Ethereum ($ERC) is one of the world’s most popular blockchains. This smart-contract network is worth over $500 billion and powers over 3,500 decentralised apps. Each project has its own unique token and ecosystem that are unrelated to the ether price.
Some of the largest crypto projects were developed on the Ethereum blockchain. They are based on several ETH requests for comment (ERC) standards, the most common of which is ERC-20.
If you want to diversify your crypto assets beyond bitcoin, these seven Ethereum-based crypto projects are worth exploring. So, we’ve compiled a list of the top seven ETH tokens.
1. Tether ($USD)
Tether is one of the earliest and most important stablecoins, developed on the Ethereum network. The $70 billion project pegs its price to the fiat USD and is backed by a combination of cash, cash equivalents, and other asset reserves.
Tether is often regarded as an excellent strategy to hedge against the volatile crypto market while preserving exposure to the asset class. However, some are concerned that Tether may not be able to sustain a full liquidation due to lower reserves than expected.
2. Shiba Inu ($SHIB)
Launched as a meme cryptocurrency, Shiba Inu operates on the Ethereum blockchain. It operates on the Ethereum blockchain and is widely seen as an alternative to Dogecoin.
The memecoin isn’t the most stable cryptocurrency, but it managed to skyrocket 65 million percent in its first year, and the development team is working on many ideas to monetize the project.
Shiba Inu is viewed as a pump-and-dump scheme by many traditional investors. It’s hard to disagree with that, considering the majority of its gains are arguably driven by FOMO.
3. Crypto.com ($CRO)
Cronos (CRO) is the native token of the all-in-one cryptocurrency platform Crypto.com. Crypto.com is a payment, trading, and financial services company dedicated to making cryptocurrency more accessible to the general public.
It also features its own cryptocurrency wallet, an NFT marketplace, and one of the first cryptocurrency credit cards. The company’s proprietary coin, CRO, offers a premium experience with lower trading fees, better staking, and credit card incentives.
While this is an excellent cryptocurrency to own, be mindful of the risks associated with storing funds in an exchange wallet. Having your own private keys provides you custody of your assets, similar to a bank account. It may be faster to trade and spend on crypto.com, but storing your assets in a cold wallet is more safe.
4. The Sandbox ($SAND)
The Sandbox is a virtual metaverse in which gamers can build, own, and sell their gaming experiences using the platform’s utility token &SAND.
It is a blockchain-based game that was first launched in 2015 . Sandbox includes games such as Minecraft that provide players nonlinear tasks.
It has soared in popularity, attracting $93 million in seed capital from Softbank and others. Furthermore, major brands such as Adidas and Snoop Dogg invested a lot of money in it. There’s even a $650,000 megayacht cruising the Sandbox’s waters.
Although it has outperformed competitor metaverse, Decentraland ($MANA), it is uncertain which virtual world will attract the most visitors.
5. Chainlink ($LINK)
This is a cryptocurrency and technology platform that allows non-blockchain firms to connect to blockchain platforms in a safe manner. Chainlink is a middleware platform that connects blockchain-based smart contracts to other data sources.
It was founded in 2017 to act as a link between blockchain and traditional data. Chainlink’s native LINK token is an ERC677 token that is backward compatible with ERC20. As blockchain and non-blockchain combine, this makes it a potentially crucial part of the progression to Web3.
Importing real-world data, such as weather, sports scores, election results, etc. could be important to resolve certain smart contracts. Staking LINK creates a node to participate in the network and collect incentives.
6. Enjin Coin ($ENJ)
Enjin is a blockchain infrastructure for decentralised gaming based in Singapore. Due to its capacity to create NFTs inexpensively and effectively, it is swiftly becoming the next big thing in blockchain development. It functions as an Ethereum sidechain.
Minted assets can be customised and documented on the Enjin platform, where they are assigned an ENJ value. It provides a number of software development kits (SDKs) for creating, trading, and deleting NFTs.
Through its application programming interface (API), it also offers decentralised finance and gamification of its on-platform digital assets.
7. Uniswap ($UNI)
Uniswap is a decentralised exchange and protocol that allows peer-to-peer trading of ERC-20 tokens.. It is open source and operates on two types of smart contracts: exchange and factory. Factory contracts introduce new tokens to the network, whereas exchange contracts allow token swaps.
Instead of relying on a centralised exchange to support trades, the community uses a liquidity pool. Users stake their balances to offer liquidity for trades that would not be feasible otherwise.
It is compatible with MetaMask, Coinbase, and WalletConnect. While it is beneficial, it is operating in an increasingly competitive niche with competitors such as SushiSwap and others. As a result, it will need to rely on high transaction volume to maintain its current growth rate.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.