In this buzzing bull season, investors are deep in the market, looking for the next project to make high returns, as is common in the crypto space. Considering the high risk of meme coins and their volatility, utility coins are gaining increased traction based on their stability in the blockchain. This article explains the utility of these coins and how they are projected to grow in April 2024 and beyond: Algotech (ALGT), Ethena (ENA), and Near Protocol (NEAR).
Algotech (ALGT): Algorithmic cryptocurrency trading platform powered by AI.
Considering the inefficacy and sluggishness of traditional trading, Algotech is an innovation that seeks to revolutionize cryptocurrency trading completely, overtaking existing DeFi protocols. The key to its utility is in its values: speed, consistency, data-driven decision-making, and scalability. It enables users to keep up with the highs and lows of the crypto market while conserving their losses and increasing their gains.
Algotech’s utility advantage
Wide Range of Algorithmic Strategies: Algotech offers diversified algorithmic trading strategies suited to different market conditions and objectives. With the use of AI, these strategies are more precise with the help of compounding and machine learning.
Emphasis on Risk Management: Algotech prioritizes risk management, focusing on stringent protocols to protect users’ capital through careful risk assessments, position sizing, and portfolio diversification. This allows users to mitigate their losses and enhance their overall trading performance.
Ethena (ENA): Decentralized protocol on yield-bearing USDe stablecoin
Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native alternative for money and assets bridged to the traditional banking system and the US treasury. Ethena’s synthetic dollar, USDe, provides a decentralized solution for money earned by delta-hedging staked Ethereum collateral. It plans to overtake other comparable stablecoins like USDT and USDC.
Ethena’s utility advantage
Backed on Ethereum: USDe is fully backed on Ethereum collateral by delta hedging. This options trading strategy reduces or hedges the risk associated with price fluctuations in the underlying asset.
Alternative to USDT and USDC: USDe, a utility token, is a decentralized alternative to traditional USDT and USDC. It moves the power of utility to individual hands instead of lenders who previously monopolized tokens.
Near Protocol: Operating blockchain system
At its launch, Near Protocol announced its ambition to be the blockchain operating system. Since then, it has introduced a fully composable front-end it now calls the Blockchain Operating System.
With its operating system, Near offers stability, even with its fluctuating price. It is hinged on Bitcoin, which has a current value of $6.84. Thus, the price moves and stabilizes as the price of Bitcoin stabilizes. Investors can enter at a suitable price and wait comfortably for a return on their investment.
To learn more about Algotech, visit the Algotech presale website or join the Algotech community.