The year 2022 for the crypto world was pretty bleak – save for the regular projects and innovations regularly released throughout.
Most would say it was due to the ‘bear’ season and they wouldn’t be wrong but several innovators in this space still dug deep to release projects worth commending. Most had mixed success stories – others had woeful failures but generally, 2022 was not lacking in the array of crypto projects.
The cryptocurrency industry is constantly advancing, and the goals of blockchain-based businesses continue to get loftier with each passing year.
The most recent cryptocurrency projects to be released in 2022 provide substantial advancements to play-to-earn cryptocurrency gaming, decentralized financial systems, blockchain-based security, and other areas.
In this article, we will discuss the best new crypto projects in 2022 and how well they contributed to the crypto space.
- ETHEREUM – The Big Merge
Ethereum is the crypto giant that gave the rest of the world the ability to use smart contracts, thus any list of viable long-term investments in cryptocurrencies would be incomplete without it.
In spite of the intensifying competition from several other smart contract networks, including as Solana, BNB Chain, Avalanche, and many more, Ethereum successfully finished the implementation of one of its most significant upgrades ever in the middle of September.
In the upgrade known as “The Merge,” Ethereum swapped out its previous Proof-of-Work consensus mechanism for the much greener Proof-of-Stake. Additionally, it laid the groundwork for a variety of other modifications that could assist Ethereum in securing its status as one of the most technically proficient blockchains in the crypto universe.
- APE COIN– BAYC’s Treasure Chest
The APECoin project is a fungible ERC-20 token that was established on the Ethereum platform. At first, the APE currency was issued directly to the Ethereum wallets of NFT holders who had either one of the Bored Ape Yacht Club (BAYC) or its related collection, the Mutant Ape Yacht Club (MAYC).
This constituted one of the most lucrative airdrops in the history of cryptocurrencies at that time. All holders of BAYC NFTs were eligible to receive nearly $100,000 worth of APE at the token’s release.
APE is designed to be utilized as a utility token, or currency, in web3 applications like games and metaverse worlds, in addition to its application in network governance.
ApeCoin is intended to be utilized in a wide variety of web3 and metaverse initiatives; however, the release of Otherside land NFTs is likely the one that has garnered the most attention.
APE was definitely one of the projects that rocked 2022 – but in an extremely positive way. Let’s see what lies in store for the prestigious Ape community in 2023.
- SUDOSWAP – Decentralized NFT Marketplace
Open Sea might have dominated the NFT acquisition space in 2022 but Sudoswap brought a different dimension to NFT trading and most definitely deserves a spot on the highlights of the crypto year in 2022.
When it comes to trading, OpenSea uses an order book approach that operates off-chain, whereas Sudoswap makes use of liquidity pools to facilitate the purchase and sale of non-fungible tokens (NFTs).
Its NFT marketplace has a protocol fee of 0.5%, all of which is remitted to the protocol treasury. Users are able to buy and sell their NFTs in one transaction, which results in a reduction in the amount of gas used. Further, since it is on-chain, the marketplace allows anyone to showcase items that have been listed on Sudoswap.
Also, the adaptability of the smart contracts that are employed by Sudoswap enables sellers make changes as easily as possible.
The liquidity pools on Sudoswap can be broken down into three categories: buy-only pools, sell-only pools, and buy-and-sell pools. Now, each of these pools can have either a linear bonding curve, in which the prices go up or down in a systematic way, or an exponential bonding curve, in which the volatility is represented by a certain percentage in real time.
- STEPN – Crypto & Wellness
STEPN is a smartphone app that was developed by FindSatoshi Lab and is based on Solana, a blockchain platform that competes with Ethereum. The program enables users to earn money by walking, jogging, or running for a predetermined amount of time during a time period that resets once every 24 hours.
The prizes are awarded in STEPN’s native cryptocurrency, which is referred to as the Green Satoshi Token (GST), and they are credited to a wallet that was either generated in-game or imported from outside the game.
In spite of STEPN’s enormous early success, the company fell into difficulties in China in the wake of the crypto market volatility that occurred in 2022. The general decline in the business, in conjunction with data rules in China that forbid the storing of individuals’ GPS data, aroused the hackles of the country’s regulators, which resulted in STEPN being forced to restrict users in China.
If STEPN is successful in overcoming these early challenges, the “move-to-earn” market might very well develop into a thriving segment of the cryptocurrency ecosystem.
- LUCKY BLOCK – Crypto Casino Experience
The top NFT competition platform, Lucky Block, is spreading crypto to a wider audience through fun and lucrative contests with chances of prize winning.
This NFT project, as you may have predicted, holds periodic competitions that offers participants the chance to win a variety of stunning prizes, such as a Lamborghini, $1 million in Bitcoin, and a super duper Bored Ape Yacht Club NFT.
The LBLOCK token of Lucky Block is extremely important to the ecosystem as a whole. It is intended to make participation in competitions less difficult and to assist in the processing of payouts to winners in a more timely manner.
With Lucky Block’s innovative prize offerings, the token’s popularity has skyrocketed, and there are now more than 57,000 token holders spanning across the world.
If NFTs are more your style, Lucky Block also has special edition Platinum Rollers NFTs available for purchase. These NFTs grant the holder the right to yield in the form of LBLOCK. In addition, each NFT grants the holder free entry into Lucky Block’s exclusive platinum competitions.
If your plans and projections for the future of cryptocurrency does not have LBLOCK V2 in it, now is an excellent opportunity to start paying attention to this emerging crypto project.
- ARBITRUM – Ethereum’s Layer 2
Offchain Labs created Arbitrum, a layer-two (L2) rollup technology that offers fast speed, in early 2022 in order to solve Ethereum’s inability to scale. Ethereum is largely known for its high gas fees and slow transaction speeds and Arbitrum sought to tackle this.
It has a low cost, a robust ecosystem, sophisticated development tools, and a high level of interoperability with EVM (Ethereum Virtual Machine).
An Optimistic Rollup is a technology similar to what Arbitrum employs. By exchanging data with the second-layer blockchain of Arbitrum, this technology makes it possible for Ethereum smart contracts to grow in size.
In addition, the vast majority of the transaction processing will be performed at the layer-2 level, and Arbitrum will record the outcomes in the primary chain. By following these steps, the system’s functioning speed and overall efficiency can be significantly improved.
However, as a result of the Merge on Ethereum, Arbitrum has lost some of its glowing shine; despite this, it will still be an important cryptocurrency project in the year 2023.
IS THE FUTURE BRIGHT FOR CRYPTO IN 2023?
Investors in Bitcoin have suffered greatly in 2022. Despite this, its value has held up better than may have predicted, given the volatility that conventional financial markets fell into, because it is a premature asset class that is still mostly a speculative bubble at this time.
Find your way to work for bitcoin there will be more opportunities to earn on crypto. It appears that 2023 will be a landmark year for Bitcoin. Due to rising interest from large institutional investors, more use by global technology and financial organizations, and a more hospitable monetary environment from the Fed, it is expected to do far better than in 2022.
Bitcoin is a high-risk asset, but even conservative investors can benefit from a small ownership of Bitcoin in their portfolios.
The cryptocurrency market presents investors with an infinite number of prospects for speculation; yet, separating the truly promising opportunities from the flops is far easier said than done.
The most exciting new cryptocurrency projects for 2022 are those that pushed the limits of what can be accomplished by utilizing blockchain technology. The concept of “play-to-earn” games is being taken to a new level by certain projects, while others are working to improve the safety and speed of blockchain transactions.