While it might not be the same as 2021’s uber-prosperous “crypto summer”, the past few months have shown the blockchain industry gaining both significant funds and attention.
This week alone saw Ethereum (ETH)-based spot ETFs debut with more than $1 billion in trading value, a strong start to bringing altcoins (or, alternative crypto coins) into the traditional financial realm.
The SEC’s ETH spot ETF approval highlights a shift in regulatory oversight for cryptocurrencies, piggybacking off the landmark bitcoin spot ETF approval earlier this year that put the original cryptocurrency into the portfolios of investment firms like BlackRock and Fidelity.
Both of these developments have proven to be a major win for cryptocurrencies and the blockchain ecosystem as a whole, signaling a turnaround from the doldrums the space found itself in just a few short years ago.
Although Bitcoin and ETH may be garnering the most attention at the moment due to their stature as leading tokens, they’re not the only cryptocurrencies worth exploring.
For those who are cryptocurrency veterans, re-entering the space, or stepping into blockchain-based products for the first time, these are key tokens to keep on the radar.
1. Polkadot
The Polkadot network and its proprietary DOT token have been responsible for some of the most thrilling and innovative Web3 projects.
As a champion for scalability and interoperability, Polkadot’s focus on community-building and user-driven governance has helped make its ecosystem diverse and powerful.
Positioned as an open-source protocol that’s built for anyone to use, Polkadot and the DOT token bolster developers and teams behind boundary-pushing blockchain projects.
By honing in on sustainable growth and community-building, projects working with Polkadot have the chance to connect with new users and utilize its vast suite of features, including custom-built “parachains”, to execute their vision.
2. NEAR AI
AI’s rapid growth needs no introduction, and over the past few years, several blockchain projects have been working to merge the two worlds. While many AI use cases in blockchain and crypto are still abstract or “behind the scenes” rather than user-facing, some projects are leading the charge in using blockchain to democratize AI and the data used to fuel it.
With NEAR/USD Protocol, the ecosystem’s AI track is building the infrastructure for user-owned AI. The goal is to return the ever-valuable data used to train and build generative AI models back to the hands of users who contribute to these models.
While the goal is ambitious, creating an open-source generative AI model through the blockchain shows how the two technologies can combine their respective strengths to benefit users, powered by the NEAR token.
3. Astrovault
With all the excitement circulating blockchain as a whole, any crypto enthusiast should broaden their horizons and explore decentralized finance (DeFi) too. The world of DeFi has exploded in the past few years, with exciting projects pushing the boundaries of digital asset ownership and investment strategies.
The only problem is that many decentralized exchanges and Automated Money Makers that fuel the sector encounter problems with profitability.
Astrovault distinguishes itself as the first profitable Automated Market maker which works to generate revenue directly from its liquidity pools.
Deviating from the traditional decentralized model, Astrovault embodies a novel operational strategy by reducing its reliance on external liquidity sources. Its AXV token that powers the platform allows for a more resilient model that encourages sustainable growth and user interactions.
4. Dogecoin
Of course, we can’t talk about a crypto resurgence without mentioning the memecoin boom.
While meme coins were once lambasted as blatant rug-pull schemes that relied on jokes and online hijinx through social media platforms, they have since evolved into viable community-fueled tokens that exemplify the benefits of crypto’s extremely online culture.
Dogecoin is leading the charge in the memecoin space as a project that showcases the industry’s broader turnaround.
Since its inception, DOGE has transitioned to become a definitive memecoin project that has pushed the boundaries of what such a project is capable of.
Although the term does still have a stigma for those who checked out from the blockchain space during the industry’s downturn, that is no longer the case.
Dogecoin’s open-source environment has enabled it to build and scale its community at an unprecedented pace and illustrates how to
5. Toncoin
For anyone well-versed in blockchain, the developers of Toncoin will ring a bell.
Developed by the popular privacy-first platform Telegram, a crypto-community favorite, Toncoin powers TON (The Open Network), an all-encompassing ecosystem working to create an open and decentralized internet.
With the blockchain industry pivoting to user-friendliness, TON stands out as a super-app that brings multiple critical features under one roof, all powered through the TON token.
From NFTs to asset transfers to monetization tools, the app utilizes the functionality and practicality of Telegram and its built-in favor within the crypto community as a basis for its expansion.
Overall, this summer is on track to becoming one of the most exciting and innovative times for the blockchain industry.
Even beyond the clear power players, many innovative projects and the tokens behind them are powering exponential growth and fascinating changes within the broader ecosystem.
Disclaimer: This article does not give any financial advice or recommendations!