Three Altcoins to Explore | Steady and Sound, Harmony and The ONE Price Rally Within the Market Volatility
On 7th September, Bitcoin dropped within an hour and a half for an unprecedented 19% this year. Standing proud at $51,000, only 90 minutes later Bitcoin came to a screeching halt at $44,672. The $44,000 mark was hit twice during the week, but mostly we saw sideways action after the drop, between the $45,000 and $46,000 mark. Ethereum followed suit and lost momentarily its momentum. From a strong $3,900 at the beginning of the week, we are now looking at $3,300. Most charts have turned red during the last week and see a lot of lateral action. The bullish sentiment seems to have weakened.
Talk of the town last week was the Harmony (ONE) project. It stood out with a green chart and managed to reach a new ATH. Harmony’s team built an entirely new blockchain from scratch, to tackle scalability and decentralization at no expense of one another. This resulted in a 2-second transaction finality and up to 100 times lower fees.
The team behind Harmony has some serious credentials to show for, with experts in the field of startups, engineering, and academical research. The individual team members have backgrounds at Apple, Microsoft, Amazon, and Google. They were actively involved in projects like AWS-infrastructure, Google Maps, and Apple’s Siri. It is a small team, but they have extensive experience in AI (artificial intelligence), VR (virtual reality), machine learning, software development, and blockchain technology. Dr. Stephen Tse is Harmony’s founder and the compiler and protocol guru, whilst Rongjian Lan is co-founder and CEO.
Harmony has come up with some very inventive tech solutions that include an interoperable sharding protocol between blockchains. Cross-chain communication is possible with a 2-way Ethereum bridge, Bitcoin, Polkadot, BSC, and various other bridges. The Harmony bridge facilitates both DeFi and NFT applications and can swap harmoniously and uninterruptedly assets between Harmony and Ethereum blockchains.
Today we recommend three tokens within the Harmony ecosystem that attracted major investor attention last week, Harmony (ONE), Terra (LUNA) and Polygon (MATIC).
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
Harmony’s surge last week is mostly due because of the $300 million ecosystem development fund that was announced. This incentive program aims to attract 10,000 developers and project builders to build their dApps on Harmony’s protocol.
Some DeFi projects you can find on Harmony are the popular SushiSwap DEX, Curve — a DEX optimized for low slippage, Aave — a decentralized lending protocol, and the Chainlink oracle. The most recent partnership is with Anyswap, which brings a Bitcoin bridge to Harmony. The decentralized dApp warehouse Ript and the popular Harmony Puzzle are some dApps built on Harmony.
The native ONE token is essential for the Harmony blockchain. It is used as a stake in the DPoS consensus model, or to pay various fees like transaction costs. As a holder, you are granted voting rights in the governance system.
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Source:The new scrypto
Terra is a Proof of Stake blockchain protocol that creates cryptocurrencies with stable prices, like stablecoins. The stablecoins offered on Terra include among others the Terra US Dollar (UST), the Canadian Dollar (CAT), the Japanese Yen (JPY), and the Euro (EUT). These stablecoins are pegged to conventional assets like gold or the US dollar. These are in turn stabilized by an algorithm of the blockchains native LUNA token.
With improved efficiency for traders and users, the goal is to achieve a trusted, transparent, and most importantly, a neutral worldwide payment method.
The LUNA token is a governance and staking token that fuels the whole Terra network. It supports the Terra stablecoins and payment processing systems. After each transaction, LUNA holders receive a reward. These accumulated rewards are used as collateral for the Terra (LUNA) value in the ecosystem. Since the start of the year, LUNA has grown over 2000%.
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Polygon was previously known as the Matic Network. It is a profoundly effective interchain scalability solution created for the Ethereum network. Transactions on the Ethereum blockchain are made faster and cheaper, which is of importance whilst the rest of the world waits for Ethereum 2.0.
Other Ethereum related problems are also addressed by Polygon, like the lack of community governance, its throughput, and delayed transactions. This is done by using a novel side chain solution. It is designed as an entire platform in such a way that interoperable blockchains can be launched.
Polygon SDK is its main component, a modular and flexible framework, that allows for building various types of applications. EasyFi — a decentralized borrowing and lending platform, and Aavegotchi — a DeFi trading game based on NFTs, have been built on Polygon.
The MATIC token plays an important role that will keep growing. It allows for staking, which secures the system. It is also used for governance, and to pay gas fees.
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How is Harmony and the projects within its ecosystem going to develop? At this moment, it is looking good for the Harmony ecosystem. Despite Bitcoin’s crash, the ONE token stayed stable and even managed to reach an ATH last week. Having a strong technical support and partnership with the best trending projects within the crypto world, It is very likely that the ONE token has not yet reached its ultimate ATH this year. At the same time, in the wake of the ONE token, projects built on Harmony may benefit from the current Harmony surge.
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