Three Picks for the Next Crypto Rally: Ethereum (ETH), HedgeUp (HDUP), And Decentraland (MANA)
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It’s 2023, and if you are still asking yourself why you should buy cryptocurrencies, it’s time to change the question. You should instead ask, why not? With a market capitalization of over $800 billion and a projected CAGR of over 12%, the global cryptocurrency market is only going to grow bigger. Hence, there’s no time better than now to test the waters with cryptocurrencies. As new-age products like Decentraland ($MANA) and HedgeUp ($HDUP) enthrall crypto users, old-timers like Ethereum ($ETH) are still a force to reckon with.
HedgeUp: Minting new gains with alternative investment products
HedgeUp brings the alternative investment product ecosystem closer to cryptocurrency users and offers them a unique opportunity to generate wealth. With HedgeUp, crypto users can gain access to the global markets of niche products like wine, luxury watches, aviation, gold, and art. The key advantage of having such products in one’s portfolio is that they act as a hedge against market volatility and prevent one from losing their returns.
It has launched a native token called $HDUP, which is used for all kinds of transactional purposes on the network, like staking and earning rewards. These tokens are available on presale and all tokens bought on presale have a minimum vesting period of a month.
Under the HedgeUp model, its team members strike deals with third-party vendors to secure alternative investment products. After finalizing the deals, these products are uploaded on HedgeUp’s digital marketplace and are secured in an insured vault. Users get to purchase these products in ‘baskets’ that comprise a collection of alternative assets. Another opportunity offered by the HedgeUp team to its users for earning passive income is its non-fungible token (NFT) series. Here too, NFT buyers have the option of either purchasing the entire asset or just a fraction of it by becoming fractional owners.
Decentraland returns with its Film Club contest
Decentraland is a play-to-earn platform wherein users can create assets, explore opportunities, and trade cryptocurrencies. It has launched a native token called $MANA which is used for all kinds of transactional purposes on the network. Its governance structure is built on the decentralized autonomous organizations (DAO) pattern. Under Decentraland DAO, the team owns smart contracts and all assets that make up the Decentraland ecosystem. With the DAO model, $MANA token holders can participate in the daily operations of the platform via voting rights.
In recent news, Decentraland returned with its Film Club 2023 contest for the third straight year. As part of the contest, participants will have to shoot a 30-second video about what they love about the play-to-earn platform and share it on Twitter. If selected among the Top 10 winners, participants will get Vive Flow VR headsets by HTC M. East & Africa, and $MANA tokens as a prize. The contest opens on January 12, 2023, and the last date to send in entries is February 8, 2023. The winners’ videos are featured every year at Decentraland’s birthday party event and have repeatedly set high expectations.
Ethereum’s Shanghai Upgrade on track for launch
Ethereum is a versatile blockchain that powers cryptocurrencies, dApps, and other kinds of decentralized services. It has a native token called $ETH which facilitates various kinds of transactional use cases on the platform and is one of the most sought-after cryptocurrencies across the world. Given its versatility, Ethereum is compatible with multiple other blockchains and virtual machines. It has rolled out protocols for building digital assets, like the ERC-20 protocol for cryptocurrencies and the ERC-721 protocol for NFTs.
The network recently hit the headlines after its team of developers announced that its Shanghai upgrade was all set for a launch in March. Apart from the Shanghai upgrade, developers are also working towards rolling out withdrawals of staked $ETH tokens. The ‘devnet 2’ is a developer network that enables clients to accurately customize the $ETH withdrawal process.
Before the Shanghai upgrade, Ethereum had undertaken another massive software upgrade last year wherein it switched from the proof-of-work consensus protocol to the ‘proof-of-stake’ mechanism. The upgrade was dubbed ‘The Merge’ and enabled the network to cut down its energy costs and consumption by over 90%.
Of the three cryptocurrencies, the option that has been garnering the greatest reviews is HedgeUp because of the way it lets its users earn passive income over the long term. Among the crypto analysts who have reviewed the $HDUP cryptocurrency, many believe that it has the potential to cross 100x returns in the future.