May has not been a particularly great month for crypto investors so far. With the LUNA crash and the general downward trend of the market, investors have been a little gloomy since the beginning of the new financial year. Calyx news…
There are few coins, however, that have managed to keep the hopes of investors intact as they sail through the troubled crypto waters.
Despite a significant decrease in the previous week, Cardano (ADA) managed to recover and hit $0.523 on May 18.
The first quarter of the year exhibited heavy network activity for Cardano. The high transaction volume (LTV) of the blockchain represented an increase in institutional demand. After its initial release in 2017, Cardano received a substantial upgrade in September 2021. This has aided Cardano’s growth, with the Cardano (ADA) ecosystem recently adding 400 new projects, bringing the total number of projects to about 900. DeFi loans, new wallets, and NFT collections are now included in the broad network.
However, if the old pattern has to be trusted, ADA might increase in value over the coming months. That would make right now the perfect opportunity to invest in the dip of the value.
Calyx Token (CLX)
If the major cryptocurrencies sound too intimidating as an option, you can also turn to the new promising entries in the crypto market. One such coin is Calyx Token (CLX) and it is picking the interest of crypto analysts.
The whitepaper defines Calyx as a community-driven protocol that enables multi-chain crypto exchanges and liquidity from a variety of sources. CLX Token is a DAO in the making, which means the investors would hold not just a source of profit but also autonomy over the said source. CLX’s ‘permissionless’ liquidity protocol allows anyone to become a liquidity provider by simply donating an equivalent quantity of underlying tokens in exchange for liquidity provider tokens.
The token is currently in the second stage of its presale which could be an ideal time to invest at a discounted value.
Polygon (MATIC) is an Ethereum-based project that tries to overcome some of the Ethereum (ETH) blockchain’s limitations such as its scalability and interoperability. It is the first Ethereum-based project to create a well-designed tool to address the scalability issue. As a result, Polygon (MATIC) has been termed the scaling answer for Ethereum (ETH) by many.
Polygon’s scalability solutions have been widely used, with over 3000 dApps successfully hosted, over 1 billion transactions processed, over 100 million unique user addresses generated and over $5 billion in assets safeguarded.
Polygon has also made some big promises which might boost its valuation. By the end of the year, the ecosystem plans to become a carbon-neutral network. In addition, the network has committed to $20 million in carbon offsets. In a world that is growing environmentally conscious, this could play in its favour and spell profit for MATIC investors.
These are the few cryptos that have the potential to emerge as profitable from the elongated period of a market slump. However, it is important to be backed by your personal research before making major financial decisions.