Top 7 Coins and Their Practical Use Cases
Jun 01, 20223 min read
It’s not a secret that there are far too many assets, so it’s almost impossible to know all of them. We’ve decided to simplify that and describe the most popular coins and how it’s better to use them. Here are 7 coins we’ve observed for you to understand the market better.
- Solana ($SOL)
It’s an innovative blockchain that runs on a unique consensus Proof of History (PoH). The algorithm allows the Solana blockchain to make up around 700k transactions per second. It supports the smart contract and charges the lowest fee.
$SOL is a blockchain native currency of the whole ecosystem, and it’s used for staking, transaction fees, governance, and as a payment method within the blockchain.
- STEPN ($GMT)
Stepn is the first and the most popular Move-to-Earn app in the world. The main aim of the project is a popularization of a healthy lifestyle. Stepn launched NFT sneakers, which users use to jog and walk while earning crypto.
$GMT is a governance token, and it also is accepted as payment for different processes within the game.
- Harmony ($ONE)
It’s a blockchain that solves scalability and decentralization issues with a sharding technology. The platform is used for ordering data exchange systems, credit ranking systems, play-to-earn games, and
$ONE token is a platform’s fuel, and it’s used for governing purposes, transaction and gas fees, and staking.
- Compound ($COMP)
That’s a well-known decentralized bank alternative, allowing its users an opportunity for crypto market investors and traders to deposit their crypto reserves and borrow crypto assets with collateral.
$COMP is a governance token created to motivate its users for active platform usage.
- MakerDAO ($DAI)
This is the project that launched an alternative to the existing centralized stablecoins. MakerDAO’s stablecoin is issued by users and ensured by the same amount of $ETH. The providing of issued stablecoins is locked within the smart contract. $DAI is used in all DeFi protocols built upon the Ethereum blockchain.
- Litecoin ($LTC)
It’s a blockchain with open-source software and a peer-to-peer (P2P) payment system. Litecoin is a BItcoin competitor thanks to a higher speed of transactions and lower fees. Blockchain uses an alternative cryptographic algorithm that allows cutting a new node generation.
$LTC is used to make a cross-board money transfer, investment and participate in speculative trading.
- PancakeSwap ($CAKE)
That’s a decentralized crypto exchange that doesn’t ask its users for KYC and sign-up procedures. The exchange runs on the Binance Smart Chain, which allows rapid trades and crypto swaps with minimal fees. Users simply need to connect their crypto wallet to work with the exchange.
$CAKE is used to interact within the exchange, make price predictions, and participate in a lottery.
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