It can often be challenging to double down on a few crypto tokens out of the thousands available, so we figured a little guidance could come in handy. In this article, which is the second installment of a series of pieces, we’ll try to bring three to four tokens each week for everyone to keep an eye on. Chainlink (LINK), Gala (GALA), Nexo (NEXO), and TrueFi (TRU) are from this week’s group—read on to see why.
Chainlink (LINK) is among the leading blockchain oracle solutions that offer decentralization and data conversion in one. Despite its leading position, Chainlink has not lived up to its true potential just yet thanks to the general unawareness about its sector. Before the recent drop, LINK actually performed great, and recorded double-digit percentage gains on a daily basis, so when the market downturn comes to a halt, it will be interesting to see whether its trend line will recover.
Gala Games (GALA) is a collective name for various blockchain-based games that allow players to monetize their in-game progress and resources. By owning assets as NFTs (Non-Fungible Tokens), and getting compensated in GALA tokens for specific actions, users can earn by engaging with Gala. The current leaders of the sphere, like Axie Infinity, can seem hard to beat, however, Gala’s strength lies in its diverse game offering which might outlast those platforms that only focus on one program. It can take a while until Gala finds the way to the top, but it seems to have the potential to get there.
Nexo (NEXO) is among the fastest growing crypto lending and borrowing platforms out there. Holders of Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Litecoin (LTC) can put up their assets as collateral and secure liquidity from Nexo in return. The ecosystem facilitates millions of U.S. dollars in transactions every single day, and the numbers are climbing by the hour. It appears that the only thing holding back Nexo is that it only supports collateralized loans of above four crypto assets.
TrueFi (TRU) is another crypto loan protocol, albeit an uncollateralized one. This means that in theory, borrowers don’t need to put up any kind of collateral in order to get funded. Instead, they need to perform well on TrueFi’s strict credit score rating, which determines the funds they can receive. TrueFi has been picking up pace lately in terms of volume, which caught some investors’ attention—only time will tell whether this will reflect on TRU’s price action, but the effect is expected to arrive soon, if ever.
Keeping track of all assets at the same time is an undoable task, but investors can still achieve consistency by focusing on just a handful of crypto tokens. This week, watch LINK, GALA, NEXO, and TRU to see whether they are bound for positive developments, or will fail to keep their prices steady and lose grip in the upcoming days.
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