3 Cryptocurrencies Every Serious Investor Should Watch Closely This Week: KNC, KAVA & DOGE

The start of the second quarter of 2022 has so far been characterized by negative price movements that have seen Bitcoin, Ethereum and the majority of digital assets fall to multi-week lows. After about two weeks of noticeable pullback, Bears appeared to loosen their grip on the market in the second half of Week 15. As a result, many cryptos posted modest gains in recent days, which helped the total capitalization of the cryptocurrency market to recover from the 30-day low of $1.88 trillion recorded on April 12. The short-term outlook of many investors has become cautiously optimiststokens take a look at the top three cryptos worth following this week.

3. Kyber Network Crystal (KNC)

Founded in 2017, Kyber Network is a decentralized financial infrastructure provider whose mission is to make the process of moving liquidity across the broader crypto ecosystem simple and efficient. The project’s DEX aggregator and liquidity protocol, KyberSwap, facilitates digital asset transfers between many decentralized exchanges (DEXs), including Uniswap, Curve, PancakeSwap, and Pangolin, to name a few.

Beyond decentralized cryptocurrency payments, the Kyber ecosystem is governed by the KyberDAO, a decentralized autonomous organization (CAD), which allows KNC token holders to participate in the decision-making process involving key network parameters. Apart from use cases related to community governance, KNC can also be used for staking purposes, which gives its owners the opportunity to earn a share of the exchange fees generated by the protocol in the form of rewards in cryptocurrencies.

Kyber Network integrates with Uniswap v3 and now supports trading on 10 separate blockchains.

The native token of the DeFi-focused blockchain network, Kyber Network Crystal (KNC), has gained almost 50% since mid-March. Much of the reason for investor interest lies in a host of major ecosystem milestones that the Kyber Network team has achieved in recent weeks.

During the first week of Apil, the team announced the integration with Uniswap v3 on Ethereum and Polygon to give users the ability to use market rates generated by the leading decentralized exchange protocol. Following the theme of multi-chain operations, the project has partnered with Avalanche to unlock $1 million in cash mining rewards under the Avalanche Rush Phase 2 program.

The Kyber Network team’s top priority is expanding its “DeFi liquidity hub” to as many blockchain ecosystems as possible. The project’s KyberSwap now supports trading on ten major platforms, including Ethereum, Polygon, Avalanche, BNB Chain, Aurora, Arbitrum, Fantom, Oasis, Velas, and Crypo.com’s Cronos. With the total value invested in all services tracked by DeFi Llama surpassing $200 billion in April 2022, Kyber Network’s ability to access liquidity from different sources through a simple and efficient interface bodes well for the short and long term prospects of the project.

2. Kava (KAVA)

Kava is a high throughput layer 1 blockchain developed by Kava Labs. It is designed to use an innovative blockchain architecture of two co-chains working side-by-side to create a scalable unified network and facilitate a myriad of decentralized finance (DeFi) use cases. Although it hasn’t launched on the mainnet yet, the co-chaining system has been tested extensively by the Kava team and is expected to roll out soon.

The consensus engine Tendermint Kava combines the smart contract capabilities of Ethereum with the interoperability of Cosmos to facilitate transactions for thousands of decentralized applications. To achieve cross-chain communication and asset transfers, the Kava ecosystem uses the IBC protocol and Chainlink’s decentralized blockchain oracle network. The platform’s native token, KAVA, is used to transfer values ​​on the network and plays a key role in the governance of the blockchain network.

The Ethereum and Cosmos co-chains will go live after the Kava 1.0 mainnet launches in May.

The Kava ecosystem is rapidly approaching one of the most important roadmap goals: the full launch of the co-chain architecture on the mainnet. The team is currently targeting a May 10 co-channel rollout, according to a tweet shared earlier this month.

When fully deployed, co-chains will give DApp developers the ability to build in Ethereum Virtual Machine and Cosmos environments. SDKs with seamless interoperability and liquidity access spanning two of the largest DeFi ecosystems. Additionally, KAVA holders can look forward to the opportunity to use their digital assets in the form of tokens while participating in the process of securing the network and earning rewards from validators.

According to data from DeFi Llama, the total value of digital assets locked on Kava has increased from $96 million in January 2021 to $625 million in April 2022. The over 550% increase in TVL shows the promise of the Kava ecosystem and suggests that network activity is set to increase even further in anticipation of the commissioning of the co-channel infrastructure. Additionally, the team recently launched Kava Rise, a $750 million incentive program designed to boost the development of DeFi, gaming, and NFT projects in the ecosystem.

1. Dogecoin (DOGE)

Dogecoin was launched in December 2013 as a joke born out of the doge Shiba Inu meme that went viral the same year. Despite its meme-inspired beginnings, the community quickly took a liking to this slightly inflationary digital currency that boasts much lower transaction and throughput costs than some of the major crypto networks, such as Bitcoin and Ethereum.

In the 12 months between May 2020 and May 2021, the DOGE token experienced a historic rise that saw its price increase by over 30,000%. the rally was primarily fueled by Tesla CEO Elon Musk’s publicly shared bullish stance on memecoin and the subsequent exposure the token received from a wider audience of regular investors.

Elon Musk and the CEO of Robinhood are pitching ideas for new use cases for dogecoin.

Although Dogecoin started as a joke inspired by the Reddit community, the token offers several advantages that should not be ignored. For example, Dogecoin miners can perform mathematical calculations that complete and record transactions on the blockchain at a much faster rate, and with much less energy used, compared to Bitcoin.

Last year, during TIME magazine’s Person of the Year interview, Musk said that Dogecoin could be one of the best candidates for facilitating digital transactions, pointing to the slightly inflationary nature of DOGE and the flow high total of transactions as its main advantages. Last Friday, Vladimir Tenev, CEO of Robinhood, expanded on the point raised by Musk last year and explored it in a 12-post Twitter post. thread what it would take for Dogecoin to become the “future internet currency”. Tenev believes that Dogecoin developers should focus on optimizing block size, as the speed and transaction fees are already competitive enough to easily tackle established payment processors, such as Visa.

Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.

Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.

Another bullish sign for DOGE emerged last week after Musk floated on the stock market the idea of ​​his favorite cryptocurrency being used for Twitter’s premium Blue service. As a reminder, earlier this month, Mr. Musk acquired a 9.2% stake in the social media company, taking its stock to a yearly high. Later, Musk offered to buy the entire company for $54.20 a share ($41.4 billion) and take it private. Following recent developments, the price of DOGE has increased by more than 20%. Despite this significant upside, DOGE is still trading near 80% of its ATH from last May, which potentially leaves plenty of room for further upside.

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3 Cryptocurrencies Every Serious Investor Should Watch Closely This Week: KNC, KAVA & DOGE

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