2022 seems to be a big year for the crypto sector. Over the last few months, the market matured and witnessed the launch of new exchanges and tokens that meet investors’ needs and requirements. One of the greatest events of 2022 was the Merge, the long-awaited upgrade of the Ethereum blockchain completed on September 15th. Crypto experts believe that the Merge could prepare the cryptocurrency sector for difficult times and help it move on.
Now Ethereum functions on a proof-of-stake consensus that allows it to cut its energy consumption by 99%. Therefore, it’s no surprise that many-Ethereum-based tokens such as ETH perform well in the market, causing a decline for other digital coins. Steady price increases and continuous buzz surround the following coins, indicating their value might increase even further in a bull market.
The gradual rise in tokens’ value means that now is the ideal moment to add Ethereum-based coins to your portfolio before they become too expensive. Keep reading to find out what Ethereum-based coins are worth your time.
But first, let’s clarify what the Ethereum blockchain is
We mentioned the Ethereum blockchain, but you might have no idea what it is if you’re new in the crypto industry. Ethereum is a decentralised blockchain Vitalik Buterin created in 2015 in collaboration with two other programmers that brought the concept of smart contracts to the market. Since its launch, Bitcoin has positioned itself as the king of the market even if it lacks utility, and Vitalik Buterin wanted to develop a cryptocurrency that provides users with the functionalities Bitcoin is short of, so it might dethrone it one day. While Bitcoin is a store of value, Ethereum has grown into a platform that hosts decentralised applications and has the potential to become the nucleus of Web 3. At present, there are over 3000 decentralised applications on Ethereum.
Even if the crypto market is in a bear phase at the moment, indicators suggest that Ethereum-based altcoins will deliver strong returns when the market enters the bull stage.
Considering that Ethereum is the second-largest cryptocurrency by market value, we need to start discussing Ethereum-based coins by listing Ether as a token worth your time. Ether had a good evolution over the last few years, and its growth even outpaced Bitcoin at some points. Although Ethereum price USD is lower than in 2021, this major altcoin can still register growth in the bull market because it has a great relationship with Metaverse and DeFi than other digital tokens, which will most likely boost its price when the market bounces back. The Merge also plays a paramount role in its value because it makes the chain more scalable, reduces gas fees, and enables it to save energy. The upgrade will give room for more crypto projects to be built in the ecosystem and boost Ethereum’s price in the following years.
Sandeep Nailwal, Anurag Arjun, and Jaynti Kanani created the Ethereum Layer 2 scaling solution Polygon with its native token MATIC. The multi-chain ecosystem is integrated into the Ethereum blockchain and aims to make it interoperable with other ecosystems and cut down gas fees. MATIC was one of the best-performing digital coins in 2021 and registered gains of over 11% annually. The increased activity in the ecosystem triggered a surge in value, and it became the 14th largest cryptocurrency by market cap.
Big Eyes is one of the most popular meme coins of the moment with the mission to save oceans and gain acclaim in the market. It stands apart from the other meme coins because it uses different methods than its predecessors and a cat as its image in a sector filled with dog coins. Its unique features immediately gained attention, and Big Eyes didn’t miss the chance to use this advantage to establish its global domination.
This meme coin was created to perform as a community-managed token that triggers wealth for DeFi ecosystems, surpassing the objectives that imply funding its charities and communities. Big Eyes aims to own a collection of NFTs that become known worldwide and gained one of the first ten positions in the market.
Ethereum is a well-performing ecosystem because it enables various platforms to run on its network. Decentraland, with its native token MANA, is performing superbly on the Ethereum network and will continue to do so as the Metaverse continues to gain popularity. It allows users to buy virtual land where they can navigate, build, and monetise their properties. Decentraland has two tokens, MANA, an ERC-20 coin, and LAND, a non-fungible token. Crypto users use MANA to purchase assets on the platform. Considering the rise of the Metaverse, it’s no surprise that MANA has performed well lately and registered a 2000% rise in value. And if we bear in mind that the popularity of the metaverse-related project and NFTs is growing, Decentraland will most likely grow in the next few months.
Uniswap is a decentralised exchange developed on the Ethereum platform that facilitates the swap of ERC-20 tokens. It employs an automated market maker to allow cryptocurrency swapping without needing an order book. Uniswap users deposit their tokens into smart contracts, and the liquidity pool establishes the price quote automatically, allowing providers to gain rewards from trading fees. Hayden Adams launched the protocol in 2018, becoming one of the biggest DeFi platforms existent in the blockchain. UNI is the native token introduced in September 2020 to allow users to perform operations within the ecosystem. Even if the Ethereum-based exchange was dropped recently, it has performed as well as seasoned tokens and registered significant value growth.
Why should you pay attention to the above Ethereum-based tokens?
All of the mentioned cryptocurrencies reflect the best functionalities of the platform like metaverse capabilities, decentralised finance, and smart contracts. They are all integral to Ethereum and will register further expansion now that the Merge is complete, which will only increase their value.