It has been ten months since the crypto industry was hit with the bearish wave, which started the negative part of the cycle, during which the prices are struggling to grow and are generally seeing significant drops. However, for those who have been in the crypto world for long enough, this period represents a great opportunity to invest in assets while they are at the bottom and then ride the bull run when the bearish part of the cycle finally ends.
Of course, the first thing to do is identify which coins have that potential, and today, we wanted to check out some of the projects that can be found in the Polkadot’s ecosystem. 15 of them, in fact, as this rapidly-developing network seems to have attracted talents and representations from many projects with huge potential that we are excited to see develop further.
The first on the list is Polkadot, which is the native cryptocurrency of the network. Polkadot serves as an open-source sharded multichain protocol that was developed to combat the issue of scalability in the crypto industry. After seeing the struggles of Ethereum, its developers created their own solution, which was manifested in the form of parallel chains — parachains.
These chains help the main blockchain with transaction processing so that the main chain doesn’t get overwhelmed. Additionally, they can serve as standalone blockchains for different projects and even connect Polkadot to other independent chains, thus creating a network of blockchains with Polkadot at its heart and enabling the crypto industry’s dream of interoperability and a quick and easy way to share money and data between blockchains.
To learn more visit our Investing in Polkadot guide.
Next, there is Centrifuge, which is a decentralized asset financing protocol that connects DeFi with real-world assets. The idea is to try to lower the cost of capital for small and mid-size enterprises while also providing a source of income for the investors. As a result, the project can generate profits that are not tied to crypto assets, which are too volatile to be reliable. Instead, the developers are trying to enable the transfer of monetary value from traditional currencies into crypto.
Meanwhile, the firms that use Centrifuge can benefit by gaining access to the liquidity of DeFi, they get to tokenize real assets and use the tokens as collateral to access financing.
To learn more visit our Investing in Centrifuge guide.
3. Energy Web Token
Moving on, we have the Energy Web Token, which is the operational token of the Energy Web Chain. This is a VM based on the blockchain that was created to support and enable application development for the energy sector. The project emerged in 2019 with the goal of bringing diversity to the energy sector. It does this by allowing developers to build dApps, with the VM allowing people and entities from all areas of energetics to benefit.
The project was created by RMI and GSy, who were seeking a way to offer a versatile blockchain solution for a wide range of energy sector-related applications, which eventually led to the foundation of EWT.
To learn more visit our Investing in Energy Web Token guide.
4. Ocean Protocol
Then, we have Ocean Protocol, which is a blockchain-based ecosystem that allows businesses and individuals to monetize their data using ERC-20-based datatokens. This allows users to unlock the true value of data and preserve privacy and control at the same time. Meanwhile, consumers are able to access datasets, including those that were previously difficult to find or even completely unavailable.
The datasets are easy to find in the Ocean Market, where they can be simply purchased and then either used or sold.
To learn more visit our Investing in Ocean Protocol guide.
In the fifth spot, we have Bluzelle, which is a decentralized storage network for the creator economy. The project offers a number of benefits, such as high security, censorship resistance, and unmatched availability. It is inviting to every type of creator, including artists, scientists, musicians, developers, publishers, and more.
All of them can turn to Bluzelle to protect their intellectual property. Meanwhile, Bluzelle also acts as file and data storage and even an oracle. It was created specifically for DeFi and NFTs, and it offers staking, a decentralized database solution, a truly decentralized price oracle, and alike.
To learn more visit our Investing in Bluzelle guide.
Moving on, we have Ren, which is an open protocol created to provide interoperability and liquidity between blockchains. Ren created its own virtual machine mainnet called RenVM, as well as a native token REN which functions as a bond for users running nodes that power RenVM, which are known as darknodes.
The project’s goal is to push interoperability, and in extent, accessibility of DeFi. It does this by removing various issues, mostly tied to the problem of liquidity between blockchains. It is a complex platform that comes with a number of use cases, but ultimately, it was designed to overcome barriers preventing people from getting into DeFi and investing in the sector’s projects.
To learn more visit our Investing in Ren guide.
Next, there is OriginTrail, which claims to be the world’s first Decentralized Knowledge Graph. The idea behind the project is to organize humanity’s most important assets and make them verifiable, valuable, and, most importantly — easy to discover. Essentially, the project’s idea is to connect the assets of the physical world, such as artwork, fashion, healthcare, education, and alike, with the digital world, including blockchain, smart contracts, and various other blockchain products.
By connecting it all into a single connected reality, partially physical and partially digital, the project can create value for its partners’ ecosystems.
To learn more visit our Investing in OriginTrail guide.
Halfway down the list, we have Astar, which is a project that intends to act as a Polkadot-based dApp hub. It supports Ethereum, WebAssembly, as well as additional layer 2 solutions, including ZK Rollups. The project’s idea is to be used as a multi-chain smart contract platform that would connect multiple chains and VMs.
It contributes to the Polkadot ecosystem thanks to its expertise with smart contracts, while the Polkadot Relay Chain itself does not support smart contracts. As a result, it is important for the ecosystem to have a parachain that will allow developers to build on Polkadot’s ecosystem, and that is what Astar can offer.
To learn more visit our Investing in Astar guide.
Meta X Connect, or MXC, is a non-profit organization founded in 2018. The project’s idea is to reshape the blockchain and AI industries by building free, decentralized global data networks. The key to its data network is its robust mining community, as well as the collective power of the MXC supporter base.
Essentially, the project uses the M2 Pro Miner, which is the world’s only low-power, multi-token miner. By using it, miners can intertwine and build the world’s largest low-power wide-area data network using the metaverse. In the end, the protocol’s main goal is to empower Web3 and a mix of blended reality metaverse infrastructures that would simplify and increase data transmissions.
To learn more visit our Investing in MXC guide.
In the 10th place, we have Moonbeam, which is a Polkadot-based smart contract parachain compatible with Ethereum. The project allows for easy access to popular Ethereum-based development tools that can be used to build or redeploy Solidity projects in a Substrate environment.
However, Moonbeam is intended to be more than just an EVM implementation protocol. It acts as a highly-specialized parachain that mirrors Ethereum’s Web3 RPC, keys, accounts, and much more. Essentially, it extends the base Ethereum feature set and adds new features, like governance, staking, and interoperability.
To learn more visit our Investing in Moonbeam guide.
11. Celer Network
In the eleventh spot, we have Celer Network. This is a blockchain interoperability protocol that allows one-click access to tokens, DeFi, GameFi, NFTs, governance, and more. As an interoperability protocol, it offers all of this across multiple blockchains. This means that developers can create inter-chain-native decentralized applications with the Celer inter-chain messaging framework, which allows them to gain access to efficient liquidity utilization, shared states, coherent application logic, and alike.
In the end, the users receive all the benefits of a diverse, multi-blockchain ecosystem while still enjoying the simplicity of single-transaction UX.
To learn more visit our Investing in Celer Network guide.
Moving on, we have CLV, also known as Clover Finance, or simply Clover. The project is a blockchain operating system that features a one-stop, easy-to-use blockchain infrastructure and an EVM-compatible framework for applications based on Substrate. As such, it is another Polkadot parachain that aims to bridge the compatibility gap when it comes to building and operating across multiple blockchains
Generally speaking, the project was designed to offer multiple services, including to serve as an operating system for blockchain. It features a storage layer, a DeFi protocol layer, a dApp layer, and a smart contract layer.
To learn more visit our Investing in Celer Network guide.
In the thirteenth spot, there is Moonriver, which is actually an Ethereum-compatible smart contract parachain developed on Kusama before it reached Polkadot. It is a companion network to the previously mentioned Moonbeam, where it provides a permanently-incentivized canary network, much how Kusama itself serves as a canary network for Polkadot.
Newly developed code gets shipped to Moonriver first, where the developers can test it under different circumstances, and upon ensuring that the code is functional, they can ship it to Moonbeam. The project is rich with tools and integration solutions, and it features a MOVR token that is its utility token that powers the network.
To learn more visit our Investing in Moonriver guide.
Nearing the end of the list, we have DIA or Decentralized Information Asset. This is another open-source project that serves as an oracle platform. As such, it allows market actors to source, supply, and share trustable data. The project’s goal is to be an ecosystem for open financial data in an ecosystem that relies on financial smart contracts. In doing this, it can bring together data providers, data analysts, and finally, data users.
In general, the project offers a reliable and verifiable bridge between on-chain smart contracts and off-chain data, which means that it can be used for building various financial dApps, which will be highly beneficial for Web3.
To learn more visit our Investing in DIA guide.
15. Phala Network
Lastly, we have a privacy-preserving cloud computing service known in the crypto industry as Phala Network. This is a project that offers computing power that is strong enough to be comparable even to the existing cloud services. However, unlike them, it protects the privacy of managed programs completely.
The project has a native token PHA, which is a utility token used for data exchange ees, trusted computing resources, governance, and also as a security guarantee. The project is also interoperable and it allows Polkadot to bring to a variety of chains, including BTC, ETH, and others.
To learn more visit our Investing in Phala Network guide.
Polkadot’s ecosystem is getting bigger by the minute, with plenty of excellent projects emerging on its network all the time. These are only some of them, each of which has great potential to go big in days, months, and years to follow. We cannot offer a guarantee that any of them will, but the potential is there, and what remains is for you to keep an eye on their development and try to find the right time to invest in those that you personally like the most.