Crypto markets experience FUD, but prices remain stable. However, if a massive sign of underlying strength appears, the crypto market could explode in value.
It is the case with several projects. Analysts believe that Algorand (ALGO) will become a $2 billion market cap project and have drawn attention to Enjin Coin (ENJ) and Collateral Network (COLT), citing enormous growth potential in the coming months.
Algorand (ALGO): Solves the Blockchain Trillema?
Algorand launched in 2019 under the guidance of Silvio Micali, an academic leader in the blockchain space. Algorand (ALGO) recently launched its AlgoKit, allowing Web2 developers to onboard into Web3 and attracting more developers to the Algorand ecosystem.
Algorand famously claims to be the first Layer-1 blockchain to solve the famous blockchain trilemma, which dictates that chains can only optimize 2 of the following 3 properties: decentralization, scalability, and security. Algorand delivers all three through its permissionless pure proof of stake consensus mechanism.
ALGO currently has a market cap of $1.5 billion. Given that Algorand branched out into India, hoping to encourage more significant Web3 development in one of the world’s most populated countries, many analysts believe that soon Algorand (ALGO) could breach the $2 billion mark. Analysts ALGO price predictions range between $0.39 and $0.47 in 2024.
Enjin Coin (ENJ): GameFi, NFTs, and Locked Value
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Binance recently added Enjin Coin to its proof of reserves after the FTX fallout. Enjin Coin (ENJ), the flagship product of Enjin, focuses on building an infrastructure layer for GameFi. Enjin Coin does this by backing the value of NFTs within its ecosystem and locking ENJ tokens inside the NFT.
Enjin pioneered the idea of introducing a base currency into GameFi, which has since been adopted by other popular protocols such as the Treasure DAO, a GameFi-centric DAO operating in the Arbitrum ecosystem that leverages Magic (MAGIC) similarly.
Games leveraging Enjin Coin can provide players with NFTs which will always have a tangible value. Enjin Coin (ENJ) price predictions range between $0.77 and $0.92 in 2024 – significant upside potential.
Collateral Network (COLT): 2023’s Biggest Gainer?
Collateral Network has begun a roaringly successful presale and, in the first and ongoing phase, has raised over $430,000. Collateral Network (COLT) is a challenger lender and the first decentralized protocol for real-world assets. Analysts have already forecast gains of 3500% during the presale, and looking at COLT’s utility as a token makes it easy to see why.
COLT entitles holders to various discounts on the platform, including borrowing fees for borrowers and reduced trading fees for lenders on the Collateral Network marketplace, and holders gain access to permissioned actions where distressed assets will be sold below market prices. Additionally, the Collateral Network can be staked to provide liquidity to the loan book with a yield ranging from 5.5% to 14.8%, depending on the lock duration.
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COLT revisits what it means to be a decentralized lending protocol and is ready to change the status quo of lending within DeFi. Until now, borrowers have only been able to access loans via over-collateralizing crypto assets. However, thanks to 100% asset-backed NFTs, Collateral Network powers a new era where real-world assets unlock institutional-level liquidity on-chain. With plans to go multi-chain and launch on several tier 1 centralized exchanges, Collateral Network (COLT) looks ready to 100x in the coming months.
