Every sector seeks to profit from blockchain technology’s decentralized and transparent characteristics. With blockchain technology being deployed in almost every industry, demand for blockchain protocols is at an all-time high.
Recognising the increasing expansion of blockchain platforms, several blockchain development businesses have begun research and development of blockchain protocols to create a more robust crypto ecosystem. To explain what is a crypto ecosystem, we conducted extensive research and compiled a list of innovative blockchain protocols based on their ecosystem, technological stack, and solutions.
What is a Crypto Ecosystem?
The cryptocurrency ecosystem is understood as a platform for developing blockchain projects in a specific direction. It can be new types of coins and an exchange of values, data, and many other areas.
An ecosystem refers to a collection of technical parts capable of interacting to build a system that performs a particular purpose when it comes to blockchain technology. Individual involvement, data ownership, finance, exit and entry requirements, and information shared with the system’s members are some of the governance structures that control this system.
Day-to-day operations may benefit from genuine decentralization, immutability, transparency, accountability, and flexibility that the blockchain ecosystem can afford. These benefits may be a godsend for technological businesses and initiatives since it allows them to construct a linked network, even though they must evaluate what information they want to share with the rest of the world via the network.
What Are The Best and New Crypto Ecosystems For 2022?
Among other things, blockchain technology and its uses have entirely transformed the systemic approach in many ways. Blockchain networks within their ecosystem have fashioned their value output to answer the challenges of conventional systems of operation with decentralized solutions, enhancing the value of the blockchain network.
Twenty-first-century Blockchain-based inventions have exploded, with NFTs and GameFi; play-to-earn games at the top of the list, among other decentralized creative crafts. The year 2022 will see the introduction of more new apps.
To stay on top of the industry, here is a crypto ecosystem list to keep an eye on in 2022.
Polygon
Polygon is a new decentralized network that enables the creation of Ethereum-compatible blockchain networks and the scalability of innovative solutions enabled by the SDK ecosystem.
In comparison to Ethereum, the Polygon network is faster and more cost-efficient. It is a Proof of Stake sidechain that enables faster transaction processing and lower transaction costs. The ecosystem facilitates the establishment of two distinct kinds of Ethereum-compatible networks.
Numerous DeFi DApps have already been launched on the network, and many users make money by playing games like Trade Race Manager and Arc8 by GAMEE.
$MATIC is the ecosystem token used to pay transaction fees and participate in governance. Staking, like other cryptocurrencies, is an excellent way to make MATIC. Staking is a passive earning strategy in bitcoin.
Terra
When determining the finest new crypto ecosystems 2022, it is vital to investigate a number of initiatives that provide protection against severe market conditions.
After all, when Bitcoin declines, the foreign exchange markets often follow suit. As is the case with Terra and its underlying LUNA cryptocurrency, a number of digital assets have a track record of outperforming in down markets.
To illustrate this point, while the value of Bitcoin has increased by 0.34 % in recent months, the value of Terra has increased by approximately 52 %.
For those new to this project, the Terra protocol is tasked with the responsibility of maintaining Terra stablecoins, which are pegged to fiat currencies such as the US dollar and the Japanese yen. Users of the Terra platform may receive incentives for staking and have a role in the protocol’s future through governance.
Harmony
Harmony is an open, decentralized Proof of Stake platform with lightning-fast blockchain transaction finality. The Harmony Mainnet allows Ethereum apps to run faster and with lower costs. The ecosystem’s creators used the slogan “decentralized at scale” for its debut.
Harmony facilitates asset transfers across Ethereum, Binance, and two more chains. This enables users to link Proof of Work and Proof of Stake chains more easily. Through the protocol, developers have access to quicker EVM execution and may simply transition to Harmony using normal Web3 tools.
By sharding network connectivity, transaction validation, and blockchain state, Harmony strives to achieve scalability. Utilizing a DRG process contributes to the security and scalability of the blockchain.
$ONE is the Harmony network’s native currency. It functions as the platform’s utility token and is traded on the cryptocurrency market. Harmony invites developers and consumers to participate in their blockchain goodness in order to continue developing creative apps.
Luckyblock
This digital asset, one of the new crypto ecosystem projects, aims to challenge the global lottery industry.
The lottery process is decentralized via blockchain technology in the protocol. Everybody can participate in lottery games at home without a centralised operator. This is a critical assumption.
Luckyblock’s services are secure since they are managed and executed using smart contracts. This assures that each lottery game is exact and fair, free of the possibility of manipulation by internal or external parties.
Those interested in learning how to invest in a new cryptocurrency project, Luckyblock, may do so by purchasing the project’s digital token, which is now in the pre-launch phase and will become available for purchase shortly. After the pre-launch phase concludes in early 2022, the Luckyblock token will be listed on Pancakeswap, with plans to list the token on multiple more centralized cryptocurrency exchanges in the coming months.
Abracadabra.money
Abracadabra.money is the last cryptocurrency ecosystem on our list. The Abracadabra blockchain ecosystem, along with its native SPELL token, has grown at a breakneck pace over the last six months, owing to its emphasis on developing a completely decentralized ecosystem and asset-backed stablecoin. SPELL has grown 1500 % in value since its inception in Q2 2021, trading at $0.0039, as of this writing, while Abracadabra’s stablecoin, Magic Internet Money (MIM), expanded to become the sixth biggest stablecoin in less than a year.
MIM is one of Abracadabra’s most compelling features. The stablecoin is completely collateralised and issued by the DeFi technology of Abracadabra. Interest is earned on these assets, which encourage staking wallets to deposit their funds on the site. According to DeFi Llama, the stablecoin has $4.55 billion in locked assets, and Tether’s rise is proof.
Second, by integrating numerous chains and platforms, the project’s main developers are broadening the possibilities for its $SPELL token. Sushiswap support was recently introduced to the platform, after last year’s integrations with Fantom and Binance Smart Chain.
