Article:
Manta ($MANTA)
Ondo Finance($ONDO)
Cartesi($CTSI)
Dusk($DUSK)
Restake Finance($RSTK)
OrdiSwap($ORDS)
PYTH($PYTH)
Sei($SEI)
In this article, cryptocurrency analyst ROUTE 2 FI delves into 8 cryptocurrencies worth paying attention to in the current cryptocurrency market. Despite the overall market downturn, the author believes that these cryptocurrencies have displayed strong momentum recently and are worth close attention from investors. The article not only provides a detailed introduction to each currency but also explores their potential and future growth prospects in the market.
With the recent market decline, have you been buying the dip?
I’ve added some Ethereum to my portfolio. Although the immediate price drop after buying made me feel uncomfortable, I still believe in the concept of long-term investment.
Over the past few months, we have seen significant growth in the prices (and demand) of many cryptocurrencies. I believe we all started to wonder which currencies we should include in our investment portfolios.
Today, I will provide a detailed introduction to 8 cryptocurrencies that I believe have strong momentum before the dip. This is not investment advice, and you should always manage your risks and be responsible for your own funds.
Manta is essentially a blockchain protocol aimed at providing decentralized data security and anonymity solutions. They are able to integrate with multiple blockchains such as Ethereum and Polkadot, allowing users to securely store and share their data using data masking and anonymity technologies.
Manta also offers high scalability and low transaction fees, which have been long-standing issues that Ethereum has been trying to solve. Some even refer to Manta as the Swiss Army Knife of data privacy and performance.
So how does it work? It is a platform that enables developers to build and deploy ZK applications on Ethereum at a low cost. Zk-proofs are used to ensure data privacy and validity. Manta has strong support from notable investors such as Binance, Polychain, ParaFi, and Hypersphere, and also has a growing ecosystem of partners. Their goal is to deploy on their scalable and secure L2 called Manta Pacific.
With institutional funds entering the crypto space and the anticipated approval of Ethereum ETFs, privacy seems to be the next narrative that is coming. Manta is not just a cryptocurrency but also a pass to access a world of applications that are accessible, efficient, and secure.
Some factors to consider for investment: The first unlock will take place in September 2024, which means there is currently no allocation to investors. Considering the trend of ecosystem airdrops, this could further enhance Manta’s value proposition.
To learn more about Manta, click here to browse my previous articles.
Ondo Finance is an emerging giant in the world of Real World Assets (RWA). This RWA giant has received support from notable investors such as Founders Fund, Pantera, and Coinbase. $ONDO is leading the RWA narrative with over $200 million assets under management, accounting for a significant portion (about 40%) of tokenized securities. With partnerships with Mantle, Solana, and Polygon, they seem to be moving in the right direction towards continued growth. $ONDO has various interesting products such as OUSG (tokenized BlackRock ETF), OMMF (tokenized BlackRock Money Market Fund), USDY (USD-backed stablecoin), and Ondo Bridge.
The development of $ONDO and the RWA narrative in the coming months will be very interesting. Take a look at their market statistics: as of now (January 22, 2024), market cap is $370 million, and fully diluted valuation (FDV) is $2.5 billion. Their earliest unlock is after 12 months, already listed on Coinbase, and has a total locked value (TVL) of $150 million. We are clearly early participants.
Cartesi is not a newcomer in the crypto space. In 2023, we saw Cartesi release many impressive developments and updates, but now it’s 2024, let’s see what they have achieved and if they are enhancing their reputation as consistent builders.
In short, Cartesi brings unique value to the crypto space such as mainstream development tooling and computational scalability. An interesting development is the Cartesi team hosting a BUIDLathon hackathon with a prize pool of $15,000, where developers can utilize their technology to create fully decentralized applications using familiar programming stacks and libraries.
With the L2 narrative heating up and more developers starting to pay attention to their technology, $CTSI seems to only get bigger and better. This is something I will closely watch. Cartesi’s staking is also worth noting, with a significant amount of $CTSI being staked, participation rate over 40%. Staking helps with the security and efficiency of the Noether POS system and provides rewards for users’ $CTSI.
Additionally, one of the main reasons I bought this coin is because it was recommended by the founder of Celestia.
A great feature of $CTSI is that there is almost no remaining unlock, so its FDV to market cap ratio is almost 1:1. We can expect no sudden sell-offs, and the project has been consistently building, and we can only imagine how far it will go from its current relatively small market cap of $185 million.
$DUSK is essentially privacy meets compliance, a unique L1 blockchain tailored for finance. One key factor in choosing Dusk: it achieves privacy through zero-knowledge proofs (ZK-proofs), following the ZK narrative.
Dusk is also built from scratch, ensuring full control over security, native compliance features, and performance tailored for finance. As an L1, Dusk does not compromise on decentralization or security, which is crucial for trust in finance. Dusk’s advantage as an L1 is that L2 solutions rely on the security of another chain, while L1s like Dusk are self-sufficient and provide stronger integrity.
Dusk is also the first L1 with built-in privacy features, where any wallet, transaction, or smart contract will be confidential. It has built a customized virtual machine to handle confidential transactions, and notably, it complies with EU regulations such as MiCa, MiFid, and GDPR.
With the recent exceptional performance of $Mina in the ZK field, it is expected that $Dusk will follow suit. $Dusk has no significant token unlocks, in fact, it already has 100% circulating supply.
$RSTK is essentially an enhanced version of liquidity staking. As an LSD, users can stake ETH to earn POS rewards while also being able to access their staked ETH in the form of LST (Liquidity Staking Tokens), in the case of $RSTK, rstETH.
rstETH can also be used to earn additional rewards through other protocols. Now let’s take a look at EigenLayer, which is a protocol that allows ETH validators to earn additional income by running software modules on top of ETH.
Understanding the dynamics of EigenLayer is important because the reward system for $RSTK works as follows: users earn native ETH rewards through the POW mechanism, while rstETH earns additional income through EigenLayer, which can be extracted from dapps. This rstETH can also be used for borrowing, lending, and earning yields, essentially earning ETH returns without being locked.
This is also the first project with tokens on EigenLayer, leading the way for the staking narrative with native reward systems. In the past month, there has been significant demand and interest in $RSTK, but token dumps have occurred due to the absence of a ready product. Overall, there is high demand for $RSTK. If the team can deliver, we expect to see significant growth potential here.
Although $SAVM attracted most of the hype in January, OrdiSwap has been quietly building and released its mainnet AMM on native BTC. I firmly believe that the current price does not align with its fundamentals.
Technologies like $SAVM and $ORDS are paving the way for DeFi on Bitcoin, especially for $ORDS, which has seen rapid growth in total locked value (TVL). This can be seen as the UniSwap on Bitcoin, which itself represents immense potential, not to mention its excellent user interface/user experience where you can view top tokens, TVL, and fee analytics. OrdiSwap has the potential to become the top AMM on Bitcoin and is paving the way for DeFi on Bitcoin, expecting its value to be even higher.
PYTH seems to be an underrated price oracle, seen as a competitor to $LINK, but its fully diluted valuation is only $4 billion. With the recent hype around ecosystem airdrops, there is an expectation that holders of $PYTH may qualify for these airdrops. It is essentially a price oracle, and its market data is among the best in its class. $PYTH is also widely used by many non-token projects, including popular projects such as Drift Protocol, Parcl, MarginFi, and Zeta. Drift Protocol has also hinted at an airdrop, so while not officially confirmed, there are speculations that holders of $PYTH may qualify. So why is this a strong buy signal? The reason is the rumors surrounding $PYTH holdings and airdrops, along with the fact that it is severely undervalued compared to its competitor $LINK. It is worth noting that $PYTH is also the native token of $SOL, benefiting further from the Solana hype.
Overall, $PYTH currently looks like a buy with analyst price targets of over 50% higher than the current price. It is worth noting that a significant unlock is coming on May 20, 2024, where 21.3% of the supply will enter the market. The strategy here is to buy $PYTH and stake it, then come back after a few months.
SEI is essentially an L1 that redefines blockchain scalability and efficiency through parallel computing, leading the narrative of parallelized EVM. In the past 30 days, SEI’s price has skyrocketed by 200%.
Parallel computing is the core concept behind these parallelized EVM narratives, involving the simultaneous use of computing resources to solve computational problems. In simple terms, it allows multiple transactions to be processed simultaneously, significantly improving blockchain throughput. In the standard EVM, transactions are processed one by one, forming a single-threaded execution model, while parallel virtual machines like $SEI can break down these tasks and allow multiple transactions to be processed in parallel. This improves scalability, efficiency, and optimization. With the market continuing to saturate with new rollups and the ongoing issues with the global fee market, the L2-centric narrative will shift towards parallelized EVM, and $SEI looks like a beta version of the cycle on $SOL. Additionally, another highly anticipated parallel virtual machine project, $MONAD, is also about to launch! $SEI recently unlocked $89 million on January 15, and the next unlock will take some time, signaling a dip and a good time to start buying slowly.
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