Bitmart: Mainnet ecosystem projects continue to lead the market
When Bitcoin and Ethereum market present weak state and maintain wavering state, Mainnet ecosystem projects are exploding progressively on the market, such as Cosmos, Avalanche, and Near Protocol.
The Ethereum London hard fork EIP-1559 should have made the gas fee simpler to control, but the actual data shows that the average gas fee has reached the highest level in three months, which brings great pressure on the availability of the Ethereum network.
As of now, NFT is the principal reason of taking of gas fee in Ethereum, and OpenSea has become the platform that consumes the most gas fee. In this environment, other new mainnets are provided with opportunities for survival and development, and competitors of Ethereum will always wait for opportunities in the market.
Cosmos, which started in 2017, is considered to be the two leaders in the cross-chain field of blockchain along with Polkadot. Before they appeared, blockchain was independent and could not interact and operate. The transaction speed of Cosmos network is 7 seconds, and the fee cost is 0.01 USD.
Cosmos is a completely open Inter-Blockchain Communication Protocol (IBC), which releases a new consensus mechanism, Tendermint, which simplifies the process of building blockchains. Polkadot requires relay chain for maintenance (slot connection is required), while Cosmos is free and can realize the interaction between any two chains. It only needs IBC protocol in both chains, so Cosmos can cope with complex practical problems.
At present, there are 249 apps and services on Cosmos network, including BSC, Terra, and Kava, etc. Developers can customize their own apps and interact conveniently across chains. Polygon is developed based on Cosmos-SDK.
Cosmos’s pledge token is $ATOM, which has been listed on BitMart in August 2019, with a maximum increase of 25,846.89% by the end of August, and the price will soon hit a fresh high.
Avalanche is a new Layer 1 solution, which has the advantage that nodes can be expanded infinitely and anyone can run it. If you pledge 2000 AVAX, you can earn block rewards. Avalanche adopts a random sampling node, to ensure the stability of the “impossible triangle” of the blockchain in a small number of obedience. Avalanche’s throughput is as high as 4500 tps, and the transaction processing speed is less than 2 seconds.
Avalanche Foundation announced in August that it launched $180M DeFi Incentive Program, titled “Avalanche Rush”, which provide $AVAX as liquidity mining incentives, which caused the Total Value Locked (TVL) to explode nearly $2 billion. The first incentive of $27M was allocated to AAVE and Curve, which have provided a powerful impetus for increasing network usage and user migration. The price of $AVAX increased to $58.97 on August 23rd, an increase of 633%. Till now, Avalanche Ecosystem has four DeFi protocols with TVL data exceeding $100M. The high growth brought by incentive measures requires the team to take further effective measures to develop, and perhaps now it is the starting point of a long-term outbreak.
The current price of $AVAX is only one step away from the previous high. BitMart listed AVAX in July 2021, and the increase was as high as 650% by the end of August.
Near Protocol aims to create a completely sharding and scalable PoS blockchain, and each node needs to pledge a $NEAR token to participate in network rewards. Near’s perfect infrastructure facilitates fast transactions (1~2 seconds) and the cost is negligible. Sharding on Ethereum is a means to expand and speed up, and Near Protocol itself is a blockchain of sharding，it treats all sharding equally. Developers can start dApp development with zero barriers through any of the common paradigms.
The advantage of Near is that it has launched the Rainbow Bridge, and all ERC20 tokens can be transferred between Near and Ethereum. Rainbow Bridge uses light client instead of Proof-Of-Authority （PoA） and does not need an authorized verifier at all. This is the most expensive cross-chain “bridge” form. Therefore, the degree of no trust is the highest.
2021 Near will hold three MetaBUIDL hackathons, the reward gonna be up to $ 1 million. In August, Near ecosystem projects move frequently. As of September 2, the number of transactions in the whole network of Near was 25,650,388, and the total number of accounts was 665,124. The online transactions remained active, and Near Defi was being launched. Near would seize every opportunity. This can be seen in the increasing price of $NEAR.
BitMart has listed $NEAR in July 2021, with a maximum increase of 364.94% by the end of August，and the price has reached a new record high with $11.9.
Disclaimer: This is a paid post and should not be treated as news/advice.