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On June 14, 2023, the entire digital currency market was at its lowest level since three months ago. According to CoinGecko, the total value of the digital currency market increased from $1.1 trillion to $1.06 trillion. Sometime later, after the recession, the market recovered and grew to more than $1.2 trillion. That is, it was only 100 billion dollars less than its highest level of 1.33 trillion dollars in three months. Bitcoin also reached its highest price of the year and Ethereum was about to reach $2000.
Interestingly, in the same period of time, that is, from April to June 2023, the price of several coin devices grew significantly. In this article, which is a Farsi translation of an article on the Coin Gekko website, we introduce 10 altcoins that have the best performance among the top 300 digital currencies in terms of market value in the second quarter of 2023.
Pendle
The Pendle Finance project allows users to buy crypto-assets at a discount and redeem the purchased tokens when the offered discount expires. This discount is offered from unrealized profits that have expired during the maturity period. Pendle also converts the earned profit into tokens and thus, you will have two types of tokens: Principal Token (PT) and Yield Token (YT). The main token is the tokens you bought and the return token is the expected future profit. Pendel helps you manage your profit and tokens separately by tokenizing the profit you have not yet received. You can even trade both assets.
The Pendle Finance token is PENDLE, which has been associated with a steady increase in value during the second quarter of the year. The PENDLE price was as low as $0.38 on April 1st and reached as high as $0.77 on June 30th. Therefore, its price growth in three months has been more than 120%. According to CoinGecko data, the highest quarterly price of this token since August 2021 was $0.96.
The total market value of Pendel also increased by more than 200% in the second quarter of the year and reached more than 35 million dollars on April 1st to more than 77 million dollars on June 30th.
One of the reasons for the growth of Pendel’s value during this period is the expansion of its yield program and the improvement of annual yield. The annual percentage return (APY) on this platform has grown up to 35%, and independent apps have also accepted Pendle’s tokenized future returns.
On June 28, Dolomite announced that it will accept Pendle’s main token (PT) for derivatives trading on its platform. Dolomite claims that Pendle users can borrow with their core tokens on the Dolomite loan page and receive interest at the same time.
Bitcoin Cash
Bitcoin Cash (BCH) has maintained the same economic system as Bitcoin since it split from the Bitcoin network in August 2017. This digital currency introduces itself as a more practical version of Bitcoin; Because the TPS rate for Bitcoin Cash is 100 transactions per second, while this rate for Bitcoin is only 7 transactions per second. This is thanks to Bitcoin Cash’s 32MB block size, which holds approximately 25,000 transactions. With these functional differences, the economic model of Bitcoin Cash is still similar to Bitcoin.
Many large institutions in the financial sector have joined the crypto industry and are looking to offer cryptocurrency investment opportunities through exchange-traded funds (ETFs) and regulated trading platforms. One of the trading platforms in this field is the EDX Market exchange, which was launched almost a month ago on June 20, 2023 (30 June 1402). Very large institutions such as Fidelity Investments, Citadel and Securities support this exchange.
The price of the BCH token doubled in the second quarter of 2023. The price of this token was $124 on April 1 and reached $253 on June 30. The volume of Bitcoin Cash daily transactions increased during this period and reached more than one billion dollars. This amount was 80 million dollars in April.
Tominet
TomiNet, with its native token TOMI, offers a portfolio of crypto products that it claims focuses more on equipping developers to create platforms that bridge Web 2.0 and Web 3.0. The administration of these products is under the responsibility of the TumNet community through the Decentralized Autonomous Organization or DAO. Some of them are: Tomi Privacy Layer, Tomi Domain Name Service (tDNS) and Tomi Browser.
Tumi’s privacy layer uses a zero-knowledge rollup architecture to provide privacy to users when interacting with first-layer protocols.
Tomy web browser, according to the project team, provides users with a safe, powerful and anonymous environment to access the Internet.
Launched on June 20, 2023, Tomi Domain Name Service Decentralized System allows users to create a domain that can be managed on the blockchain with the help of peer-to-peer tokens that represent URL ownership. According to official information, real addresses are encrypted, so no entity on the network can ever block an address that is verified.
The native token of this project witnessed a 100% increase in its value with the hype around tDNS and being listed on multiple exchanges, and the price of TOMI reached more than $4.2 on June 30, from around $2.1 on April 1, 2023. The market value of this project exceeded 400 million dollars in the second quarter. Its daily trading volume has also grown similarly; Because market forces work in favor of this project.
Kojira
Kujira is a first-layer ecosystem built on the Cosmas network and uses the network’s interoperability to connect with other blockchains using the Inter-Blockchain Communication (IBC) protocol. This project allows developers to build applications that interact with other networks easily. It also implements a system on the network that is not completely permissionless; That is, developers must execute their smart contract only after passing the governance voting process in this network.
Kojira is a proof-of-stake network and claims that its liquidity system is efficient and reward-based. The network allows every application on its platform to use a common asset pool to secure the network, and anyone can earn rewards for contributing to the network, regardless of which dApp they are working with. The Kojira ecosystem includes a decentralized orderbook-style exchange or order book for cross-chain asset transactions, a market-making framework, a public market for the purchase of liquidated securities (ORCA), and a number of other features.
In the second quarter of 2023, the price of the Kujira token (KUJI) increased from $0.42 on April 1 to $0.84 on June 30. With this 99% growth, KUJI has been the fourth most profitable currency among the top 300 digital currencies in terms of market value. During this time, this token was able to reach a peak price of $1.04, which is the highest price level since October 2022. Kojira’s market value is 119 million dollars; However, its trading volume has maintained a constant pattern.
Tomochin
Tomochain is an Ethereum virtual machine compatible network that uses Proof of Stake Voting and its launch dates back to 2018. The network claims to be highly scalable and uses a number of technologies to achieve high transaction speeds and low fees per transaction. Apparently, as the project’s official documents show, one TOMO, Tomochain’s native token, is enough to run thousands of transactions. Again, according to Tomochin, the TPS rate of this network is 2000 transactions per second, and his team is looking for scalable solutions, including sharding, Ethereum virtual machine parallelization, and the like to increase this amount. Tomochain continues to grow its ecosystem with DeFi projects, asynchronous tokens, GameFi, Dao and other self-secure applications.
The price of Tomo started its work in the second quarter of 2023 with more than 80% growth. Tomo was priced at $0.61 on April 1 and reached $1.11 on June 30. However, it experienced a price peak on May 29, 2023 and reached its highest level in the last one year, that is, $1.64 since April 2022.
The volume of TOMO transactions and its criteria have also grown relatively during this period. On May 25th of this year, Tomochin announced Coin98’s investment in the project, which includes strategic integration into its wallet, among other important features.
Several wallets have been integrated with this network in the second quarter, including EnKrypt. The Tomochain investment platform rewards its shareholders with an annual interest rate of 14%. This can also be one of the factors for the growth of Tomo’s price.
