Top 7 Altcoins of May
May 03, 202210 min read
We know it might be quite a difficult thing to find altcoins to look at when the market is literary full of various options, and there are 5000+ over there. We've decided to simplify the process of searching and picking those ones that are really worth your time and attention.
1. OKB ($OKB)
Market cap: $1,131,070,620
Circulating supply: 60,000,000.00 OKB
In 2017 OKEx exchange was founded and it’s one of the top-3 global cryptocurrency exchanges by monthly volume and provides services in 100+ countries. There are fiat-to-crypto and crypto-to-crypto tradings.
$OKB was issued on the 23rd of March, 2018. Total supply was planned 1 billion issuance, and after 300 million tokens had been released, the management team decided to burn some amount of the OKB coins. In 2019, they used 30% of the transaction fee from the OKEx spot market to buy back OKB and send it to a ‘black hole’ address to burn.
OKEx burns tokens every 3 months to make the OKB more valuable. The process consumes 30% of the exchange’s revenue from commission fees.
There are 8 fiat options for $OKB, including China Yuan, US Dollars, Korean Won, Vietnamese Dong, Indonesian rupiah, Euro, and Russian Ruble to trade $OKB.
The number of OKB’s ecosystem partners worldwide reached 50 and 37 application scenarios for OKB’s usage such as CertiK, Tripio, QLC Chain, and BitTorrent.
The OKB token is used for spot and derivatives trading. It also helps you to develop scalable apps with ease. The OKB utility token allows users to get discounts when paying for trading fees with the OKEx network.
Above all, decentralized apps (DEXs) developed within the OKChain platform use it as well. The OKB also gives voting and governance rights for projects to be listed on the exchange and for rewarding OKB holders. With the OKB token, a user can distribute funds to the OKEx Jumpstart network.
2. Verasity ($VRA)
Market cap: $69,047,797
Circulating supply: 4.47B VRA
Verasity is a protocol that is formed by a Proof of View protocol, a proprietary product (Video Player, Adstack, VeraWallet, and VRA rewards), and different platforms. The main goal is to provide unique ways for video content creators to enhance their revenue streams with subscriptions, commissions, and other Ad revenues things.
The platform was launched by professionals in 2018 from the video and media industry, it is led by Mark R.J. It’s supposed to be an extended version of the gaming blockchain system, focused on creating a fair system that not only allows developers to earn but also offers an opportunity to advertisers to get value over ad spend.
It’s powered by the Ethereum blockchain, the platform’s native token, $VRA, offers the users a patented Proof-of-View system that resolves issues referred to as video advertising and NFT fraud.
Verasity’s infrastructure includes:
VRA Rewards – Product Layer
Proprietary Video Player – Product Layer
Proprietary Adstack – Product Layer
Proof of View – Protocol Layer
PoV is the only Protocol Layer patented technology for the blockchain
VeraWallet – Product Layer Payment System
Verasity might enhance a solution for e-sports fans and act as a bridge between them and the crypto industry, boosting revenue for e-sports advertisers and enthusiasts.
3. Cosmos ($ATOM)
Market cap: $5,873,667,893
Circulating supply: 286,370,297.00 ATOM
Cosmos is a decentralized platform of independent blockchains powered by Tendermint and other Byzantine Fault Tolerant algorithms. Byzantine Fault Tolerance allows a blockchain to achieve consensus even in an environment that might contain malicious nodes.
Cosmos is the first blockchain started on the Cosmos Network, and it aims to link blockchains (they are called zones within the network) with each other. Once these links are complete, tokens can be rapidly and securely transferred from one zone to another with no effort.
The Cosmos network consists of three layers:
- Application – performs transactions and updates the network.
- Networking – enables the communication between transactions and blockchains.
Consensus – helps nodes agree on the current state of the system.
ATOM is the Cosmos Hub's native cryptocurrency. ATOM has three prominent use cases:
- It’s used to pay fees. Fee distribution is done in the protocol.
- A staking token, so ATOM can be “bonded” to earn block rewards. The more ATOM there are bonded, the greater the network’s economic security.
- ATOM holders may govern the Cosmos Hub via voting on proposals with the ATOM they staked.
4. Oddz ($ODDZ)
Market cap: $4,647,995
Circulating supply: 59,949,281.00 ODDZ
Oddz Finance is a multi-chain options trading platform on Binance Smart Chain, Polkadot & Ethereum. The goal is to make custom options trading – simple, secure and decentralized.
Users can buy call or put option 2 types of assets WBTC, ETH or become a liquidity provider to underwrite options. Users can easily trade on-chain options to profit or protect positions.
Oddz launched the first financial metaverse, Oddzverse. It's imaginary digital space is for enthusiasts to engage in interesting discussions about various trading strategies, social trading, and copy trading options.
The $ODDZ is the native utility token that represents the Oddz Protocol and its ecosystem. The token is the central point of the incentivization structure of the Oddz Protocol and its governance models.
The native token can be used for different aims, such as:
- Trading and paying for protocol transaction fees
- Referral bonuses
The platform users will actively participate in important protocol improvements, updates, and upgrades, driving decentralized governance on the Oddz platform. Users can also increase returns by participating in staking mechanisms and applying high yield farming strategies.
5. Venus ($XVS)
Market cap: $4,647,995
Circulating supply: 59,949,281.00 ODDZ
Venus is an algorithmic money market system, and stablecoin protocol launched entirely within Binance Smart Chain (BSC).
The platform offers quick and swift crypto-asset lending and borrowing options within the decentralized finance (DeFi) ecosystem, allowing users to straightly borrow against collateral at high speed while decreasing transaction fees. Above all, Venus makes it possible for users to mint VAI stablecoins on-demand by depositing at least 200% collateral to the Venus smart contract.
VAI is a synthetic BEP-20 token pegged to the value of one U.S. dollar (USD), while XVS tokens are also BEP-20-based, but they are used for governance of the Venus protocol purposes and can also be used to vote on improvements — including adding new collateral kinds, changing parameters and organizing product new features.
The governance of the protocol is fully controlled by XVS community members, although the Venus founders, team members, and other advisors still have XVS token allocations, too.
You can get an XVS token by providing liquidity into the pool or by taking part in the launch pool of the Binance project.
The Venus team has already mined about 23,700,000 XVS in the past four years. 20%, which is equivalent to 60,000 of the total supply, is used to keep going the Binance ‘Launchpool’ program.
The rest is allocated to the protocol. 35% is reserved for borrowers and suppliers, making a total of 70%. And the 30% is for all the minters of the stable coin.
6. Saitama ($SAITAMA)
Market cap: $277,960,960
Saitama is an ERC-20 token built on the Ethereum network, and it is community-driven. Saitama sees its purpose is to educate the new generation of investors to process crypto investments simpler and safer by spreading content that educates traders on how money works while they invest, widening opportunities to become wealthier. Saitama aims to develop its own ecosystem with a marketplace, a wallet, and a non-fungible token (NFT)-based launchpad platform. Still, most of the mentioned features haven't been released yet, and the token's utility stays low.
Saitama has a protocol to burn 2% of an investor's tokens with each transaction to increase the Saitama Inu token's value. It's also supposed to have an "anti-whale" mechanism that will prevent large investors from dramatically affecting token prices. This feature is not yet active, too.
Saitama is a community-driven and managed token, so a definite percentage of each transaction within the platform should be redistributed among holders.
Saitama is also a deflationary token, meaning that it has a capped total supply, and it is known to increase the total supply systematically with the help of token burns. Saitama’s total supply is about a hundred quadrillion.
7. Unilend ($UFT)
Market cap: $9,514,729
UniLend is a DeFi protocol that mixes up spot trading services and lending and borrowing options in one platform. While other DeFi platforms support only about 30 assets, anyone can list any ERC20 asset within UniLend for decentralized trading, lending and borrowing.
UniLend’s aim is to open the DeFi space up to the $29B of ERC20 tokens, which are currently dismissed in DeFi, that’s why their crede sounds like ‘unlocking the true potential of decentralized finance.’
UFT token is mostly used to facilitate governance of the UniLend platform. A number of factors relating to the proper functioning of the protocol will be decided by UFT holders through their proposals that require a majority consensus to be carried out.
Liquidity providers (LP) are a bullet point in ensuring the sustainability of the platform as they facilitate liquidity in the protocol. They will be rewarded with UFT tokens with liquidity mining and via a percentage of trading and borrowing fees.
Platform users who use UniLend for lending, borrowing, or trading will be rewarded with governance power in the form of UFT tokens to motivate not only the use of the platform’s services but also to enable distributed governance.
UFT is non-refundable and can only be transferred between the network’s users. It isn’t an investment asset that promises users interest, dividends, or any other profits. Holding the token grants rights to interact within the platform.
Where to buy and store altcoins?
You can buy all those altcoins within the SimpleSwap exchange, which provides fast, secure operations with your crypto.
As for storing, the SimpleHold wallet is always to your service, and it promises highly secure, quick, transparent performance. Give it a try and hold it forever!
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