Trending Blockchain Networks in 2022
With the fast growth and extensive recognition of crypto in 2021, let’s take a closer look at a few of the more promising blockchains of 2022.
The name has become synonymous to users who mention Bitocin and crypto. What truly put Ethereum on the radar was its innovation of the Ethereum Virtual Machine (EVM). The EVM essentially created an environment where all Ethereum accounts and smart contracts live. With the introduction of the EVM and smart contracts, Ethereum altered the entire landscape of crypto by moving away from Bitcoin simply acting as an storage of one’s assets and payment. Various use-cases ranging from DeFi, NFTs, gaming, metaverse, and many more started to exist with the help of Ethereum.
That’s just the start for Ethereum. As one of the fundamental building blocks to many of the protocols we have today, Ethereum continues to expand itself. With ETH 2.0 coming around the corner, many issues that we face today on Ethereum like sustainability and scalability will be greatly reduced. If you were wondering how you were going to live with the insanely high gas fees, once ETH 2.0 is here, that’s not something you’ll have to worry about. On another note, if you want to see how ETH is valued, there is an interesting model that was done to evaluate how valuable ETH is with its current transaction volume. The model is updated every-so-often and uses a DCF model to forecast the true value of Ethereum. According to the model, the value of ETH is supposed to be at around ~$10,000 during the time of writing.
Having mentioned a little about gaming, AVAX is another network that is at the forefront of this industry. This blazingly fast, low-cost and eco-friendly network has gained a lot of traction in the end of 2021 with hot topics like gaming and metaverse making headlines. The platform runs a lot of top DeFi protocols namely AAVE, Trader Joe, Wonderland, Benqi, and Curve.
With no requirements for launching both public and private blockchains, the AVAX network has grown significantly. That is also on top of the fact that AVAX has a much more efficient tps at 4,500 tps which is much faster than other networks like Bitcoin (7 tps), Ethereum (14 tps), and Polkadot (1,500 tps). The network has also attracted a wide range of global corporations ranging from Mastercard and Deloitte signing partnership deals with Ava Labs, the founding group behind AVAX. With the recognition and scalability that AVAX has already displayed, the platform will continue to make big strides in 2022.
With Ethereum gaining so much traction in the space, Polygon is the further extension and irreplaceable supplement to its success. The platform is a scaling solution for Ethereum. With ETH 2.0 continuing to be delayed, Polygon is the alternative solution that enables the countless blockchains and dApps that already exist on Ethereum to take advantage of its features and core protocol layers without needing to suffer slow transaction times and high gas fees. Hence, the success of Ethereum will no doubt also bring up the success of Polygon.
Moonriver / Moonbeam
This is pure Alpha on our part!
Moonriver and Moonbeam parchains to the Kusama and Polkadot relay chains respectively have been making waves in the DeFi space. Both parachains are able to deploy Ethereum dApps with as little friction as possible. As an Ethereum compatible smart contract chains, both Moonriver and Moonbeam are incredibly flexible. By offering EVM implementation, bridges, and Web3 compatible APIs, their network essentially supports a wide variety of different protocols. On top of these benefits, both networks have sophisticated features ranging from staking, governance, and treasury. All these features together promise a bright future for not only Moonriver and Moonbeam, but for their relay chains Kusama and Polkadot.
Last on our list is Algorand, a relatively newer public blockchain network that is looking to create a highly scalable platform for dApps and financial systems. The platform hopes to bridge the world of decentralized and centralized finance together through its technology. Over 500 global organizations are currently leveraging its technology to create the next generation of financial products, protocols, and exchange of value all across DeFi, TradFi, and governments. The platform has already been recognized by various traditional institutions and university partners which will be crucial to the adoption of crypto. As the platform continues to expand and widen its reach, Algorand will definitely be at the forefront cultivating relationships with normal retail users.
Were there any blockchains that you also thought would be trending in 2022? Are there any dark horses that you think we left out? Feel free to leave a comment down below or comment on our twitter! Hope you enjoyed this article and stay tuned for more in the future!
Disclaimer: This article does not serve as financial advice.
About Chaotic Finance
Chaotic is the first community-driven delta one asset protocol on the Kusama network via Moonriver. Chaotic allows its users to get exposure to various synthetic assets by letting them trade long and short positions with up to four times leverage.