The top 4 cryptocurrencies to buy:
1：GRT
Market value: approximately US$1.56 billion, current price is US$0.17, and the historical highest price is US$2.87.
The Graph Protocol enables the development of decentralized applications (dApps) and the retrieval of blockchain data from a variety of sources around the world. This is achieved through its subgraphs, which are open APIs that fetch blockchain data, process it, and cache it for easy querying using GraphQL.
In November, The Graph Foundation unveiled its updated roadmap to accommodate the rapid growth of Large Language Model (LLM) applications, new query languages, UX enhancements, new chain integrations, and other features since the last release in May 2022.
The Foundation also released a 2023 Year in Review, highlighting the protocol’s major network milestones, statistics, updates, and performance improvements. Some of the key highlights include:
— surpassing one trillion queries on its escrow service — enables users to transfer subgraphs and delegated GRT from its Ethereum-based system to Arbitrum One
— Progress on Substreams, a powerful blockchain indexing software designed for The Graph Network
— From Q2 to Q3 2023, query volume on The Graph increased by ~40%
These developments highlight the evolution and continued enhancement of the protocol, positioning The Graph as a key player in the blockchain data indexing and querying space.
2：CAKE
Market value: about $725 million, currently trading at $2.96, with an all-time high of about $44.
As the leading decentralized exchange (DEX) on Binance Smart Chain (BNB Chain), PancakeSwap is set to see a significant increase in activity as the bull run resumes in various altcoins and tokens.
PancakeSwap has established itself as a major player and maintained its dominance since its launch in September 2020. According to CoinGecko data, it is currently the third-largest DEX by trading volume, with $465 million in trades in the past 24 hours (version 3).
Initially designed as a DEX for BEP20 tokens on the BNB chain, PancakeSwap has expanded its offering to include Ethereum, Polygon zkEVM, and multiple layer 2 solutions. The platform enables users to earn its native token CAKE through various staking options, liquidity mining, and access to its gaming and lottery marketplace and NFT platform, all within a single application.
CAKE plays a core role in PancakeSwap as the primary token for governance, staking, liquidity provision, gaming, NFTs, trading, farming, and other functions on the platform. The platform has a net emission of approximately 39,200 CAKE per day, and 100% of the tokens scheduled to be burned are sent to the burn address each week. This is consistent with CAKE's maximum supply, which is capped at 750 million tokens.
3：AI
Market value: approximately US$719 million, the current share price is US$0.69, and the historical highest price is US$1.17.
As the first AI-related cryptocurrency on today’s list, Fetch.AI aims to help entities adapt their existing systems to be AI-ready without having to change their current APIs.
The platform provides modular building blocks that are programmed to perform specific tasks, designed to simplify a variety of activities and improve our daily lives. For example, Fetch.AI’s DeltaV product enables users to efficiently book services on their own behalf without having to interact directly with online booking sites.
Since the launch of OpenAI’s ChatGPT in November 2022, Fetch.AI’s native token FET, as well as other AI and AGI-themed protocols and tokens, have surged in popularity.
Although FET reached an all-time high prior to the launch of ChatGPT, driven primarily by the market-wide surge in 2021, expectations are that a combination of AI hype and another crypto bull run could push FET well above its all-time high within the next 12-18 months.
4：OP
Market value: approximately $3.35 billion, currently trading at $3.51, with an all-time high of $4.13.
Similar to Arbitrum, Optimism is another layer 2 (L2) scaling solution whose native asset, OP, was launched last year, shortly after the protocol launched a few months ago.
Optimism is an example of an optimistic rollup, an L2 solution that offers cheaper scalability than zero-knowledge (ZK) rollups, which are known for their speed, security, and privacy features. Currently, Optimistic Rollups are considered more suitable for decentralized finance (DeFi) applications than ZK Rollups, although both have their pros and cons.
Vitalik Buterin recently expressed hope that at least 10 Phase 1 rollups will be operational by 2024, indicating the growing interest and adoption of L2 scaling solutions such as Optimism.
Optimism will set the stage for long-term success, especially as Ethereum continues to work on scalability upgrades such as Danksharding. Even though Ethereum may achieve over 100,000 transactions per second (TPS) on its mainnet, L2 solutions such as Optimism and Arbitrum are expected to play a major role in scaling Ethereum and handling the growing demands on the network.
In the future, L2 solutions can continue to support the Ethereum network as a backup system when the base chain encounters scalability issues. Overall, Optimism’s solid prospects and role in Ethereum scalability make it a key player in the blockchain ecosystem.
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