Here are some underdog coins that could stay a bit under the radar until next year as the DeFi and NFT markets are in the spotlight this year. There are several noteworthy projects in these areas expected to gain traction in 2022, so it’s worth following them. We can also expect several new projects to emerge on the scene and shake things up.
Here are some coins to watch headed into 2022.
One of the strongest altcoins in 2021 that went silent recently but can be expected to have steady growth in 2022 is Solana. It is built on a proof-of-history (PoH) consensus mechanism which allows the network to be more energy-efficient relative to many competitors. While many standard blockchains rely on a sequential production of blocks that require confirmation across the network, PoH allows validators to compute the state of the network from the ledger itself. The Solana protocol can depend on its own internal clock and sustain a throughput of more than 50,000 transactions per second.
An under the radar coin that has started gain attention this year, this coin has seen an astronomical rise in the past few months. This could come from the several prominent dApps operating on the Solana network in the fields of DeFi, e-commerce, non-fungible tokens (NFTs), and gaming. Solana has a market cap of $65 billion with average volumes of over $1 billion every 24 hours. It is in the top 10 currencies according to the daily volume. So while Solana might not be multibagger looking towards early next year, it offers hot sectors a product with substantial utility.
Look out for Solana to continue its massive gain as it ends the year with a bang.
Sol latest price action via trading view.com | SOL/USDT on TradingView.com
Waves is a platform that can be used to build dApps, smart contracts, and new tokens. It utilizes a proof-of-stake (PoS) consensus WavesNG and the network’s native token, WAVES. The token is used as a reward and incentive for mining, payments, and voting. Since it’s an ERC-20 token, WAVES also makes Waves interoperable with the Ethereum network. Considerable projects are built on the platform, including a cross-chain network Gravity, DeFi platform Neutrino, and crypto exchange Waves DEX.
With a market cap of over $2.3 billion, WAVES token is strongly placed in the top-100 of crypto coins.
Our third project on the list is a respected and recognized coin by the name of LUNA. This base-layer protocol uses stablecoins pegged to the popular fiat rates, mot notably TerraUSD. LUNA acts as a reserved asset and helps to maintain the price of these stablecoins. In October, Terra underwent a Columbus-5 upgrade which enabled Inter-Blockchain Communication (IBC) standard to let users easily transfer LUNA, TerraUSD, and other assets from Terra, and making it interoperable with other networks. Immediately after this update, the price of LUNA token reached a record high of $49.43. The next month, a current all time high followed at $54.77.
We can never tell what will happen with these coins we can only be hopefully and see what is in front of us.
Read More: Underdog Coins To Eye In 2022