In this episode of the BeInCrypto video news show, host Jessica Walker will take a look at five altcoins that didn’t take a dive last week. These coins suffered the least drastic significant losses over the recent weeks.
Previously known as the Matic Network, Polygon is one of the first well-structured, easy-to-use platforms for Ethereum scaling and infrastructure development. Polygon effectively transforms Ethereum into a full-fledged multi-chain system, aka the Internet of Blockchains. This multi-chain system is similar to other ones such as Polkadot, Cosmos, and Avalanche. However, it also has the advantages of Ethereum’s security, ecosystem, and openness when it comes to protocol updates.
Polygon’s Plasma framework gives it the potential to house an unlimited number of decentralized applications on its infrastructure. All this, without experiencing the normal drawbacks common on proof-of-work blockchains.
According to DappRadar data, Polygon added 75,000 active user wallets in just a single week. This additionally attracted $1 billion in sales volume. Meanwhile, the number of decentralized applications, or dApps, tracked on Polygon has grown from 61 to 93. Open source decentralized finance (DeFi) apps built on Polygon are also finding their way onto other chains, including Binance Smart Chain and Ethereum.
Celsius is an all-in-one banking and financial services platform for cryptocurrency users, launched in June 2018. It offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments. Users of the platform can also receive regular payouts and interest on their holdings.
Celsius’ native token, CEL, performs a variety of internal functions, including boosting user payouts if used as the payment currency. Although CEL hadn’t bucked the trend, we still find it impressive that it only lost 1% recently.
Celsius originally came into being as the product of creators Alex Mashinsky and Daniel Leon in 2017. We actually interviewed Mashinsky in late 2020, which you can check out on our channel. Mashinsky has a long-running history in the internet development sphere, having worked on the Voice Over Internet Protocol (VOIP) in the 1990s and other technologies since. Celsius is far from Mashinsky’s first corporate venture, with seven startups and 35 patents to his name.
Harmony is another altcoin that didn’t follow the majority of the crypto market. Despite dropping on Wednesday last week, it was actually up 4% on a weekly basis. So even though it’s daily loss was severe, it only fell back to the same level it was trading at the week prior.
We dug a bit deeper into the Harmony blockchain and its value proposition and weren’t surprised to find dApps involved. The network aims to innovate the way decentralized applications work by focusing on random state sharding, enabling block creation in seconds.
According to the project’s website, Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021. This has also helped push prices up the past several weeks and could lead to a further rally in June.
Next on our list of cryptos that didn’t crash is VAI. This altcoin managed to gain 5% during the bloodbath, so we took a closer look. Vai claims to be the first decentralized stablecoin built on the Venus Protocol that runs on the Binance Smart Chain. It’s backed by a basket of stablecoins and other crypto assets without centralized control.
The protocol itself introduces an easy-to-use crypto-asset lending and borrowing solution for the DeFi ecosystem. It enables users to directly borrow against collateral at higher speeds and has lower transaction fees. Venus also allows users to mint the VAI stablecoin on demand by depositing at least 200% collateral into the Venus smart contract.
The last crypto on this list isn’t a coincidence. With so much talk of diamond hands during this crash, we had to have a coin focused on the diamond industry! GlitzKoin utilizes blockchain, smart contracts, and machine learning to reduce risk and fraud for banks, insurers, and open marketplaces for the diamond market.
The team also claims to provide an ecosystem for diamond tracking and certification as well as a decentralized exchange for the trade of diamonds called DiaEx. During a period with massive drops across the board, GlitzKoin was up 75% and is definitely one to watch in June.