In a rather underwhelming market on Friday, a few tokens managed to make it high, noting down two-digit percentage returns in the last 24 hours. Here’s a close look at what’s so special about these cryptocurrencies.
1. Rocket Pool (RPL)
Rocket Pool outperformed Bitcoin and Ethereum on Friday, rising by over 13% in the last 24 hours, at the time of writing. This is at a time when Kraken, a popular crypto exchange, shut down its staking operations in a Securities and Exchange Commission settlement.
The token is currently trading for $49.51, with a market cap of over half a billion dollars. Market leaders, such as BTC and ETH on the other hand, have fallen by close to 4% and 6% respectively. Rocket pool witnessed $1.1 billion in Ethereum staking on Friday, while rumours around the removal of staking were surfacing the market.
Rocket Pool is a decentralized network of nodes that aims to simplify the staking process for the Ethereum 2.0 blockchain by providing validation services. The platform enables users who lack the necessary minimum ETH required for staking, or technical expertise, to participate by staking only 16 ETH instead of the standard 32 ETH. This process is completely automated by Rocket Pool and requires no interaction from the user. The platform offers a convenient solution for those who wish to participate in staking without the hassle and technical requirements.
However, staking with Rocket Pool still requires the commitment of locking up tokens for a significant amount of time, just like other staking solutions. To mitigate this risk, Rocket Pool offers tokenized staking. When staking 16 or 32 ETH, users receive the rETH token, which represents their stake and yield. This token can be used just like other ERC-20 tokens, such as selling, using in DeFi platforms, or holding in cold storage.
Rocket Pool operates by running nodes that verify transactions for Ethereum 2.0. Investors can begin staking by depositing ETH and becoming node operators. If only 16 ETH is deposited, the platform matches it with another user’s deposit. The node earns a flexible APY, which is assigned to the user-deposited ETH as a commission. This commission is determined by the supply and demand dynamics of Ethereum 2.0.
Rocket Pool is a trustless and decentralized proof of stake protocol that is compatible with Ethereum 2.0. It has its own monetary and governance token, RPL. The platform is run by a decentralized governance structure thanks to its network DAO. A unique decentralized oracle DAO network is used to connect the main Ethereum 1 chain to the beacon chain. This enables people with limited financial and technical resources to benefit from staking and earn higher returns.
2. Lida Dao (LDO)
Lido Dao (LDO) is a decentralized autonomous organization that provides a simple and accessible solution for staking cryptocurrencies, such as Ethereum (ETH), Solana (SOL), Kusama (KSM), and Polygon (MATIC). The platform does not have minimum deposit requirements and aims to democratize staking by incentivizing it through daily rewards.
Recently, rumors of the US Securities and Exchange Commission (SEC) potentially banning staking for retail customers were amplified by Coinbase CEO Brian Armstrong, causing a surge in the LDO governance token. Lido is quickly gaining recognition as a promising platform in the DeFi space, as it offers a solution to the challenges faced in the transition from proof of work (PoW) to proof of stake (PoS) consensus.
The LDO token has the advantage of being multichain, which offers increased flexibility and access to multiple networks with quicker transactions and reduced fees. The decentralized autonomous organization (DAO) of Lido plays a key part in the governance of the platform and aims to construct efficient staking solutions through a community-driven approach to development. The DAO gives users a direct impact on the platform’s future and enables them to make decisions collectively.
Lido’s recent proposed update is considered its most transformative change yet and takes a significant step towards greater decentralization. The update includes a staking router and upgraded withdrawals, and the new version of the Lido protocol on Ethereum will enable stETH holders to withdraw funds at a 1:1 ratio, improving the platform’s usability and encouraging adoption.
With the upcoming Shanghai hard fork in March 2023, Lido could become a leading staking platform for ETH, as liquidity is expected to flow into the cryptocurrency market. This innovative approach to staking allows participants to withdraw assets at any time without restrictions, compared to traditional staking.
Despite being a leading platform in the DeFi space, Lido may face challenges from the emergence of other staking platforms following the launch of Shanghai. This may result in a decline in Lido’s market share. However, this increased competition is seen as a positive development for the Ethereum staking ecosystem as it promotes decentralization.
While Lido is a promising platform in the DeFi space, the recent volatile price action of LDO has caused investor interest to wane. The high volatility of the price makes it challenging to maintain good trade management, leading to potential investor exit. Nevertheless, Lido is worth keeping an eye on as it continues to develop and grow.
3. Meta Masters Guild (MEMAG)
Meta Masters Guild (MMG) is here with a bunch of exciting games that hold the promise to change the web3 gaming landscape. The platform focuses on mobile gaming, a rather ignored demographic by crypto gaming developers.
Meta Kart Racers, a racing game, will be the first game from the platform. Following that, the platform will launch Meta Masters World, a metaverse game and Raid NFT, a fantasy action game critical to the MMG ecosystem. These three games are only the beginning since the platform will list many more games once the development and launch of the titles mentioned above are completed.
With MMG, not only do users get an exciting gaming experience but also get to make money while they’re playing their favourite games. Users will earn rewards in the form of GEMS, an off-chain token that is separate from the official token of the MMG ecosystem, MEMAG. MEMAG is an ERC-20 token critical to every transaction on the platform.
Presale for the MEMAG token is currently live on the official website, where MEMAG tokens are available to purchase for 0.021 USDT and are currently in stage 6 of its presale. The presale has raised close to $4 million so far, and the price of MEMAG tokens will increase in the next and final stage of the presale, where the tokens will be available to purchase for 0.023 USDT.
4. Fight Out (FGHT)
If you’re slacking off your fitness goals, well, Fight Out is here to change that forever. Fight Out will introduce a mobile app that’ll include an elaborate record of your fitness progress, mentioning every statistic in detail. In addition, the platform will also have detailed tutorials, suited for both beginners and professionals.
That’s not it though. Users can also receive customized fitness guidance to achieve their fitness goals in the best way possible. The company behind the project has also onboarded professional athletes on the platform, which is a testament to the credibility of the platform.
Fight Out is set to make an impression, as it plans to start integrating the metaverse and fitness, initially starting with 20 physical gyms. Users will be able to train and maintain their fitness regime by accessing the gyms through their app wherever they go, in addition to being able to watch and track their progress on a virtual screen in the gym.
FGHT is the native token to the platform that will be used for transactions on the network, including paying for the subscription on the app. It will also be used for governance and conversion of rewards on the platform that can be earned by completing challenges on the mobile app.
Users can become a part of the project by purchasing FGHT tokens on the Fight Out website. Currently, these tokens are available to purchase for 0.02109 UDST and the price will continue to increase until the end of the presale, after which the tokens will list on centralized exchanges as of 5th April.
5. C+Charge (CCHG)
Addressing the serious lack of uniformity in EV charging, C+Charge comes out with a revolutionary platform that’ll make it super easy for consumers to adapt to electric vehicles (EVs). The EV industry has undoubtedly grown quite a lot over the last decade, however, there are a few critical issues that need a solution.
C+Charge will introduce an app where users will be able to find charging stations near them, irrespective of the brand of vehicle they have. Plus, these stations will also offer a diagnosis of the car, to ensure optimal health for the car as well as a safe commute. And finally, the platform will introduce a common method of payment for charging EVs, which is a huge hassle for EV owners currently.
CCHG is the native token of the platform, which will be used to pay for charging electric vehicles across stations, and pay for services on the platform. Every time users charge their vehicles, they will receive carbon credits which can be converted to CCHG, thus providing users with a cost-effective EV charging solution.
These tokens are available to purchase at 0.0145 USDT on the C+Charge website. Hurry before the price increases to 0.016 in the next round of the presale, scheduled to be live in less than 5 days.
6. RobotEra (TARO)
The concept of the metaverse is increasingly getting attention, and is among the few players that are leading the newfound industry. In a barren planet by the name of Taro, robots are left stranded with the task to develop infrastructure and bring the planet back to where it once was.
In the game, players are robots, each with a distinct identity represented by an NFT. Players are rewarded with TARO every time they complete a task, or are paid with the tokens for any transactions inside the metaverse. Since the metaverse has no bounds, players can come up with other ways to make an income in the game, apart from the ones already available.
Become a part of the project by participating in TARO’s presale. Currently, in stage one, the TARO tokens are available for 0.020 USDT, scheduled to increase to 0.025 USDT once the presale progresses to the next stage. If you want to get the tokens at a discount, now is the best time.
In this article, we went over a few cryptocurrencies that made it to the spotlight for the day. While they have been investors’ favourite for the time being, investors should do their own research before investing in a token.
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