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The cryptocurrency industry has gone a long way since the early days in every aspect, from technology to adoption, from a number of use cases to different kinds of projects, trends, and alike. You can now use crypto projects to access digital worlds, tokenize and sell collectibles, invent your own money and share it with the world, actually giving it value. However, with all the advancements, the problem of scalability managed to persist throughout the years.
This is why the crypto industry experts banded together and started working on ways to solve it, and one of those solutions led to the creation of Polkadot. Not only that, but it worked — Polkadot’s unique solution may as well end up serving as a base for a scalable, interoperable blockchain network, and even lead to the creation of the next version of the internet. The project is so promising that it attracted a number of developers, and even other projects looking to migrate to some more scalable system. With its ecosystem becoming extremely rich, we have decided to look into the tokens running on its network and check out which ones are the best. The following list is what we were able to find:
The first on our list is Polkadot itself. As mentioned, Polkadot is a project that aimed to achieve better scalability, and it succeeded in doing so by creating its own solution involving parallel chains to its main blockchain. These parachains are meant to take over the portion of the work that its network needs to process, thus reducing the load on the main chain.
Furthermore, parachains can also connect to other blockchains, and in doing so, achieve interoperability between different networks, which is crucial for building Web 3.0.
To learn more visit our Investing in Polkadot guide.
The next on our list is Moonbeam, which is a Polkadot smart contract parachain compatible with Ethereum. As such, it makes it easy to use popular Ethereum developer tools to build or redeploy Solidity projects in a Substrate-based environment.
However, Moonbeam is not as simple as just an EVM implementation. It functions as a highly-specialized parachain that mirrors Ethereum’s Web3 RPC, keys, accounts, logs, subscriptions, and alike. It also charges minimal amounts for transactions, it lets you use existing developer tools, it offers unified accounts, signatures, and addresses, and it offers access to other Polkadot integrations.
To learn more visit our Investing in Moonbeam guide.
3. Ocean Protocol
Moving on to the third spot, we have Ocean Protocol, which is an ecosystem that allows people or businesses to monetize their data, and unlock its value. The project does this through the so-called datatokens, where consumers can access datasets and offer them on the Ocean Market. They can then be purchased or sold freely.
Each data service on Ocean is represented by a unique datatoken, and the data tokens' purpose is to wrap a dataset or compute-to-data service. This allows third-parties to perform operations on the data without taking it away from the secure enclave of the publisher.
To learn more visit our Investing in Ocean Protocol guide.
Next up, we have Centrifuge, which is a decentralized asset financing protocol. Centrifuge is closely tied to the DeFi sector, connecting it with real-world assets while trying to reduce the cost of capital for small and mid-size enterprises. At the same time, it wishes to provide investors with a steady source of income.
The project’s main goal is to generate profits that would not be tied to crypto assets. Due to their volatility, crypto assets are not a reliable way to generate profits, as you simply cannot count on a steady, regular income. Centrifuge aims to use modern technologies to change that.
To learn more visit our Investing in Centrifuge guide.
In the fifth spot, we have Ren, which is an open protocol created to ensure interoperability, as well as liquidity, between different blockchain platforms. In increasing interoperability, Ren also hopes to boost accessibility along the way and grant people easy access to Decentralized Finance.
It believes that liquidity issues are the primary obstacle on the road to achieving this, and so it set out to try and solve the problem itself. It has its native token, REN, which serves as a bond for those running nodes that power RenVM, known as Darknodes.
To learn more visit our Investing in Ren guide.
6. Celer Network
Halfway down the list, we have Celer Network, which is another blockchain interoperability protocol. This one aims to make it simpler to access tokens, DeFi, GameFi, governance, NFTs, and more, across different networks, and to make it simple enough to let you do it with a single click.
Thanks to this approach, developers can build inter-chain-native dApps using the Celer Inter-chain Messaging Framework, and gain access to liquidity, coherent application logic, and more. It has its own bridge, known as the Celer cBridge, which is now connected to 13 different blockchains.
To learn more visit our Investing in Celer Network guide.
7. Energy Web Token
At number seven, we have Energy Web Token (EWT), which is the operational token that serves Energy Web Chain. This is essentially a blockchain-built VM that was designed to support and increase the abilities of applications and application development targeting the energy sector.
One of the main advantages that make it a leader in this sector is the fact that it offers opportunities for enterprises, allowing them to create fully-customized dApps. This diversity is not unique to EWT, of course, as Ethereum offers similar capabilities. However, EWT is specifically made for the energy sector, and it is much faster and cheaper to use.
To learn more visit our Investing in Energy Web Token guide.
Moving on, we have Moonriver, which is another Ethereum-compatible smart contract blockchain that was originally built on Kusama, Polkadot’s canary network, before it migrated and integrated with the Polkadot ecosystem. It serves as a companion network to Moonbeam, which we spoke about earlier.
Essentially, just like Kusama is a testing ground for Polkadot, so is Moonriver a testing network for Moonbeam, where different products can be created, tested, and verified under real economic conditions. The project provides EVM implementation, Web3-compatible API, as well as a bridge that connects it to existing Ethereum networks.
To learn more visit our Investing in Moonriver guide.
The ninth on our list is Astar, which is a dApp hub on Polkadot. The project has already added support for several major networks, including Ethereum, WebAssembly, and layer-2 solutions, such as ZK Rollups. Its goal is to be a multi-chain smart contract platform, that will support multiple chains and virtual machines, and so far, it has been doing quite well on its road to achieving that goal.
Astar’s importance for Polkadot lies in the fact that the Polkadot Relay Chain doesn’t support smart contracts, which is why having a parachain that is smart contract-focused, and interoperable, at that, is of great value to the Polkadot ecosystem.
To learn more visit our Investing in Astar guide.
Next up, we have Bluzelle, which is a decentralized storage network for the creator economy. The project offers high security, censorship resistance, and unmatched availability. It was meant to serve artists, scientists, publishers, musicians, developers, and others — whoever needs a method of protecting their intellectual property.
The project can store data, files, oracles, and more, and it is particularly useful when it comes to DeFi and NFTs. The project has also built an ecosystem of partners who can use it to enhance the use of their database and oracle products, including Cosmos, Polkadot, Polygon, Ankr, and Equinix.
To learn more visit our Investing in Bluzelle guide.
Nearing the end of our list, we have CLV, previously known as Clover Finance, or simply Clover. This is a blockchain operating system that offers easy-to-use, one-step blockchain infrastructure, as well as frameworks compatible with the Ethereum Virtual Machine. The frameworks are fully compatible with Substrate-based apps.
Clover is another offspring of the Substrate-based Polkadot parachain, and its goal is to bridge the compatibility gap across blockchains, and allow developers to build their products and projects wherever they wish, and then have them easily deployed across different networks.
To learn more visit our Investing in CLV guide.
Finally, we have Meta X Connect, now known as MXC. The project started off in 2018 as a non-profit organization with the goal of reshaping the blockchain and AI industries. It aims to do this by collectively building a decentralized, free global data network.
The key to the project and its network is the robust mining community, as well as the collective power of the MXC supporter base. By using the world’s only Low-Power, Multi-Token Miner, known as the M2 Pro Miner, miners can intertwine and create the latest Low-Power Wide-Area Data Network using the metaverse. As such, MXC is quite a revolutionary protocol that combines multiple technologies and blockchain products into a single, well-oiled machine for sharing and distributing data.
To learn more visit our Investing in MXC guide.
As you can see, Polkadot’s ecosystem is quite rich and diverse, with all kinds of great projects just waiting for investors and supporters to join its community. They all have potential in different areas, so we recommend checking them out and keeping an eye of them. You can always invest in one or more of them if you happen to like them and wish to diversify your portfolio, and while there is no guarantee that any of them will succeed and go big — they all have the potential to do so, which makes them worth a second look.