Numerous cryptocurrencies and tokens appear every day. Some of them are of a practical nature, which means they perform some sort of function. Others, on the contrary, have a purely entertainment purpose and may be in demand only due to the strong buzz around the project. RevenueBot has highlighted a few coins to watch out for.
BitDAO (BIT)
BIT is a native token of the decentralized autonomous organization called BitDAO which focuses on DeFi and partnerships with major leading protocols. The DAO hopes to support a broad range of projects including DeFi, DAOs, NFTs and gaming. Support will be in the form of research and development, liquidity bootstrapping, and funding.
BitDAO aims to partner with projects via token swaps and co-development efforts. Token swaps will enable the BitDAO treasury to accumulate a collection of the top crypto project tokens. It is spot and derivative DEXs that are of priority.
BitDAO aims to build core products that will help the functionality and effectiveness of BitDAO and other DAOs. The core product includes a set of on-chain and off-chain governance solutions and products, with the DAO’s treasury management able to deploy and monitor assets to earn yield. In addition, BitDAO aims to provide grants to teams in the crypto industry for research or products. All grants are voted on and are given for the public good of the crypto world.
Render Token (RNDR)
RNDR is an ERC-20 utility token designed to enable VFX rendering on the RNDR network. Users pay for the GPU power capacity they need, whereas node operators are rewarded in RNDR for their contribution.
Rendering or image synthesis is the process of generating a photorealistic or non-photorealistic image from a 2D or 3D model by means of a computer program. The resulting image is referred to as the render.
As such, Render Network presents a profitable alternative to idle GPUs, offering a passive income for providing services to the network. Moreover, users, known as “Creators” on the Render Network, experience a world-leading service with ultra-high-quality rendering services in a fraction of the time compared to at-home accessibility.
Immutable X (IMX)
IMX is an Immutable X’s native ERC-20 utility token which users can earn by performing actions on the network, such as trading. It can also be used to pay fees, for governance, or staking as part of the protocol. It aims to catalyze the expansion of Immutable X by incentivizing protocol adoption and trading activity, as well as by rewarding users and developers who contribute to building a scalable NFT ecosystem on Ethereum.
Immutable X is a Layer 2 (L2) scaling solution for non-fungible tokens (NFTs) with instant trading, high scalability, and zero gas fees on mining and trading, while keeping users and assets safe.
Immutable X is the most technically advanced NFT scaling solution ever built with StarkWare’s powerful STARK prover and roll-up technology. Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Immutable X allows to implement a new meta-system that was previously impossible. In this fashion, Immutable X aims to create a world-class experience for users and developers alike.
Conclusion
When investing in new coins, you keep an open mind on all the risks, because the chances of a coin remaining at the same price brackets or depreciating are sky-high.
This material is not a piece of financial advice and is for informational purposes only.
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