The bitcoin market has experienced a lot of volatility over the last few weeks. Despite the banking crisis, Bitcoin (BTC) broke the $28,000 barrier, and many other altcoins followed its path.
This post will examine 5 cryptocurrency tokens that you should be watching this week.
GMX
GMX is an exchange platform that enables spot and swap trades on a decentralised system without requesting authorization. The GMX protocol makes use of a native token called GMX, which serves as a governance, utility, and value-accrual token.
Users can receive protocol fees and other rewards by staking their GMX tokens. Users can simply trade cryptocurrencies by linking their wallets thanks to the GMX platform’s compatibility for the Arbitrum and Avalanche networks.
This week’s major development for the coin is that it will be listed on Kraken. Trading will start on March 21 at around 14:30; funding is already active (UTC).
Following a 22.7% price increase over the previous 7 days, GMX is now trading for slightly more than $82. The project currently has a $707 million market capitalization.
Lido Financial
Lido Finance is a DeFi platform that enables Ethereum (ETH) token owners to stake their assets on the Ethereum 2.0 network. Staking is the process of keeping ETH in a wallet and locking it in a smart contract to help secure and maintain the network and collecting incentives in ETH in return.
Lido Finance makes staking easier for customers by letting them to stake their ETH and obtain stETH (staked ETH) tokens that reflect their staked ETH and any profits gained from staking.
By removing barriers like the need for technical expertise, exorbitant fees, and a minimal ETH holding requirement, Lido Finance seeks to make staking more accessible.
Users can participate in DeFi activities including lending, borrowing, trading, and liquidity providing with the use of stETH tokens. In addition, Lido supports various Proof-of-Stake networks as Solana, Polygon, and Polkadot.
With the Shanghai Upgrade, Ethereum will have fully converted to a proof-of-stake (PoS) network, allowing validators to cash out rewards from adding or approving blocks to the blockchain.
Before Shanghai launches, one more test on Ethereum’s Goerli testnet is scheduled. March 20 is the date of the last Goerli testnet.
LDO is currently trading at $2.52, up 5.50% over the previous week. The token now has a market cap of $2.15 billion and roughly $10.71 billion TVL.
EOS
Business apps, sometimes referred to as dApps, can be created, hosted, and used on the decentralised, blockchain-based EOS platform. Its fundamental components enable organisations and individuals to create dApps using a methodology similar to that of conventional web applications.
EOS offers safe access and authentication, data hosting, usage monitoring, permissions, and communication between dApps and the internet. With the help of this platform, users may build and implement decentralised apps that are effective, scalable, and tailored to their particular business requirements.
On March 27, EOS will launch its last testnet.
After a weekly price increase of 11.25%, EOS is currently trading at $1.17 and has a $1.26 billion market cap.
Polygon
Polygon is a scaling solution for Ethereum that works as a “layer two” or “sidechain” alongside the Ethereum blockchain, facilitating rapid transactions and minimal fees.
The network’s own native coin, MATIC, is used for fees, staking, and network governance on the Polygon network. By casting a ballot for changes to the Polygon network, MATIC owners can participate in governance.
The main beta network for the zero-knowledge Ethereum Virtual Machine will go live on March 27 as part of Polygon, an Ethereum scaling experiment (zkEVM).
At the time of writing, MATIC has a market cap of more than $10.28 billion and is now trading at $1.17, up 2.5% over the previous week.
Network Helium
In order to provide Internet of Things (IoT) devices with long-range connectivity at a low cost and fast speed, Helium is a blockchain network that makes use of a worldwide network of decentralised devices known as Hotspots.
By building a decentralised wireless network, Helium’s ultimate goal is to offer a reliable and economical connectivity to the rest of the globe.
To do this, Helium’s protocol incorporates Proof-of-Coverage (PoC). PoC is a consensus mechanism that compensates users for confirming coverage, which is required to demonstrate location and connectivity.
This strategy encourages user participation while assisting in ensuring the network’s dependability and security.
The Helium Network’s migration to the Solana blockchain on March 27 is a major development. Before the official migration, market players reacted badly as the price dropped more than 28% in the previous week. In addition, Binance, the biggest cryptocurrency exchange in the world, delisted HNT.
The cryptocurrency now has a market capitalization of $221.4 million and a value of $1.58.
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