Continued declines in cryptocurrency markets can be challenging for investors. Others see it as a great opportunity to buy high-quality cryptocurrencies at discounted rates. Of course, there are no guarantees, but those who stay calm and invest during market volatility can reap the biggest gains if the tide ever turns.
Here are some cryptocurrencies to watch in 2023:
Rocket assembly
With the upcoming upgrade of Shanghai Ethereum to enable ETH betting, the details of liquid derivatives betting are strong in 2023. Rocket Pool is a decentralized and open source Ethereum 2.0 staking platform that aims to make staking easier and more efficient for both individual and institutional users. Rocket Pool aims to make staking more accessible, lower barriers to entry, and further decentralize the Ethereum network.
In the past, many ETH investors were unable to invest due to the 32 ETH minimum requirement. With RocketPool, multiple small stakeholders can pool their resources to form a single, larger staking node that can support the network and capture rewards.
"Lido, another liquid derivative protocol, has dominated the market so far," says Martin.
However, Ethereum enthusiasts prefer more competition to improve the decentralization of the network. Lido has carefully selected 29 node operators, while Rocketpool's core value is that those who want to participate in Ethereum's security can do so without technical knowledge and without high skills. Capital requirement..
RocketPool is expected to grow throughout 2023 as investors pledge to raise their ETH.
GMX
GMX is a decentralized exchange specializing in spot and margin trading with low exchange fees and minimal price impact when opening and closing positions. It uses a proprietary multi-asset pool that generates profits for liquidity providers through market making, exchange commissions and leveraged trading. This pool allows liquidity providers to supply assets to a liquidity trading platform in exchange for receiving revenue from traders using the platform.
GMX is consistently among the top five apps and blockchains with the highest daily fees. This means that people are willing to pay to use the platform and it shows that the product is market fit.
"Unlike most crypto-assets, which fell 70-90% from 2022 to 2323, GMX finished the year due to fee income distribution and alternative leverage opportunities. Instead of users crashing FTX," Martin said.
GMX is well positioned to do well in 2023 and is one to watch.
Frax Finance
Frax Finance is a global decentralized financial platform that will offer many things by 2023. Frax is a revolutionary stablecoin protocol. The Frax protocol, currently available through Ethereum and 12 other blockchain networks, ultimately creates a highly scalable, decentralized, algorithm-based currency that can interact with immutable digital assets like Bitcoin.
The Frax ecosystem includes several coins including USD stablecoins, governance tokens, and ETH derivatives with liquid holdings.
As Martin said, "Frax's ETH derivative, sfrxETH, is the fastest growing decentralized alternative to stETH Lido in terms of market share. The attractiveness of an ETH derivative for betting is based on two main factors; yield and liquidity. Frax currently offers the best. Derivatives perform and a liquidity The generational battle is on, which will see the company continue to gain market share in 2023.
Additionally, stablecoins are a major component of the digital asset market, and Frax's innovative offering may be well positioned to capitalize on this fact. Combined with the project's versatility and dedicated team, this is a must-see year-round project.