Several altcoins are developing their tech ecosystem in a mission mode. Many are making technological developments, while others focus on marketing existing technology. However, there are few who have the potential to be game-changers in this post-crypto winter landscape.
We have brought five such altcoins, which are developing their ecosystem rapidly. Keeping an eye on them would surely benefit you as one of them has already broken into an Indian Government-backed study program.
1. Cardano
Cardano is fast moving towards an independent blockchain ecosystem with cross-chain compatibility. IOHK, the team behind Cardano’s development,
Sensing potential in these upgrades, whales have accumulated 1.03 billion more tokens, equivalent to 3.3% of the total circulation or about $400 million.
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🐳📈 #Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more $ADA have collectively accumulated 1.03B (3.3% more coins) in the past 5 months. https://t.co/7p6fOuzvG5 pic.twitter.com/TJGVwYujJn
— Santiment (@santimentfeed) March 29, 2023
According to its website, the team currently focuses on three core areas.
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- Operational Resilience includes developing the base infrastructure for the blockchain to create robust, resilient, and durable technology.
- Education through awareness.
- Promoting adoption.
Stablecoins
Interestingly, Cardano is also issuing two stablecoins; USDA and DJED. USDA will maintain its peg using reserve cash and cash equivalents, while DJED will use Cardano smart contracts and a reserve of base currencies. It can be implied that DJED might be an algorithmic stablecoin with partial reserves.
These two stablecoins might benefit from the loss if the market cap of USDC and SEC investigations on Tron(and USDD).
Hydra
Cardano’s own layer 2 solution, Hydra, is in development for quite a while. Each node of Hydra(head) can be used by developers to add complex protocols on top of Cardano.
Oracles
Cardano is focusing on the development of its own oracle, Charli3.
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2. Shiba Inu
Shiba Inu launched the testnet(Puppyney) of its Layer-2 scaling solution Shibarium. The cryptocurrency, which initially was only a Dogecoin competitor, is now moving ahead with a functional testnet, possible DeFi and NFT integrations, and much more. Within a few days of its launch, the blockchain reached 100k+ addresses.
After the initial launch on March 11, 2023, the testnet faced some hurdles and was again re-launched on March 26. Since then, the transactions peaked on March 28, with more than 100k transactions on the date.
3. Algorand
Algorand has successfully developed L2 integrated proof of stake blockchain, but its price remains low due to the low adoption rate. However, that might change because of the following upcoming developments.
AlgoBharat
Algorand has forayed into India to onboard partners who will help develop the blockchain. It has launched a project called AlgoBharat (Bharat is one of the two official names of India). This project will drive India’s transformation from Web2 to Web3. The team of AlgoBharat will explore real-world utility cases of blockchain applications.
3 days Workshop on “Blockchain Technology and its implementation in Indian Railways” from 15 -17 Feb 23 in salubrious campus of National Academy of Indian Railways, Vadodara under the able leadership Sri Sudhir Kumar, DG/NAIR and Sri Ashok Kumar, DG/IRICEN was conducted. pic.twitter.com/Q3656nPN7R
— CPRONAIR (@cpronair) February 17, 2023
4. Polygon
Polygon, a major altcoin is one of the key partners of the Indian Government’s Web3 exploration. Interestingly, Indian Railway Ministry has also started blockchain exploration, according to a Tweet by the concerned ministry’s education and research wing, CPRO NAIR. Polygon confirmed in a Tweet that it had found a new use case for its blockchain.
🚨 New use case alert 🚨
Indian Railways (@RailMinIndia), in conjunction with @ChaincodeLlp, has awarded first-of-its-kind Phygital NFT Certificates. Minted #onPolygon 💥🧵👇🏾
Learn more: https://t.co/8M4K7DBAIo
— Polygon (Labs) (@0xPolygonLabs) March 21, 2023
Meta and Disney Partnerships
Earlier in Nov 2022, Polygon announced that Meta(Facebook and Instagram) would let its users buy NFTs on the Polygon blockchain.
In July 2022, Disney announced its partnership with Polygon and six others in an accelerator program to develop AI, AR, and NFTs.
5. Lido
According to the Twitter channel, Proof of Github, Lido DAO witnessed one of the highest developmental activities in the last 30 days. It saw 172 commitments on Github over the last 30 days. The development activity might be because Lido DAO is the highest liquidity contributor to Ethereum staking. The Ethereum developers community has announced that its Shanghai upgrade will allow unstaking from its POS chain(now Mainnet). After the upgrade, the percentage of Lido-staked funds in the Ethereum mainnet will decide the future of Lido DAO, whether it will continue to dominate ETH staking or give way to someone else.
