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A prolonged decline in the cryptocurrency market can be difficult for investors. Still, some see it as a great opportunity to buy quality digital currency at a discounted price. Of course, there are no guarantees, but those who are able to stay calm in the midst of market turmoil may see the greatest returns when the trend finally reverses.
Here are the cryptocurrencies to watch in 2023:
rocket pool
Ethereum’s upcoming Shanghai Upgrade will enable staked ETH withdrawals, and the liquid staking derivatives narrative will be strong heading into 2023. Rocket Pool’s goal is to make staking more accessible, lower barriers to entry, and promote decentralization of the Ethereum network.
Until now, many ETH investors were unable to wager due to the minimum 32 ETH requirement. RocketPool allows many small stakers to pool their resources to create a single larger staking node that can support the network and earn rewards.
“Lido, another derivatives protocol for liquid staking, has so far dominated the market share of the sector,” said Martin.
“However, Ethereum enthusiasts want more competition to improve the decentralization of the network. While Lido has hand-picked 29 node operators, RocketPool’s core value proposition is Ethereum’s security. Our goal is to enable those who are considering joining to do so without technical expertise or high capital requirements.”
RocketPool looks well-positioned to grow through 2023 as investors increasingly stake ETH.
GMX
GMX is a decentralized exchange specializing in spot and margin trading with low swap fees and minimal price impact when opening and closing trades. We use a proprietary multi-asset pool that generates revenue for liquidity providers through market making, swap fees and leveraged trading. This pool allows liquidity providers to contribute assets to the platform for trading liquidity and, in return, receive revenue from traders using the platform.
GMX is consistently in the top 5 applications and blockchains for most daily fees incurred. This means that people are willing to pay to use the platform, indicating that the product market is good for exchanges.
“Unlike most crypto assets, which declined by 70-90% from 2022 to 2023, GMX has seen higher returns this year as a result of fee income sharing and users seeking alternatives to leverage in lieu of the FTX collapse. We’re done,” says Martin.
GMX is well positioned to continue its strong run in 2023 and is worth keeping an eye on.
Flux Finance
Frax Finance is a multi-faceted decentralized financial platform with many features for 2023. Frax is a revolutionary fractional stablecoin protocol. Currently accessible on Ethereum and 12 other blockchain networks, the ultimate goal of the Frax protocol is a highly scalable, decentralized, algorithm-based currency that works in conjunction with fixed-supply digital assets like Bitcoin. is to create
The Frax ecosystem has multiple coins, including USD stablecoins, governance tokens, and liquid staked ETH derivatives.
Martin says: The appeal of staked ETH derivatives is mainly due to two factors. yield and liquidity. Frax is now well-positioned to continue gaining market share through 2023 as it currently offers the highest yielding derivatives and has the cash to facilitate liquidity. ”
Additionally, stablecoins are one of the core components of the digital asset marketplace, and Frax’s innovative offering may be well positioned to capitalize on this fact. Coupled with the multi-faceted nature of the project and the dedicated team, this project is definitely something to watch throughout the year.
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