Top 15 Tokens Running on the Polkadot Blockchain You Should Watch in August 2022
Polkadot is one of the most scalable blockchains in the crypto industry, which led many developers to build their own projects on the network. As a result, Polkadot’s ecosystem is developing rapidly, becoming richer with projects of all kinds and bringing in more people interested in these projects.
But if you want to invest in Polkadot projects, there are always some that have more potential than others, and today we decided to present you with our own top 15 picks to keep an eye on in August 2022.
1. Polka dot
The top project on our list is of course Polkadot itself. This is an open source sharded multichain protocol that was created to increase scalability and take a big step towards interoperability. It managed to do both of these things by creating parallel chains that run alongside the blockchain, called parachains.
Parachains are used to take over some of the processing work from the main chain, thus preventing it from being overloaded with transactions. In addition, parachains can connect to different blockchains and achieve interoperability, and even act as blockchains for different projects. The DOT token is at the heart of the project, driving it, rewarding community members, allowing for effort and even facilitating governance.
To learn more visit our Investing in Polkadot guide.
2. Kusama
Kusama is a project almost identical to Polkadot, and it was developed to serve as a canary network for it. Essentially, this is where developers work on their projects, test them, and only migrate them to Polkadot when they’re ready to be deployed. The two are closely connected, which is why Kusama’s KSM token is also part of Polkadot’s network.
The value of KSM lies in the fact that many projects simply chose to remain on Kusama’s network, turning it from a canary network into a legitimate blockchain with its own ecosystem.
To learn more visit our Investing in Kusama guide.
3. Moonbeam
Next, we have Moonbeam, which is an Ethereum-compatible smart contract parachain that runs on Polkadot. The project allows developers to use popular Ethereum tools to build blockchain products or redeploy Solidity-based projects in a Substrate environment.
But this is more than just another EVM implementation. Moonbeam is a highly specialized parachain that mirrors ETH’s Web3 RPC, keys, accounts, logs, subscriptions and more. As such, it is very valuable to Polkadot and its own ecosystem, with unmatched Ethereum compatibility.
To learn more visit our Investing in Moonbeam guide.
4. MXC
MXC is a project originally founded in 2018 as a non-profit organization. Over the years, it evolved into a project that aims to reshape the blockchain and AI industry by building a decentralized, free global data network. Today, the project has a robust mining community and the collective power of the growing MXC supporter base.
The miners use the only Low-Power Multi-Token Miner in the world – M2 Pro Miner. With it, they can intertwine and use the metaverse to build the largest low-power Wide Area Data Network. The network can be used for reality adoption, empowers Web3 and offers a blend of blended reality metaverse infrastructure to make data transfer easier, even in larger quantities.
To learn more visit our Investing in MXC guide.
5. Pure
In fifth place we have Ren – an open protocol designed to provide liquidity and interoperability between different blockchains. Back in 2020, the project launched its virtual machine network, RenVM. It also has its own token, REN, which acts as a bond for the users running nodes that run the network, which are called Darknodes.
Ren now plans to expand its interoperability and to some extent accessibility and bring DeFi to blockchains and ecosystems that were prevented from growing their own DeFi sectors due to various obstacles involved in the process.
To learn more visit our Investing in Ren guide.
6. Celery Network
The sixth on the list is Celer Network, which is another blockchain interoperability protocol that aims to provide a one-click user experience with access to tokens, NFTs, DeFi, GameFi, governance and other products, across multiple blockchains. Using the network, developers can build inter-chain native decentralized applications and gain access to efficient liquidity utilization, among other benefits.
This will bring a fundamental change in how multi-blockchain dApps are built and used. Developers no longer need to deploy multiple isolated copies of smart contracts running on different networks, but create a single integrated dApp and make it available everywhere through integration.
To learn more visit our Investing in Celer Network guide.
7. Aster
Moving on, we have Astar, which is a decentralized application hub that runs on Polkadot. The project supports Ethereum, WebAssembly, as well as various Layer 2 solutions, such as ZK Rollups. The project’s goal is to become a multi-chain smart contract platform that can support a variety of blockchains and virtual machines.
The problem with Polkadot Relay Chain is that it does not offer support for smart contracts. As a result, developers who want to build on Polkadot’s ecosystem are prevented from doing so. That is why it is crucial for the ecosystem to have a parachain that makes this possible for anyone interested in building on Polkadot.
To learn more visit our Investing in Avatar guide.
8. Polka starts
Halfway down the list we have Polkastarter. It’s another interoperability project, only this one acts as a platform designed to provide an easy-to-use launch pad for token pools across chains, auctions, and the like. The project is the most beneficial for early-stage blockchain projects that want to raise capital and distribute their tokens without hassle.
The project’s token POLS plays a huge role in the ecosystem, offering a variety of uses. It allows liquidity mining, payment of transaction fees, governance, eligibility to join POLS holder-only pools and more.
To learn more visit our Investing in Polkastarter guide.
9. Aleph.im
Next, we have Aleph.im, which is an open source cross-chain network with a decentralized database, including data processing, file storage, and a decentralized identity framework. The project’s long-term goal is to allow dApps and decentralized protocols to remove the last bits of centralization, eventually enabling fully decentralized architecture.
By doing so, the project is also trying to supercharge the DeFi ecosystem. Aleph.im represents a unique blend of offchain and on-chain decentralized technologies. The network is offchain, but it can only interact with the blockchain. As a result, the project was able to achieve unmatched levels of security and advanced crypto-economics.
To learn more visit our Investing in Aleph.im guide.
10. DIA
In 10th place we have DIA or Decentralized Information Asset. DIA is a Polkadot-based, open-source oracle platform that provides access to trusted data, which market players can source, deliver and share at will. The project’s intention is to be a go-to ecosystem for open financial data in the smart contract ecosystem, end to end to connect data providers, data analysts and data users.
In general, the project offers a reliable and verifiable bridge connecting on-chain smart contracts and off-chain data sources. By doing so, it allows the creation of all kinds of financial dApps and similar blockchain products that rely on accurate information delivered in real time.
To learn more visit our Investing in DIA guide.
11. CLV
Proceeding. We have CLV, also known as Clover Finance. This is a blockchain operating system that offers a one-stop, easy-to-use blockchain infrastructure and EVM-compliant framework for applications developed on Substrate. As such, Clover is another offspring of the substrate-based parachain, which wants to act as a bridge that will eliminate the compatibility gap when building and operating across blockchains.
The project was created to offer more than a single service, and in fact it was built as an entire blockchain operating system. The network has its own storage layer, DeFi protocol layer, smart contract layer and even a dApp layer.
To learn more visit our Investing in CLV guide.
12. Phala Network
Moving forward, we have Phala Networks. This is a privacy-oriented cloud computing service, which aims to provide computing power equivalent to what centralized cloud services can offer. However, Phala Network aims to offer a much more privacy-preserving approach and ensure that users can retain their privacy.
The project’s original token, PHA, also comes with a variety of use cases, including governance, data exchange fee, security guarantee, reliable data resource, and the like.
To learn more, visit our Investing in Phala Network guide.
13. Energy Web Token
In 13th place we have the Energy Web token, which is a cryptocurrency that runs on the Energy Web Chain. This is a blockchain-based VM created to enable application development for the energy sector. Blockchain and the energy sector have established connections with each other for years, and this project now advances that connection by using blockchain technology and its decentralized power to allow the energy sector to create new decentralized solutions.
The project was launched in June 2019, and by allowing energy sector players to launch dApps, it can offer benefits to players from all areas of energy, such as software developers, network operators, suppliers and more.
To learn more visit our Investing in Energy Web Token guide.
14. OriginTrail
Nearing the end of the list, we have a project called OriginTrail. This is the first decentralized knowledge graph in the world, and it aims to organize humanity’s most important assets, make them easy to discover and verify, and in doing so, let them discover their real value. It can include all kinds of physical assets, such as art, fashion, supply chains, education, healthcare and more, and connect it to the digital world, including blockchain technology and its products such as smart contracts, metaverse, NFTs, GameFi, DeFi, and the like .
Advanced knowledge graph technology already powers trillions of firms such as Facebook, Google and the like. Now, OriginTrail aims to offer its decentralized version, redesigned and made specifically for Web3.
To learn more visit our Investing in OriginTrail guide.
15. RMRK
Finally, we have RMRK as last on our list. This is a project that is part of Polkadot and Kusama, and the goal is to expand the NFT strategy. There is also a way to use Kusama’s extrinsic system annotation to write custom notes on the chain in a structured and standardized way. Its native crypto, RMRK, is a currency in its own metaverse, but it also prevents fungible token spam, acts as a governance token, and much more.
It can be used to fund user accounts, power applications, curate galleries, act as collateral in DeFi protocols, and the like.
To learn more visit our Investing in RMRK guide.
Conclusion
With that, we conclude our list of the top 15 Polkadot-based cryptocurrencies to keep an eye on in August. As you can see, the list is quite diverse and there are plenty of projects for everyone, depending on where your interests lie. Hopefully one or more of these will be interesting enough for you to give them a look and potentially, if you think they have potential, even invest in them.
