One of the well-known themes seen in previous cycles in the cryptocurrency market is the shift in market capitalization, popularity and top ten rankings, which gain big gains in bullish phases and then disappear into obscurity during bear markets. For many of these projects, they follow a marked boom and bust cycle and never return to their former glory.
During the 2017-2018 bull market and the first coin offering (ICO) driven by Ethereum network projects, all kinds of small projects with a focus on smart contracts surged thousands of percent to unexpected heights.
During this time, projects like Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), and ZCash (ZEC) also reached the top ten and left the rankings, but to this day, investors are still arguing about the actual project. Represent. Useful case.
While all of these tokens are still multibillion dollar unicorn projects, these mega-capital megaliths are a far cry from their former glory and are now struggling to stay relevant in the current ecosystem.
Let’s take a look at some of the ongoing projects that threaten to launch dinosaur brands from perch.
Stack coins pegged to the dollar hit the stage as the most ‘circulating’ currency
The original use case for Bitcoin (BTC) was that it would simplify the transaction process, but the “slow” network transaction times and costs associated with sending money make it a more valuable storage than a medium of exchange when other blockchain networks are seen as alternatives.
Terra (LUNA), a protocol focused on creating a global payment structure through the use of stack currencies tied to fiat currency, has become a potential solution to the problems that arise when trying to use the best Proof of Work projects as a payment method. Currency.
The main character used for value transactions on Terra in addition to LUNA is TerraUSD (UST), a US dollar-denominated algorithmic stack currency that forms the backbone of Terra’s decentralized economy (DeFi) system. The market value of floor tanks has grown steadily until 2021 with the growth of activity and the number of users in the ecosystem.
Changes in the width of the floor cabinets. Source: SmartStake
The latest addition of Ether (ETH) as an additional option to seal terrestrial reservoirs under the Anchor protocol gave token holders the ability to access the value of Ether without having to sell and create a taxable event.
This opens up the possibility that other tokens, such as BTC, can be used as collateral for the earth treasury currency, which can be used for daily purchases.
Anchor currently has an annual interest rate of 25.85% for terrestrial treasuries and 40.67%, which means that users who borrow LUNA or Ether terrestrial treasuries actually earn income by borrowing from their account. icons.
From privacy coins to privacy protocols
Privacy is also a cornerstone of the cryptocurrency sector, and privacy-focused projects such as XMR and ZEC offer obfuscation technologies that support secrecy or what was once considered untraceable transactions.
Unfortunately, regulatory issues have made it difficult for users to access these tokens, as many exchanges have removed them from the list for fear of upsetting regulators, and overall demand among cryptocurrency users has declined along with their availability.
Their lack of smart contract capabilities has also limited the capability of these protocols, and so far users don’t seem too happy with Wrapped Monero (WXMR) for use in DeFi, as the token loses its privacy in the process. …
These limitations led to the development of privacy-focused protocols such as the Undercover, which allows users to create and use decentralized applications (DApps) in a privacy-protecting environment.
Privacy features are not common among smart contract-enabled platforms in the crypto ecosystem, making Secret an empirical example in the ever-evolving Web 3.0 environment.
Decentralized applications on a secret network. Source: Secret
Secret is also part of the Cosmos ecosystem, which means it can use the Inter-Block Communication (IBC) protocol to work seamlessly with other protocols in the ecosystem.
Network SCRT can be used as a means of transferring values on the platform, as well as for interfaces with protocols that operate on the network, including Secret DeFi applications and the NFT Secret Heroes Network view.