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According to CoinMarketCap, more than 14,700 tokens are currently in the market, an increase of roughly 96% since the end of last year. There are a lot of new projects out there and although such a massive surge in volume can spell bullish signs for the industry, it can also make it overwhelming for newcomers.
It can be hard for the average retail investor to know what projects are and will continue to thrive. With this in mind, we’ve created a list of the top five projects that have launched their token this year based on their interest rate and ranking on the world's most-referenced crypto-tracking websites.
The future of Non-Fungible Tokens (NFT) trading relies on decentralization and accessibility, which includes the elimination of transaction and development costs and the ability to customize fees, which is where Immutable X, an xyz platform, comes into play. The team behind the project provides technical support for building and integrating NFT projects on the platform, reducing operational costs, and optimizing security.
Immutable X ($IMX) is the native token of the platform. It will act as a reward and opportunity system to encourage trading and investment with NFTs on the forum. This token seeks to promote the growth of the network, and it’s fundamental to pay transaction fees, vote within the protocol, and reward users for $IMX staking.
The most impressive thing about the project was the speed of its valuation. The token has appreciated by 4,800% in just a few hours. At its current valuation of around $1.6 billion, $IMX is the 82nd most-valuable cryptocurrency ahead of Mina.
Mina Protocolis a layer 1 blockchain protocol created to negate computational requirements to run Decentralized Applications (dApps) more efficiently. It is known as the world's lightest blockchain, with a size of 22kb that does not increase regardless of usage growth. This size is almost entirely insignificant compared to Bitcoin's 300 GB blockchain.
The Mina blockchain technology offers practical and very efficient solutions to the scalability and high power consumption problems faced by the largest blockchains on the market.
The token, $MINA, is a utility currency in addition to a medium of exchange. It has had a relatively good year. The zero-knowledge privacy-focused protocol has seen its price jump by more than 1,000%. This is remarkable since the developers raised about $18 million with the token sale. Its mainnet went live in March this year.
Casper Network is a Proof of Participation (PoS) enterprise blockchain designed to help companies start building blockchain-enabled products and services quickly and efficiently. The Casper Network has upgradable smart contracts, developer-friendly features, and lower transaction costs than most layer 1 blockchain offerings.
Casper CBC is the PoS consensus protocol used, which is the PoS type which Ethereum network is expected to adopt once it makes the transition to its eventual 3.0 model. Because of that, Casper Network’s tean sometimes refers to the project as the "final evolution" of Ethereum.
The Casper is used to reward network validators for processing chain transactions through Casper's PoS consensus mechanism, and it is native to the blockchain. $CSPR was first issued through an initial public sale of tokens through CoinList, although it is now available on several popular crypto exchanges. The initial supply of $CSPR was 800 million, and the total supply follows an inflationary vesting schedule.
BitDAO is one of the world's newest and largest decentralized autonomous organizations and one that aims to promote and drive mass adoption of open finance and decentralized economy. Working with DeFi and CeFi partners around the world, BitDAO seeks to drive the growth of the global ecosystem, rather than any single proprietary chain, helping to dent the tokenized economy and shape the future of finance for the benefit of all its participants in the process.
The project completed a private sale, with over $230 million and intends to use its significant financial resources and talent to enhance innovation, collaboration and growth in the DeFi space. It has been considered one of the world’s first and largest DAOs focused on DeFi, managed by holders of $BIT tokens. The initial coin offering of $BIT broke all previous records set by competitors.
Illuvium is a fantasy battle RPG built on the Ethereum blockchain. A play2earn game that seeks to provide a source of entertainment for casual gamers and fans of the DeFi protocol through a diversity of collecting and trading features. Players will be able to compete in the virtual world with Illuvials to earn Ether (beta version of the game is scheduled to launch in Q1 2022).
These are mystical creatures with special powers in the form of NFTs. Unlike Axie Infinity, which requires the player to have at least three NFTs to start playing, Illuvium has no entry cost and allows the gamer to collect Illuvials while exploring. These NFTs can be traded through secondary marketplaces, such as OpenSea or Immutable X, the first layer 2 on Ethereum as mentioned above. Regarding the token, $ILV is used to reward players for in-game achievements and is also used by the game's governance. Illuvium’s total supply is 7 million tokens, with a circulating supply of 642 thousand ILV. This means only 6% of the total supply is in circulation, which shows just how scarce this token is.
This year has proven to be a pivotal year for cryptocurrencies, and sectors like Gaming, Finance, Governance, have shown their serious interest in staying ahead of the game. Crypto adoption rates have grown enormously in the past decade, but clearly, 2021 has shown us what this industry is capable of and plans to deliver in the following years.