How To React To Current Crypto Market - Watch Solana & these 2 Low-Profile Coins
5 min read 24 May 2022, 07:35 PM ISTThis article will cover two other lesser-known cryptos, including Quitriam Finance (QTM), currently in its presale
PremiumThe overall crypto market is down over 30% following Terra USD’s de-pegging and Terra’s native currency, LUNA, crash to nearly zero.
This marks the official start of a bear market for cryptocurrencies, which are now facing an increasing amount of downward pressure.
In that context, let’s look at Solana (SOL), a solid project which has been dragged down with the rest of the crypto market but which still remains a sound long-term investment. This article will cover two other lesser-known cryptos, including Quitriam Finance (QTM), currently in its presale.
Solana (SOL)
Solana (SOL) is the brightest star in town right now. Though it was subject to a number of cyberattacks, Solana was able to hang on to its position as one of the top ten cryptocurrencies today.
With its network enabling some of the quickest transactions on the market for only a fraction of a penny, Solana garnered news as a significant candidate in the "Ethereum killer" club.
Indeed, Solana's network can process up to 65,000 transactions per second (TPS), when the Ethereum network can only process about 15 - no comments needed!
Solana’s native cryptocurrency, SOL, is the most direct way to gain exposure to this explosive project.
With the crypto market experiencing strong downward pressure and SOL going back to more attractively-valued levels, now could be a great time to purchase some SOL compared to the past few weeks, when the price of SOL was starting to overheat a little.
Indeed, SOL is now trading around $52.80 at the time of writing, a sharp drop from its price of $110 only three weeks ago.
In addition, Solana has weathered a number of major attacks in recent months, but has systematically shown major resilience when coping with these crises while other projects would have crumbled. The most recent events linked to Terra USD’s de-pegging are an example of that.
Solana is definitely a project worth keeping an eye out for.
Loopring (LRC)
On the Ethereum blockchain, Loopring (LRC) is an Ethereum-based project that aims at streamlining the transaction experience in the crypto space by developing the next generation of cryptocurrency exchanges.
Cryptocurrency exchanges allow investors to easily exchange cryptocurrencies together or convert them into fiat currencies. They can essentially be split into two categories: centralised exchanges (CEXs) and decentralised ones (DEXs).
CEXs allow for greater transaction efficiency as they centralise their users’ data - including their crypto wallets’ private keys - on a central entity’s server. The downside of that method is that it impedes user freedom and transparency, two essential pillars of blockchain technology and cryptocurrencies. Major CEXs today are Coinbase, Binance (BNB), Kraken, FTX (FTT).
Conversely, DEXs connect individuals directly without any third-party intervention. However, this makes them less efficient than CEXs and they can suffer from liquidity shortages. Major DEXs today are Uniswap (UNI), PancakeSwap (CAKE), and others…
Loopring aims to move beyond the simplistic dichotomy of CEXs vs DEXs by creating a hybrid product which would combine their respective strengths and get rid of their respective weaknesses.
Loopring notably does so by combining an on-chain decentralised order settlement system with a central order matching mechanism. This solution comes as a “plug-in", making it possible for developers and other projects to create their own hybrid exchanges, which can be simply integrated into the platform.
Loopring seems well-positioned to benefit from the fast expansion of decentralised finance (DeFi). Yet, slowing growth has prompted investors to liquidate their LRC tokens in recent months.
The recent selloff dragged LRC down to $0.46, a price that seems to offer attractive value, though it would be wiser to wait for a market stabilisation before starting any position, particularly given this project’s smaller size.
Quitriam Finance (QTM)
Quitriam Finance (QTM) is another project which you likely have never heard about as it is currently conducting its presale and is preparing for its official market launch in the weeks to come.
Quitriam Finance has issued a native token, QTM, which is priced at $0.000023 currently, making it a cryptocurrency accessible to everyone and easily affordable.
QTM will act as the governance token of the project, allowing its holders to vote on important decisions which will determine the evolution of Quitriam Finance.
Once listed, Quitriam Finance will also offer staking solutions to its users, who will be able to lock the QTM tokens they purchased into dedicated liquidity pools in order to generate additional returns - an interesting way to generate passive income.
The Quitriam Finance ecosystem will allow users to mine for mithril ore which can then be used to create NFT-based items such as weapons or armors that also generate returns in the form of QTM tokens.
Quitriam Finance will deploy a native DEX called Quitriam Swap, allowing users to easily exchange the ecosystem’s tokens and items between one another. Besides, based on its whitepaper, Quitriam Finance plans to be present on multiple blockchains at once, which should enhance the network’s speed and cost-effectiveness.
Thereby, the Quitriam team claims a network performance of around 50,000 TPS - an impressive performance if that is confirmed. Quitriam Finance is expected to list its token around early to mid-July, so it might be an interesting event to follow.
Find out more about Quitriam Finance
https://presale.quitriam.io/register
https://quitriam.io/
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