May is just around the corner. Have you already thought about which cryptocurrencies would be worth investing in in the next month?

We are going to talk to you about five currencies that may enter your radar and, of course, the reasons behind this.

It is important to mention from now on that more than half of these projects are already listed on Binance, and the rest could be listed soon.

Let's look at each of these 5 opportunities below.

Renzo: Opportunities in DeFi Ethereum

The Renzo cryptocurrency is a specific token in Decentralized Finance: it is a project that works as restaking within the Ethereum network for DeFi. This may sound complicated to you, so it's worth giving a little more detailed explanation.

Resttaking is the process that seeks to optimize traditional staking transactions on a blockchain network. In this case, the Renzo cryptocurrency works on the EigenLayer ecosystem, which is a derivative of the Ethereum network and seeks to offer better delivery of activities to users.

If it still seems a little complicated, understand it as follows: this cryptocurrency is a token of a network that seeks to optimize the transactions of what is the second most relevant network in the crypto universe. And the network on which Renzo operates allows those who use it to participate directly in these restaking activities.

Through an advanced network of smart contracts, transactions carried out on this network offer greater usability for the ability to restake.

And with a huge advantage: it is indirectly associated with Ethereum. It is worth noting that the price of the Renzo cryptocurrency moves as a reflection of Ether, the native currency of the Ethereum network.

BounceBit: restaking en Bitcoin

In case you found the idea of ​​​​restaking in Ethereum interesting, you should know that there is also the possibility of doing it with Bitcoin. That's right: apart from being able to participate in this type of transaction with the second largest cryptocurrency, you can also participate with the one that opened the doors to the crypto universe and is the most relevant of all (in market value and presence). This project is BounceBit.

The big difference of this cryptocurrency is the existence of a different network: the CeDeFi architecture network. What this network does, in a simplified way, is add an additional layer of security and confirmation to transactions: they occur in a decentralized manner, but are confirmed at another centralized point.

It is important to emphasize: there is only confirmation in this centralized network, not the total operation, so the risk of centralization as a "possible complicator of activities" is very low.

Saga: collective stablecoin

Possibly, the largest and most concrete integration between the crypto universe and the most traditional financial markets is found in the so-called stablecoins. In case you're not familiar with them, stablecoins are digital currencies that seek to track value on a par-to-par basis (or in some predefined relationship in their project) with fiat currencies, those issued by central banks.

Saga, in this case, is a stablecoin that seeks to track the dollar, but with an eye to a basket of different fiat currencies. In direct terms, buying a stablecoin is equivalent to buying that fiat currency, but in the crypto universe, with greater security, decentralization and without the need to pay huge local fees (which is what happens in the exchange market of each country).

Oh, and of course, with the possibility of making transactions around the world, which represents a step forward in freedom.

What makes Saga different is that it follows a basket of fiat currencies, trading only in dollars. It is similar, for example, to the DXY index, which tracks a basket of currencies (such as the euro, pound sterling, yen and even the Canadian dollar) relative to the US dollar.

If it is already an interesting idea to have a stablecoin linked to a fiat currency, imagine several! See how the price of this token has fluctuated in the last 7 days:

Tensor: vitrina NFT

Much like what has happened to the crypto universe as a whole in recent years, NFTs have been through a rough winter and have been recovering lately.

But, within this recent positive flow for this specific segment of the crypto market, there is a project that allows you to closely follow what is happening. This project is Tensor.

Tensor is a project specifically focused on being an NFT marketplace within the Solana network. And, beyond being "another market", this platform is actually responsible for a relevant part of all NFTs traded: two out of every three items of this type go through negotiations on this platform.

Basically, there are two direct advantages of having this token in your wallet: the first is to follow the NFT market in its entirety, since the relevant flow of everything that happens on the Solana network regarding these items passes through the platform; and, considering the indirect effect of the increased use of Solana, the increase in the number of people starting to use said platform is also good news and points to a probable increase in demand for Tensor as a market.

Or, more directly: you take advantage of the NFT and Solana cycles at the same time! In the last 7 days, the coin showed this price behavior:

Wormhole: transversal and efficient operation

A quick nerd reference: If you watched Interstellar, you should remember the scene where the main characters' spaceship traverses an immense amount of space through a so-called wormhole, which is a fold in space-time. These folds in space-time are, in a very simplified and visual way, as if you wanted to get from one end to the other on an A4 sheet more quickly: instead of traveling the path from one point to another, you fold the sheet in half and you "go through" it.

We don't know if the nerd reference has been useful, but the equivalent of this in crypto is what Wormhole promotes (which is a direct translation of "wormhole"): the integration between different blockchain networks.

Unlike projects that only work within a network, what this project allows is precisely for integrations to be carried out between the thirty largest different networks.

In the end, this enhances transactions, almost like a simple folding of paper, within the crypto universe. Having this token in your wallet means following the untold potential of this! In the last week, this token had this variation in traded value:

5 promising projects, but caution is essential!

These are the five projects we noticed that maybe weren't on your radar but could get on it now in May 2024.

It is important to note that it is key to look at each project individually, what problem it seeks to solve, the companies or people behind the development and other factors that are related to the long-term value of this token.

Even, depending on the moment of the crypto market, even good projects and tokens devalue along with the entire market: who remembers crypto winters? Therefore, the timing of entering into a given project is also important in the overall return on investment.

And you, what assignments will you do in this month that begins?

#cryptoWatchMay2024 #CryptocurrencyAlert

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Image by Art Rachen on Unsplash