- Investors’ attention to the altcoin market is growing with a hunt for potentially strong blockchain projects.
- We have covered three such projects which can see strong growth in the coming year of 2023.
While altcoins have been subject to major correction during the crypto winter of 2022, they have played an active role during a few bounce-backs and recovery. Going into 2023, altcoins will continue to be on the radar of investors.
Some of the top-tier altcoins like Ethereum (ETH), Polygon (MATIC), Cardano (ADA), XRP, Chainlink (LINK), etc always remain on the radar of investors. But today we will be discussing three such pocket-friendly altcoins currently available under $1 and hold the potential to make it big in 2023.
1. Oasis Network (ROSE)
One of the core principles of the Oasis Network is offering privacy and scalability to crypto investors. Oasis holds a strong in the decentralized finance (DeFi) market with the ability to offer high yields in the developing sectors of the blockchain industry.
One of the value propositions of Oasis Networks is that it offers private smart contracts. Thus, it can provide protected lending along with automated private market formation. Additionally, the project offers greater scalability and the ability to tokenize data for different participants in the decentralized finance (DeFi) space. As a result, it holds greater potential to excel among other DeFi players.
The native cryptocurrency of Oasis Network is ROSE. This crypto plays an important role in transaction fees and delegation at the consensus layer. Besides, the ROSE token holders can also stake the cryptocurrency and generate additional passive income.
Oasis Network also puts greater focus on improving the usability of Web3. In 2023, Oasis Network might also unveil its privacy layer Sapphire which users can use either as Layer 1 or Layer 2.
2. ImmutableX (IMX)
ImmutableX is a Layer 2 blockchain network that specifically focuses on scalability to non-fungible tokens (NFTs) on the Ethereum (ETH) network. Thus, with ImmutableX, developers and creators can leverage the security of Ethereum in a simple, scalable, and unrestricted manner.
The ImmutableX network claims to support nearly 9,000 transactions per second. Besides, minting and trading of NFTs with Immutable with coming at zero costs. To achieve this scalability, Immutable will use STARK zk-rollups, which can perform off-chain calculations and offer storage even when the funds are held in a smart contract.
Users can make passive gains by staking Immutable’s native crypto IMX. Another use of IMX is in governance projects wherein IMX holders can contribute to Immutable’s development by voting on proposals that benefit the project.
One big thing with ImmutableX’s development in 2023 is its entry into a very exciting blockchain sector – Zero Knowledge Proofs. For this, ImmutableX has partnered with Outlier Ventures to help and accelerate startups who want to build further in this space.
As of now, ImmutableX’s native crypto IMX is trading at a price of $0.4623 and a market cap of $338 million.
3. Mina (MINA)
The third on the list is Mina Protocol which focuses on improving the efficiency of running decentralized applications (DApps) while reducing computational requirements.
The Mina protocol offers smart contracts powered by zero-knowledge also called zkApps. These can give users control over their privacy by validating and sharing proof of their data, all these without handling any information to centralized entities.
MINA is the native token used for payments on the protocol. It also serves as an incentive for block producers and a reward for workers who are responsible for the validity of the transactions. Using MINA tokens, users can also interact with Snapps, the decentralized applications created on Mina.
The major USP of Mina protocol is that it is only 22KB in size and offers enough scalability and easy access on a smartphone. As of now, the MINA token is trading at a price of $0.5274.