Uwerx (WERX) brings gig economy to the blockchain. Can it emulate Filecoin (FIL) or Aave (AAVE)?
Uwerx is a brand new project in its pre-sale phase that brings the rapidly growing freelance sector to the blockchain. The market for freelance workers is booming with help from the pandemic and Uwerx can capitalize. Analysts have high hopes that the project can emulate the early success of Filecoin (FIL) and Aave (AAVE).
Uwerx (WERX) is moving first into a booming market
Uwerx is a new project trying to disrupt the market for freelance workers. The gig economy has been on a growing trend, but it was amplified by the pandemic as work habits changed. Consulting experts, McKinsey, said in an August 2022 report that 36% of employed Americans, about 58 million people, now identify as independent workers.
Uwerx can see its value increase as it takes market share from the dominant players in the sector. By bringing the market to the digital ledger, Uwerx will reduce fees and increase payment speed. Employers can also benefit from increased data security and intellectual property rights. Uwerx is likely to become a dominant force in the freelance industry with its fundamental advantages over traditional freelance platforms. Investors should look to get involved in the current pre-sale at $0.0065.
Filecoin (FIL) lights the way for Uwerx
Filecoin (FIL) is a good example of what projects can do when operating in a niche area with little competition. Filecoin (FIL) is a decentralized data storage platform and the project was looking to challenge the cloud storage giants outside of the blockchain. That brought big gains for Filecoin (FIL) in the bull market as investors saw rapid adoption of blockchain. Filecoin (FIL) rose from $3 in 2020 to $180 in 2021.
Filecoin (FIL) could not hold on to these gains and fell back before running into the bear market. The coin has now traded back near the $6 level as investors see the decentralized storage market as a more difficult task for Filecoin (FIL) to conquer. Competition is also growing in the blockchain with Toncoin announcing a storage solution together with Storj. Filecoin (FIL) may have seen some obstacles along the way, but it highlighted what Uwerx (WERX) can do for early-stage investors.
Aave (AAVE) also rose in its own niche
Aave (AAVE) is another project that highlighted the power of operating in a niche without competition. Aave (AAVE) came on the scene with the decentralized finance boom. Although many projects focused on financing solutions, none provided loans like Aave. The project’s flash loan provided a solution for miners to access quick funds and streamline mining operations.
Aave (AAVE) saw its value increase from $52 to a peak of $600 in 2021. The bear market has seen the price of AAVE fall to the $82 level. Despite the price drop, daily active users are on an uptrend with Aave (AAVE) and the project is likely to pick up again with the crypto market. The number of daily active users on Aave increased by 73.9% in the three months to January 2023. Although FIL and AAVE may see positive price action in the future, we believe it will be beneficial to focus on Uwerx (WERX) – a project associated with an ever-growing resilient industry.
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