🍏 (@GainsNetwork_io) July 20, 2023
Tangible (TNGBL)
Tangible is a promising RWA or Real World Being project. These are becoming more and more popular. Now, with several other RWA projects having trouble, Tangible is gaining a competitive advantage.
Shifts on the top yield opportunities for #RealUSD as the $DAI and $USDC pools on @Pearlfi_ take main stage.
REMINDER:
As we’re winding down the v2 pools, this is the last week of emissions for these pools.
Users will need to migrate USDR/wUSDR to v3 and redeposit liquidity… pic.twitter.com/wBPOrz6DEG
— Tangible 🏠💙 (@tangibleDAO) July 27, 2023
Tangible is quite an impressive project in the RWA space. According to DeFillama, their TVL has been on the rise since March 2023. It is currently at the level of 72 million dollars. It also has its own stablecoin, Real USD (USDR). This has seen impressive growth in market value. For example, it rose from $20 million in April to $52 million in July, according to CoinGecko.
Vulcan Forged (PYR)
We are on the playground with Vulcan Forged. Expectations are high for the game during the next bull run. Vulcan Forged has the Elysium Blockchain, for example. This altcoin project is gaining popularity. For example, there will be a VR (Virtual Reality) narrative in early 2024. Besides Elysium, there is also
- Vulcan Studios with VulcanVerse. It’s a metaverse.
- Marketplace for NFTs.
- Metascapes is a metaverse maker.
- Vulcan’s Creed is a mythology game.
- Vulcan DEX, exclusive DEX for trading gaming and crypto assets.
The second section of our Whitepaper V2's draft is now live on our Discord!
It focuses on our revolutionary Elysium protocols, usage, and staking🌟
Feedback? We're all ears! Join our Discord now: https://t.co/hS8v9sNxC4$PYR pic.twitter.com/Ws5bfi2REH
— Vulcan Forged (@VulcanForged) July 27, 2023
Decentral Games (DG)
Decentral Games has been on the agenda for the last 30 days. They have a metaverse and offer social games. There is a Treasury that helps fund games on the platform. With a plethora of casino-style games, the odds have filled the Treasury. ICE Poker is an example of this. Besides the native DG token, it is also possible to use MANA or DAI in games. In the last 30 days, the DG token has increased by 64%. There are always new events happening on the platform. For example, how about the recent DeGods and Y00ts poker tournament? More than 380 players participated in this tournament.
Decentraland is one of the biggest investors. You may know them for their metaverse. Remember the growth numbers for P2E that I mentioned at Vulcan Forged. Combine this with casino-style games and the figure could be even greater than $2.8 billion.
The $DG Metaverse Casino is now open for beta
Check out our Discord announcement for full details and how to start playing 👀
Link in bio pic.twitter.com/GzWDUydC7o
— Decentral Games (@DecentralGames) July 27, 2023
Pearl (PEARL)
Pearl is an RWA or Real World Assets platform. As of now, it flies under the radar big time! DeFiLlama shows his TVL is rising. Native PEARL tokens were not listed until June 23 this year. It has only been rising ever since.
Epoch 6 is wrapping up and Pearl's farming yields on blue chips and stablecoins remain tops on Polygon.
On pools over $1MM in TVL, Pearl has some of Matic's highest farming yields for:$WETH$WBTC$MATIC$DAI$USDC
Time to dive in 🤿 pic.twitter.com/1k54AiNrQY
— Pearl (@PearlFi_) July 26, 2023
Despite not generating enough revenue yet, they have seen some interesting volumes. One reason is that Pearl gives 28% APR for stablecoin parity. Some parities can even go up to 90%. But this is possible with Tangible’s USDR stablecoin. Thus, they offer some peak innovations and deep liquidity in their DEX. Currently, only 8 coins are available with 17 trading pairs. The platform works with bribes. As TVL increases, bribes begin to increase.
The opinions and evaluations in the article belong to the experts and are definitely not investment advice. cryptocoin.comWe recommend that you do your own research before investing.
