Bear markets are always overwhelming But people make their money in bear markets and only realize how much is in bull markets. Although this bear market lasts for a long time, the bull will return. But have you taken up your position to make the most of it when the next big run comes along? Crypto expert Stu L reviews 3 altcoin projects covering the 4 biggest narratives in crypto.
First altcoin: GMX
GMX is a snapshot of 2 major narratives currently underway in crypto: Perp DEXs and Arbitrum. But what is Perp DEX? A DEX where you can buy and sell perpetual futures contracts. These contracts serve as great protection for whales and institutional investors. Therefore, they are important if crypto is to grow compared to legacy finance.
Prior to the 3AC, Voyager, and FTX issuances, most futures were traded on centralized exchanges. Many still do. But many have gotten smarter about self-custody. But he still wants to trade or hedge in futures or perpetual contracts. There are Perp DEXs for this. And one of the biggest and fastest growing is GMX. Among the largest DEXs, GMX ranks 2nd in revenue from fees in the last 6 months. There’s more to just dydx. But that’s only 1 reason why I love GMX. I think he will do well in the next bull run.
Second place is Frax (FXS)
Frax is another altcoin that I love when the bull returns. Since they have stablecoins, I mean Frax Shares coin FXS. FRAX is not steblecoin. Frax initially caught our attention because of its ‘hybrid’ stablecoin project. I still love what they’ve done out there but they have decided to provide purely crypto collateral. They are no longer trying to make it an algorithmic stablecoin. Frax thinks this is too risky and they will go the DAI style crypto-collateralized route.
And it’s probably a good move for them because they recently made a big move that few people noticed. In fact, when we last featured them here 6 or 8 months ago, this program wasn’t there. What am I talking about? Frax, Liquid Staking and Ethereum. When the bear seemed to continue strongly in November, Frax launched liquid staking. It was a brave move.
And the altcoin paid off. In 4 months, there are 113,000 ETH locked in staking programs. This places them in a solid 4th place with Lido being the undisputed leader. In crypto, narratives are important. You can get the hottest thing done, but if it’s in an industry that nobody cares about, people won’t notice it and you can’t make any money. Sometimes they realize later and you really make money. And sometimes they never notice and your investment just sits there.
Liquid staking is a big narrative in crypto right now. cryptocoin.comAs you followed, the Shanghai upgrade is coming to Ethereum. This means that liquid staking protocols are in a position to benefit whether the bull market starts again or not. In fact, all the bull market will do is offer more options to lend, stake and invest in staked tokens like frxETH.
Latest altcoin: Mina Protocol
Another great narrative that I love is zk-proofs. Their love for privacy and scaling through rollups lately focuses on Layer 2 solutions for Ethereum. Yet there is a lightweight, fast, secure, zk-based Layer 1 Blockchain that most people ignore: Mina Protocol. Mina’s importance grows as privacy becomes more important now as it’s back on track. Other than Polygon, which deals with many things that are not zk-only, Mina is by far the largest zk-only altcoin project.
With a market cap of $540 million, MINA currently ranks 67th in crypto. And everyone is ignoring it for the hot new Ethereum L2 solution that uses the same technology and competes with 10 other L2 solutions. It doesn’t make any sense. If Zk gets too big as we think, you’ll want the leading Layer 1 project in your portfolio.
An important note, they use a similar Proof of Stake consensus that Cardano uses. This system, called Ouroboros, uses staking to launch new tokens like Cardano. So if you buy Mina, you will definitely want to stake to earn these rewards and keep your ownership percentage the same when new tokens are released.
The opinions in the article are those of the experts and are definitely not investment advice. We recommend that you do your own research before investing.
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