The cryptocurrency market started the week on a positive note as the debt ceiling crisis in the US was resolved. As Bitcoin price moves towards $30,000, market players are looking to pre-collect high-potential crypto gems. In this post, you can find coins from the list of Altcoinbuzz analysts that are poised to have a big impact in 2023.
High potential crypto gems of 2023
Frax Shares (FXS)
The first-line Frax is a fractional-algorithmic stablecoin protocol that implements both collateralized and algorithmic stablecoin design principles. Frax operates a two token system with FRAX and Frax Shares (FXS). Both tokens work to stabilize the system.
Frax offers a unique stablecoin protocol. Some of their supplies are backed by collateral. Other parts are algorithmic. However, the market pricing of the FRAX stablecoin determines the ratio between collateralized and algorithmic. So, if FRAX trades above $1, the protocol lowers the margin rate. However, if FRAX trades below $1, the protocol increases the margin rate.
FXS is simply an investment and management cryptocurrency. Additionally, it is the value accrual token of the Frax ecosystem. FXS is currently trading at $6.58.
Injective (INJ)
INJ, the cryptocurrency of Injective Protocol, is currently trading at $7.23. But the price action isn’t as fascinating as the potential of the Injective protocol. The protocol is a decentralized exchange (DEX). It offers the following features:
- Cross-chain margin trading
- Derivatives
- Forex futures trading
Unlike Uniswap and other exchanges, Injective does not use an automated market maker (AMM) formula to manage liquidity. However, it subscribes to the order book model used in centralized stock and crypto exchanges. In this way, it can combine the transparency of decentralized exchanges with the efficiency of traditional finance.
Also, the Injective Protocol is designed to be simple for anyone to use. It offers a comfortable set of features and designs to its users. Some of the problems the protocol aims to solve include:
- Lack of scalability
- limited options
- Hugh’s fees
- Lack of interoperability
Interoperability features
Injective provides a flexible cross-chain protocol. The protocol also offers many ways to earn passive income. This includes staking. You can stake INJ for rewards. The INJ token powers the entire protocol. Investors can use the utility token to send value globally. INJ is also a reward token.
Moonbeam (GLMR)
Moonbeam operates as a Layer-1 Blockchain solution working to improve Ethereum interoperability within Polkadot. It is the first fully functional parachain on Polkadot. So Moonbeam wants to give developers an easy transition from the congestion and fees of Ethereum. It also supports token transfers from other networks. It also supports the use of Oracles transmitting data to and from Blockchains.
GLMR is Moonbeam’s native cryptocurrency. You need to hold GLMR to access all features of the network. Some of the use cases of GLMR include:
- Staking
- fee payment
- Value transfer
Chinese pump?
Rumors of a potential Chinese pump arose when the country recently featured cryptocurrencies on state television. cryptocoin.comIn this article, we have included the current analysis of crypto analyst Luke Martin, who evaluated the opportunities in this regard.
