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Find Out More about these 3 Cryptocurrencies

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Find Out More about these 3 Cryptocurrencies

Arguably one of the most exciting and engaging things about the world of cryptocurrencies is the sheer variety we are presented with these days.

There are now an estimated 12,000 cryptocurrencies in circulation and active use, with new ones bursting onto the scene on a pretty much constant basis.

Even between 2021 and 2022 alone, the number of cryptocurrencies doubled. This resulted in roughly 1,000 new cryptocurrencies being added each month.

This astonishing rate of growth is possible because cryptocurrencies can be launched by practically anyone with the proper development kit and technical training.

These cryptocurrencies can serve a wide range of functions and an almost endless array of different purposes.

Many brands and commercial businesses have even gotten on the crypto bandwagon in recent years and have launched their own custom cryptos — albeit it with varying degrees of success, as we see in the case of Facebook’s Libra coin!

Despite the fact that many of these crypto projects have been relatively short-lived, the ebb and flow of the average cryptocurrency price has kept many individuals interested in this incredibly dynamic space.

As a result, there are new and exciting projects being launched practically every week!

Out these new and exciting projects, however, what are the ones we should be paying attention to?

Smooth Love Potion

Smooth Love Potion (SLP) is an ERC-20 token that is an in-game asset in the popular blockchain gaming metaverse game, Axie Infinity.

In Axie Infinity, players collect digital pets called ‘Axies’, which can be bred, sold or used in epic battles against other players.

Axie Infinity has a deep, complex in-game economy consisting of multiple tokens, with the ERC-20 token Axie Infinity Shards used as a governance token.

SLP tokens can only be used for breeding Axies, with the cost of breeding starting at 100 SLP tokens but rising gradually. Breeding limits acts as a way of preventing hyperinflation in the in-game economy.

The growing popularity of Axie Infinity has helped to boost the Smooth Love price, which has soared in recent months and years as more players enter the game.

Putting the price of SLP aside for a moment, however, what we find most interesting about this token is how it illustrates what sort of uses we might see for cryptos in the coming years!

Luna

Another interesting digital currency that has generated quite a bit of hype in the crypto world is Luna.

Terra is a next gen, decentralized blockchain protocol system that can support programmable payment systems and other digital financial infrastructures.

The protocol that underlies Terra is run by stablecoins which are algorithmically stabilized by Luna. Luna is the native token of the Terra ecosystem.

Despite undergoing a massive Luna price collapse last year, the development team behind the Terra ecosystem and the Luna token have proved resilient in the face of adversity.

Since its dramatic collapse, they have completely rejuvenated the token.

This has many crypto watchers eyeing it up once again as a potential investment opportunity!

Polkadot

Polkadot (DOT) is the native cryptocurrency of the Polkadot blockchain protocol that was set up in 2016.

DOT is a known as a ‘sharded’ blockchain, which basically means that it can connect with several other blockchains to form a single network.

The benefit of this is that it allows them to process cryptocurrency transactions in tandem and to facilitate data exchanges between them in a safe, secure manner.

Polkadot is the protocol developed by the Web3 Foundation, which is a Swiss technology foundation who aim to contribute to an open-source, functional and user-friendly decentralized web.

The Polkadot founders also have close connections to the Ethereum project, which has brought a lot of attention to Polkadot.

DOT has several technical features which have generated a lot of interest in the Polkadot protocol. This includes the lack of a hard limit on its total supply, the parachain functionality, as well as the relay chains and parathreads.

One of the most prized features of the Polkadot protocol is its customizability. Custom blockchains are relatively simple to develop using the Substrate framework, with the network itself also being highly flexible and adaptive.

These features and more have helped DOT to build a bit of a cult following in recent years, and it is currently one of the most closely watched cryptos in active circulation!

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