ICrypto

Hotest Blockchain News in First Media Index

Top 4 Coins Set to Explode In August 2022

These projects have been quietly building during this market, improving their fundamentals and gaining users, transactions, and more fee income. Everything is better than it was 6 months ago, EXCEPT the price which is about to explode anytime now. Let’s discover them.

Coin 1: ENS

(Ethereum Name Service) where you can get a domain name that ends in .eth. In July 2022, ENS saw record-breaking registrations. The .eth domain can be considered the new .com domain. This project is getting really interesting.

ENS is not just a vanity metric. You can link your wallets to it so people remember how to pay you easily instead of having to remember or copy/paste something that starts with 0xw234bst4w.

You have 6 different wallet options to pay for your ENS name. METAMASK and WalletConnect are the most common ways to pay for your name. And although we are talking about the ENS token, you can’t use it to pay for your ENS name. You have to use ETH for that.

Interestingly, ENS is not the only decentralized domain name provider out there. We have Unstoppable Domains on Polygon and Bonfida on Solana.

What can you use ENS for?

Governance and voting. By now you know many tokens use governance just as an excuse to issue a coin and to look decentralized when they aren’t. We saw that in some of the projects that imploded recently.

But here governance means something. ENS says they have over 500 integrations right now. Some of them like:

  • Trust Wallet
  • Enjin Wallet for NFTs
  • Brave Browser and Wallet make a lot of sense. These integrations give ENS more value.

But what about why one DAO like dxDAO has integration with ENS but another like ApeCoinDAO does not? Who decides that? If you have some ENS tokens, then you do. New integrations are just some of the proposals that you can vote on.

Moreover, the current proposals include a few items recently passed. And also this proposal to fund a DAO-based Server Sign In on ETH as an identity provider failed with 81% voting against it. If you like the ENS service, then you may want to have a say in how it operates going forward.

ENS Tokenomics

But we aren’t just here to vote on proposals. We are here to make money. So let’s look at how the token is doing. is bucking the trend of the industry so far. In the last 6 months, instead of down 70% or 90%, ENS is down ~30% from ~$17 6 months ago to its current price of $13.91 today. It has a total supply of 100 million with 25.7 million currently in circulation.

We think ENS will lead other name services but that name services, in general, will be very important in helping Web3 grow. If you are bullish on Web3, it makes sense to be bullish on ENS.

Coin 2: XTZ

Our 2nd top coin is . Tezos has always had a lot going for it by being a low-energy use chain, with low fees, and the ability to scale. And people are noticing. Tezos just became the 12th blockchain for USDT. Tether will now issue on XTZ and you can send it on the Tezos network for super low fees.

Tezos has other great features too. They support full smart contract functionality.

And Tezo’s NFTs have been heating up. , Co-Founder of Altcoin Buzz, has been collecting some cool NFTs on Objkt, one of the largest NFT marketplaces on Tezos. 

Coming back to the fundamentals of Tezos. Network usage is up 94% from a year ago. Network upgrades will allow XTZ to do 1 million transactions per second (TPS). And really important, thanks mostly to objkt, Tezos is becoming a big player and serious Ethereum alternative for NFTs.

The newest Jakarta upgrade allows for Optimistic rollups and more Layer 2 activity, which is one of the things that enables the 1 million TPS. Almost everything Tezos touches is improving and is better than where it was a year ago.

Tezos Tokenomics

has a 5.51% emission of new coins each year and has a potentially unlimited maximum supply. There is a burn mechanism. Its current circulating supply is 895.9 million and its community has lots of confidence in it as 73.89% of that supply is in active staking. 

We think if you are long on decentralization and long on NFTs, then you should think about going long on Tezos.

Coin 3: EFI

Efinity is one of our favorites. Efinity’s goal is to use Polkadot’s interoperability features to bring NFTs across many chains. The Enjin team, who helped pioneer NFTs, are behind Efinity too. Enjin helped develop the ERC-1155 NFT standard we all use.

Source: Efinity

As the problem-solving team that they are, they saw a need for a faster blockchain for transacting NFTs than ETH and created Efinity for this purpose. Aside from that, they operate on Polkadot’s 6th parachain and we like DOT’s strategy now and long term.

They have some huge new partnerships out there like helping bring NFTs to one of the world’s biggest games: Final Fantasy. Final Fantasy alone could be 3x-10x the number of users on Efinity’s chain just based on the number of daily average users they have in their games. It’s incredibly bullish. We expect other games looking to add a blockchain/NFT component will come to Efinity too.

Efinity Tokenomics

, Efinity’s native token, has a 2 billion total supply with 439 million in circulating supply. It’s down less from recent highs in this bear market than many but still down about 60%.

Also, Efinity is by far the lowest valued coin on this list at $75 million vs $307 million for ENS. And with that smaller size is both risk and opportunity. It’s easier for EFI to do a 10x to $750 million than it is for Tezos to go from $1.3 billion to $13 billion. That’s just the law of large numbers and scaling.

And the opportunities are there, especially with the growth in NFTs trying to go multi-chain. It’s also more exposed to downside volatility and the risk of going to zero. It’s highly unlikely but it’s there. $75 million is much closer to zero than our next coin BNB, which is the #5 valued project in crypto at $40 billion. As long as you understand it and are bullish on EFI for the right reasons, then we continue to see this one with huge potential going forward.

Coin 4: BNB

Our last coin for today is BNB. It’s weird to think that people may overlook BNB despite how big it is but sometimes they do. BNB has its chain, its huge EVM with the BNB Smart Chain, and the world’s biggest crypto exchange. However, no one talks about the token.

BNB Chain has, by far, the biggest DeFi volume after ETH itself and 3x more than Avalanche who is third. They do tons of DeFi transactions and not just on PancakeSwap, which is BSC’s largest AMM. BNB is far and away the largest big cap asset on PancakeSwap and other BSC platforms.

But remember, there are 2 token standards on Binance. BEP2 and BEP20 which the EVM compatible version. Make sure you use the right one so you don’t lose funds.

Also, you can stake BNB in many places but one feature, in particular, is the BNB Vault. If you are comfortable staking your BNB on the BINANCE exchange, then you can take advantage of this yield aggregator that automatically reinvests your BNB for compounded returns.

More About BNB

Not just that, the you hold in the Vault you can also use towards eligibility for their launchpad so you can invest in new projects if you want. Moreover, Binance integrates many of its services. For most of them with BNB, you will:

  • Save money
  • Make more money or have a chance to do so
  • Increase access to other investments
  • Be able to use it to pay for items

And all that is easier within the BNB ecosystem if you hold BNB.

BNB Tokenomics

is very close to its total supply right now and that’s by design. While BNB started with a total supply of 200 million, regular quarterly burns, to get the total down to 100 million are working. On the way to that 50% reduction in total, the current supply is 165 million with a circulating supply of 163 million. This means that, unlike low circulation coins, there is no overhang of tons of supply entering the market. In fact, Binance’s goal is to take supply out of the market.

If tokenomics are important to you or you are bullish on BSC or the Binance global exchange, then this is a coin worth a look. And its tokenomics are the best on this list.

Conclusion

So there you have it. 4 current favorites. Among the big caps, we have BNB and Tezos which we like for different reasons including their established or growing positions in DeFi and NFTs respectively.

And we have 2 smaller caps both in the Web3 and NFT cross-chain usage area with ENS and Efinity. Now is not the time for you to be buying anything but the best quality that you see in a project that could be important in 3-5 years. We think all these have that potential if they aren’t there already.

For more cryptocurrency news, check out the Altcoin BuzzYouTube channel.

Find the most undervalued gems, up-to-date research and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.

Share
 8/3/2022

Digital & Hitech

Hotest Cryptocurrency News

End of content

No more pages to load

Next page