“Forbes Advisor Australia: Top Cryptocurrency to Monitor in 2023”


The world of cryptocurrency is constantly evolving, and there are a few projects that stand out for their innovative approach and potential for growth in the coming years. These are the cryptocurrencies that we should keep an eye on for 2024:

1. Immutable X (IMX)

Immutable X has quickly gained recognition in the blockchain gaming sector, which has been one of the most well-funded areas in the crypto space in the past couple of years. This significant funding demonstrates the immense potential and investor interest in this sector. One of the key factors behind Immutable X’s success is its strategic partnership with Polygon, a former competitor. Together, they now dominate about 80% of the blockchain gaming market.

According to Baktyary, “Previously competitors, Polygon and Immutable X now hold a dominant position with most crypto games being developed within their combined ecosystem.” This partnership has transformed Immutable X into a central hub for blockchain gaming, not just focusing on a single game but facilitating the development of over 200 games. This broad approach increases the likelihood of significant success within the gaming sector.

Additionally, Immutable X has partnered with major players in the industry like Amazon Web Services and Ubisoft, and its games are available on the Epic Games Store. These collaborations indicate the project’s strong business development and potential for widespread adoption. Another notable feature of Immutable X is its use of zk-rollup technology, which enhances scalability, security, and user experience. This places Immutable X at the forefront of technological innovation in the crypto space.

2. Polygon (MATIC/POL)

While Polygon is also a major player in the gaming sector through its partnership with Immutable X, it stands out for its broader contributions to blockchain technology. Its widespread adoption of the Chain Development Kit (CDK), also known as the Polygon stack, demonstrates the robustness and versatility of its technology.

Baktyary notes, “Large Chain Development Kit adoption marks Polygon’s significant presence in the blockchain infrastructure.” Polygon’s introduction of Polygon 2.0, which includes a multi-layered structure with a focus on its Staking Layer, further enhances its protocol. This layer allows validators to earn rewards, including transaction fees, from the chains they validate.

Moreover, Polygon is a leader in zero-knowledge technology, with its zkEVM already operational. This technology improves privacy and scalability in blockchain transactions, making Polygon a pioneer in this area. Polygon is also making strides in scalability by transitioning its PoS chain to become a Validium, which will further enhance network efficiency. This transition demonstrates Polygon’s commitment to advancing blockchain modularity and aligning with Ethereum.

3. Optimism (OP)

Optimism stands out as a significant player in the blockchain space, with several key achievements underscoring its importance in the evolving cryptocurrency landscape. One of its major accomplishments is its success in stack adoption, ranking second only to Polygon. In the world of blockchain, a “stack” refers to the layered structure of technology solutions and protocols that build upon each other to create a comprehensive system. In this context, the Optimism stack refers to its core codebase that is used to help bootstrap other layer-2 blockchains within the Optimism ecosystem.

Baktyary explains, “Optimism has the second-largest public stack adoption amongst layer-2 stacks, following Polygon, including strong clients such as Coinbase, who are committed to maintaining the integrity of the stack.” This high level of adoption signifies trust in Optimism’s technology and its potential for broad application and integration across different blockchain platforms.

Another significant milestone for Optimism is its partnership with Coinbase, one of the largest cryptocurrency exchanges. This collaboration, with Coinbase using Optimism’s stack, is a testament to the project’s safety and technological robustness. This relationship enhances Optimism’s credibility and extends its reach to a wider audience, fostering further adoption.

Optimism has also received praise for its governance model and community engagement. Its success has even been highlighted in a Stanford article, showcasing a mature and thoughtful approach to involving the community in decision-making processes. This, along with Optimism’s alignment with the Ethereum ecosystem, demonstrates its adherence to core blockchain values, which resonates with a significant portion of the market.

4. EigenLayer

EigenLayer is another project that has caught the attention of many due to its pioneering technology. The project stands out for its potential reward system for users, which is aimed at appreciating early adopters.

Baktyary notes, “EigenLayer doesn’t yet have a token, but its point system and introduction of projects such as EigenDA have led the market to assume that there may be an airdrop in the future.” The cornerstone of EigenLayer’s innovation is its Actively Validated Services (AVS) technology. This technology benefits a variety of applications, from data availability layers to oracle networks, by allowing them to benefit from external validator sets, thereby reducing the cost of securing and verifying their networks.

“AVS is a huge new primitive that enables exporting a blockchain’s validator security to a brand new set of software and use cases,” Baktyary says. EigenLayer’s ability to export validator security can also contribute to improving ecosystem interoperability. This development represents a leap in blockchain scalability and security, which is crucial for the broader application of Ethereum’s technology.

EigenLayer’s advancements could also promote scaling solutions like Validiums and potentially extend the use of Ethereum validators to secure other blockchains, including Solana and Cosmos. This development is a significant step in increasing blockchain scalability and security and showcases EigenLayer’s potential to play a crucial role in the blockchain ecosystem.

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