New Delhi: Following the January 2022 crypto crash, where the likes of Bitcoin (BTC) and Ethereum dropped by 10 per cent or more in value, there’s been a slow but steady return to normalcy in the cryptocurrency market.
There was a loss of over $1 trillion in market cap that heavily lessened the total market value of all cryptocurrencies to $1.7 trillion, a steep decline from the $3 trillion value in early November 2021.
However, some cryptocurrencies rose from the ashes, and NEAR Protocol (NEAR) and Waves (WAVES) are among the successes.
NEAR Protocol is a decentralised application (DApp) platform capable of rivalling smart contract-enabled blockchains like Ethereum (ETH), EOS (EOS) and Polkadot (DOT).
The platform also houses its own native token called NEAR, which is used to pay for transaction fees and storage and be staked by token holders who act as transaction validators to achieve network consensus.
The concept of sharding is hugely important to the central aims of NEAR as the process includes splitting the infrastructure of the network into several segments, so computers are required to only handle a portion of the network transactions, easing its load.
The NEAR token is up 7.5 per cent in the past 24 hours and an impressive 26.0 per cent in the past seven days, and its launch of Pagoda, the first-ever Web3 start-up platform, most certainly had an influence.
NEAR co-founder IlliaPolosukshin announced the launch of the platform at ETHDenver that will enable developers to build and maintain Web3 applications on the NEAR blockchain.
Despite the recent successes of NEAR, the surge of Waves (WAVES) has been astonishing, experiencing a price rise of over 112 per cent in the past seven days, as well as an 11.3 per cent rise in the past 24 hours.
The project is a blockchain protocol that can support both decentralised applications (dApps) and smart contracts.
Waves’ decision to migrate to Waves 2.0 is the biggest factor in its rapid rise as the migration includes a partnership with Allbridge, a token bridge that allows users to transfer assets between blockchains.
An impending launch of a $150 million fund focusing on the growth of the Waves’ expansion in the United States also assisted the price rise.
Both NEAR Protocol and Waves are cryptocurrencies to be emulated and with FIREPIN Token being an extremely new crypto, having only just started its presale, it might be wise for the new kid on the block to take some lessons from crypto projects that are just increasing their importance in the digital asset space.
FIREPIN Token have an interesting project where its multi-bridge interoperability will enable its holders to transfer value across blockchains, which would solve a major issue of gas fees on the likes of Ethereum’s blockchain.
The potential of the project is certainly one to keep an eye on with plans on the metaverse as well as NFT game development, two industries that experienced a major boom in 2021.
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