An analyst from the Altcoin Buzz team pointed out that he found 4 altcoin projects worth examining this month. Analyst Camille Lemmens said the project has been in the spotlight recently or expects them to steal the spotlight this month. Here are the details…
The first altcoin on the analyst’s list: Polygon (MATIC)
Polygon doesn’t stop making headlines. According to the analyst, “They seem to continue to do the right things.” On March 27, Polygon will release the zkEVM mainnet. ZK is zero information technology. With this, you can prove something without revealing important information. The analyst explained why this is important with the following items:
- Lower costs: Lowers overall costs for the end user. On-chain data shows a 90 percent price reduction.
- High performance: Thanks to zero-knowledge technology, transactions are completed faster.
- EVM equivalence: No need to change the code. Developers can improve the code instead of rewriting all the code.
- Security: Polygon leverages Ethereum’s security as layer 2. ZK proofs verify transactions and keep your funds safe. You may not alter or corrupt the stored information.
Thus, you can use all the tools, applications and code of Ethereum, but with higher throughput and lower fees. You can now invest your Ethereum assets, but trade off-chain. Transactions are made in batches with proof of ZK. This reduces costs and increases efficiency. It also verifies all transactions. As a result, zkEVM operators cannot steal your money. This explains why Polygon has been added to this list of altcoins.
What are the prospects for Frax (FRAX)?
Frax is a stablecoin produced by Frax Finance. It is also the first fractional stablecoin in the world. In other words, it is partially backed by a crypto-asset collateral. On the other hand, it also uses a mathematical cryptographic algorithm. Therefore, it combines two popular methods for backing up a stablecoin. But Frax Finance has much more to offer. They have two more stablecoins. It also has many different services:
- Frax Price Index (FPI) stablecoin: It is pegged to an asset price. This distinguishes it from any nation-state denominated currency or fiat currency.
- FraxEther (frxETH): Depends on Ethereum. It can replace wETH in smart contracts.
- FraxSwap: A local auto market maker.
- Fraxlend: The unauthorized lending market.
- Fraxferry: This transfers locally issued Frax Protocol tokens across multiple Blockchains. In other words, it is a bridge.
- Frax Share token (FXS): Frax’s governance token.
As you can see, there is a lot going on here. Frax Finance is about to release the algorithmic part of the FRAX stablecoin. Instead, they want full collateral support. A user suggested this on February 18 and voting closed on February 23. 98.08 percent voted for this proposal. Now, FRAX can start to play a role in the whole BUSD situation.
Analyst pointed to altcoin Stacks (STX)
Stacks is a layer-2 just like Polygon. However, it is a layer-2 for Bitcoin. Shortly after the NFT collection launched the Ordinals, the STX token started to rise. STX has seen a 236.5 percent price increase over the past 30 days. Currently, it’s only 20 percent lower than last year. This is much better than most cryptocurrencies. Also, Stacks runs its own nodes. Apart from that, Stacks has its own network. Miners are Stacks miners. They have their own token, STX.
As a result, Stacks are not pegged to on-chain BTC. However, other Bitcoin layer 2 chains do. That’s why Stacks uses Bitcoin as a storage medium. All transactions on Stacks are recorded in Bitcoin. Besides Ordinals, Stacks also has a Bitcoin naming service. You need a special wallet especially for Ordinals. If the wallet doesn’t recognize Ordinals, it can send them. The other big news is Stacks Blockchain Release 2.1.0.0.0, which will be released on March 20. This will make the connection between Stacks and Bitcoin even stronger.
Last coin on the list: Filecoin (FIL)
cryptocoin.com As we have also reported, Filecoin offers decentralized storage. You can keep your files. When you store files, you receive rewards in the form of FIL tokens. Before you can get a FIL, you must prove that you have stored the files correctly. When you want to store your files, you can use the parameters to find the provider that best suits your needs. For example, you can look at cost, redundancy, and speed. Therefore, if you want to provide storage, Filecoin uses an open market. This could be someone with free disk space. On the other hand, you can also set up a custom system specific to Filecoin.
However, their big news is the launch of Filecoin EVM or FEVM. They scheduled the launch for March 14, which means less than two weeks from now. This brings smart contracts and programmability to Filecoin. This unlocks a whole new set of possibilities and features. Finally, the roadmaps look promising, according to the analyst.
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