The Polkadot (DOT) ecosystem continues to expand with projects winning the parachain slot. So, what are the analysts’ favorite projects? Here are Altcoin Daily analyst Stu L.’s Polkadot-based favorites…
5 popular coins based on Polkadot
Phala Network is a Web3 solution for developers’ information processing and information storage needs. It also focuses on privacy. Web3 and more privacy, decentralized active apps is one of the mega trends for now. As the winners of the 13th parachain slot, the biggest reason behind more than 1600 analysts liking Phala to crowdloan is that it subverted the sideways/downside trend.
Polkadex has won the 16th parachain slot. The project is a DEX and a Blockchain. Their DEX currently supports Ethereum and DOT as well as the Polkadex chain. The idea is to bring the power of DEXs to many chains. This project makes sense as mid-chain interoperability is one of the defining themes of DOT. DEXs have an essentially solid place as crypto applications. However, this is not the case for cross-chains. Many people use Uniswap, Sushiswap, and PancakeSwap. But Uniswap is only ETH based and PancakeSwap is BSC finite.
Also, according to the analyst, PDEX’s recent price performance has been stable for the past few months. The price stays in the $1.20-1.50 range. The analyst thinks these may be the low of the bear market. Finally, the analyst says that what he likes most about PDEX is token economics. All 7.46 million tokens of the project are currently on the market. So the circulating supply and the total supply are one-to-one. This ends the possibilities for the dump event.
Litentry is at Parachain slot 15. Because of this, a community is essentially supporting this project to provide the necessary funding and crowd credit to qualify and win a parachain slot. Their purpose is to create DID or decentralized identity for Web3. Litentry wants to be an aggregator of all your identities on the web and bring them together in one decentralized analysis. It aims to be the perfect solution to the online identity problem. The analyst uses the following words:
I love identity projects. Along with remittances and cross-border payments, I think this is one of the main hurdles that crypto was created to solve. And the problem is still not solved. New Identity Hub artifacts are available now. There is also a burning offer that has a good chance of passing. And you know I LOVE deflationary tokens.
Primer is a smart contract platform. Its purpose is to create multiple chains. So of course it works on Polkadot. At the same time, Cosmos operates on Ethereum and its Layer 2, EVM and WebAssembly virtual machines. The analyst praises Astar’s work on smart contracts. Because he states that Polkadot’s relay-chain does not support smart contracts. In addition, Koindeks.comAs we have also reported, a city in Japan has stated that it will work on web3 with Astar Network.
Today’s last coin is Moonbeam. The analyst says he loves the potential of smart contracts in the coin. Like the primer, Moonbeam is also an EVM-compatible smart contract platform. The Lido and liquid staking platform is built on Moonbeam. Osmosis from Cosmos also uses this platform. According to the analyst, with projects like Lido and Osmosis, Moonbeam may be a bit ahead of Astar.