17 August 2021: With countless different cryptocurrency projects out there, it can be hard to gauge which projects deserve your attention - and your investment. The cryptocurrency market is a wide encompassing one in that it offers disruptive technologies in a numerous amount of sectors. These sectors include banking & financials, monetary theory, privacy, data processing, gaming, music, and more. This monthly newsletter will cover the top ten cryptocurrency protocols & projects month to month (with a handful of honorable mentions) based on their importance to DeFi, Web3.0, and the future of cryptocurrency utilization.
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August 2021 - Top 10 Cryptocurrencies List
With cryptocurrency markets coming back to life after an extended down period stemming from the May correction, hype for numerous projects is back on the rise. With tons of projects out there, we have identified ten projects worth adding to your watch list - or to your portfolio. Each project was considered a handful of different factors. Some criteria that was considered includes financial support, community engagement, actual utility, and future development.
With hundreds of notable cryptocurrencies out there, it can be hard to scale down to a few great fantastic projects. This list is by no means a complete showcase of all the available projects worth considering. However, for the average cryptocurrency enthusiast, we feel the following projects have the best long term potential for utilizable development in the future:
10. Algorand (ALGO)
Algorand is a competitor that rose out of the exodus from the original Ethereum development team, similar to the likes of Cardano and Polkadot. ALGO has had a very impressive year. The development on the Algorand blockchain, including projects from healthcare to NFT markets, has beaten expectations. While rumors of an Amazon implementation of Algorand transaction processing may have been false, the potential future use cases of the speed and reliability of the Algorand blockchain, along with the recent investments and integrations of coming Miami-based blockchain investment groups, puts Algorand at the forefront of potential future commercial use.
9. Polygon (MATIC)
The development and expansion of the Polygon network has been impressive over the past year. The major development for Polygon is the network's massive role in helping to scale Ethereum effectively for the release of ETH2.0 and Proof-of-Stake. Polygon has demonstrated to be an industry leader in blockchain scalability and will more than likely continue to do so for years to come. With the coming launch of ETH2.0 using the Polygon network, the project will have the support so long as Ethereum is successful in its next major network upgrade.
8. Solana (SOL)
Solana is another similar protocol to Ethereum. It operates a public blockchain protocol that is best utilized for decentralized computing and the development of DApps (decentralized applications). Similar to Ethereum 2.0, Solana already utilizes Proof-of-Stake. The catch for Solana is that the protocol is incorporating a novel consensus algorithm called the Proof-of-History (PoH) timestamp protocol. While it can be sometimes overlooked compared to other "Ethereum killers", Solana has quietly climbed to a nearly $20 billion USD valuation.
7. Monero (XMR)
Monero makes this list because of one extremely important feature - privacy. Monero is considered one of the most secured private cryptocurrencies available today. This has also made it the target of discussions by governments to inhibit this level of monetary privacy, usually tied in with the argument of stomping out criminal activity. Monero is inherently important because it is largely untraceable by any entities - including governments. With the push for central bank digital currencies (CBDCs), protocols such as Monero will only grow in popularity.
6. The Graph (GRT)
Arguably the most sensational querying protocol currently in crypto, The Graph has turned heads in its unwavering ability to handle large amounts of data querying for a number of different protocols. The network that The Graph has created thus far has been impressive, and the importance of a truly decentralized querying protocol for the coming internet of blockchains in true web3.0 places The Graph on our inaugural top ten list. Consider The Graph similar to a decentralized version of Google.
5. Chainlink (LINK)
Sitting just above The Graph and breaking into the top five, we have Chainlink. Chainlink has been one of the most highly successful oracle protocols within the cryptocurrency market. With a wide variety of applications, the use cases for Chainlink have been growing steadily since its inception. Over the long term, the expectation is that Chainlink will be the pivotal provider of a bridge for current organizations, institutions, and businesses for incorporating the security & reliability of blockchain technology into their daily operations off the blockchain.
4. Cardano (ADA)
The hype around Cardano has been notable for quite a while. Although mostly still theoretical (including the likes of smart contracts), Cardano and the partnerships that it has already created point towards a very bright future. One of the most interesting potential future markets for Cardano is the plan for the network to provide the banking and financial instruments for the continent of Africa, helping millions of people secure financially independent futures. With a successful implementation of Cardano in Africa, it could quite literally change the world forever by providing new avenues of economic opportunity to a whole continent of people.
3. Ampleforth (AMPL)
Ampleforth is possibly the most overlooked protocol that currently exists within crypto. The AMPL rebasing algorithm and the durability of the Ampleforth protocol are setting it up to quite literally be the future unit of account of DeFi - and maybe even the world depending on how rapid decentralization is adopted around the world. Ampleforth provides a infinitely scalable, crosschain unit of account that can be unequivocally used in transactions, borrowing/lending, and even held for gains over time. An honorable mention along with AMPL is the Ampleforth Governance Protocol (FORTH) which literally gives the owner of FORTH tokens governing rights over the AMPL money supply.
2. Ethereum (ETH)
The Ethereum network and its recent major developments all point to a highly utilizable future within both DeFi and Web3.0. Ultimately, the long term success of Ethereum depends on a few different factors. These factors include the ability of the protocol to ensure decentralization stays at its core, the success of changing from Proof-of-Work to Proof-of-Stake, and the ability for the launch of future developments to successfully scale Ethereum in a way that makes gas fees and transactions actually affordable for everyday users. Being the second biggest cryptocurrency in the market right now, Ethereum is handily in the number 2 spot of our rankings.
1. Bitcoin (BTC)
There could be no other number one in August 2021. The ever-growing adoption of Bitcoin on a global scale is, without a doubt, the most important aspect of the overall success of not only cryptocurrencies in general, but also the future of DeFi and Web3.0. The El Salvadorean legislation to make Bitcoin legal tender is the very first step in a coming cascade of adoption that will permanently etch cryptocurrencies into the history of global financial systems forever.
Honorable Mentions & Notable Other Projects:
Polkadot (DOT), XRP (XRP), Terra (LUNA), Aave (AAVE), Sushiswap (SUSHI), Pancakeswap (CAKE), 0x (ZRX), Maker (MKR), Litecoin (LTC), Basic Attention Token (BAT), Dash (DASH), Storj (STORJ)
Summary
The above list (including honorable mentions) should not be considered a 100% comprehension of all the important projects within cryptocurrencies nor is it a guide to the only projects you should feel comfortable investing in. New projects are created all the time that may have a substantial, disruptive impact on the entire market in the years to come. Nevertheless, the above projects are the ones we feel have the most going for them currently, in terms of use case, community support, development, and overall impact.
As always, be sure to conduct your own due diligence before choosing which projects you should add to your portfolio.
What coins do you feel should or should not be included in this list above? Do you agree with the rankings? Hate them? Please share your thoughts in the comments below!
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