In this article, we take a dive at 3 potentially profitable tokens to keep tabs on during this uncertain time in the crypto market.
Avalanche (AVAX): A Top Investors’ Choice With Great DeFi Following
The DeFi (Decentralised Finance) space has been in constant need of protocols that provide solutions to Ethereum’s limitations or scalability problems—some of which include increased throughputs and faster transactions, security of smart contracts-run decentralised apps (dApps), and low-cost transfers.
AVAX is the native cryptocurrency of the Avalanche network, a blockchain running on three overlapping chains: the C-chain for DeFi contracts, the X-chain for exchange, and the P-chain powering the network.
AVAX, alternatively called the “red coin” by investors, has a maximum supply of 720 million tokens. Since its launch, it has experienced extreme upward and downward trends—an all-time high of $146 in November 2021 and an all-time low of $2.46 in December 2020.
AVAX is currently experiencing a downward trend following the general crypto crash and high market fear, uncertainty, and doubt (FUD). However, this may be a good time to start hodling the token with its current market price.
On May 12, Tether USD (USDT) —a dollar-pegged centralised stablecoin, experienced a downward trend—falling below 3% and causing investors to panic. To restore the value of USDT to $1, Tether did a cross-chain swap from Tron-backed (TRC20) USDT to a $20 million Avalanche (AVAX) reserve and another $1 billion swap from TRC20-USDT to ERC20 USDT.
If Tether could employ AVAX in such a situation, investors should watch out for its massive explosion in the market, especially long term.
Algorand (ALGO): Low Price and Best for the Long-Term
ALGO is another exciting crypto powering the Algorand blockchain network. Algorand network was created with the vision of solving blockchain’s scalability trilemma, just like many other networks claim to solve.
Algorand announced success with its proposition and claimed to host and support dApps running the ASC1 (Algorand Smart Contracts). It claims its smart contracts-led dApps are tamper-proof and secure. It adopts a Byzantine Fault Tolerance (BFT) protocol on its Proof-of-Stake (PoS) consensus to ensure secure transaction validations.
Algorand dApps users may use the ALGO token to pay for gas on the network. They may also stake the token to support the validation of transactions and earn rewards.
In May 2022, Algorand announced a partnership with FIFA—a good marketing move to promote ALGO and attract investors.
ALGO is as volatile as any other cryptocurrency out there. However, looking at its price history, there is a chance it will try to reach its all-time high above $3 and more. Buying the token at its current price may be profitable for long-term investors.
Calyx Token (CLX): Community-Driven Token
Calyx Token (CLX) offers instant crypto exchange on the Ethereum blockchain and potentially multi-chains. The CLX tokens will be used to power its ecosystem, including CalyxSwap and CalyxDAO, among others.
The CalyxSwap offers instant crypto transactions at the best rates. CalyxDAO, on the other hand, will be integrated fully by Q1 2023 to incentivise the exchange and facilitate staking and DAO governance protocols.
According to the whitepaper, fees from crypto transactions on CalyxSwap will be distributed to CLX holders as staking rewards. CalyxSwap and CalyxDAO will also augment liquidity provision in the protocol and help stabilise the CLX price.
According to Calyx Token’s official tokenomics, there will be 1 trillion CLX supply in the market, and 10% will go to the management and developers, 60% will be used for liquidity and exchange, and 30% will go into the ongoing 3-staged presale rounds.
Calyx Token is currently in phase 2 of its presale, which will end by 6 June 2022. Now is the best time to get the best out of the token at a lower price.
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