What are Web 3.0 based Cryptocurrencies (2024)?
Introduction:
In this blog post, I’ll explore what are the Web 3.0 based Cryptocurrencies (2024)? What is Web 3.0 and list the best Web 3.0 based cryptocurrencies you must see.
The internet has come a long way since its inception in the 1990s. From the static web pages of the early days to the dynamic and interactive websites of today, the internet has undergone a significant transformation. However, the internet is set to undergo another transformation in the coming years, as we move towards Web 3.0. Web 3.0 is the next evolution of the internet, which promises to be more decentralized, secure, and user-centric. Unlike the current centralized web, which relies on large corporations to store and manage data, Web 3.0 aims to use blockchain technology to create a more decentralized and transparent internet.
What is Web 3.0?
Web 3.0 is the next evolution of the internet, and it’s is often referred to as the decentralized web. It is a new paradigm that seeks to create a more decentralized and user-centric internet. It is built on top of blockchain technology, which allows for data to be stored and managed in a decentralized and secure manner, which provides a secure and transparent platform for building decentralized applications (dApps).
Web 3.0 is all about decentralization, which means that it removes the need for intermediaries or central authorities that control the flow of information and data. This creates a more open and transparent internet, where users have more control over their data and privacy, and data breaches and censorship are less likely to occur.
Web 3.0 is also designed to be more interoperable, which means that different blockchain networks can communicate with each other. This will enable the creation of a more interconnected blockchain ecosystem, where users can easily access and use different blockchain applications.
Best Web 3.0 based Cryptocurrencies You Must See:
1. Ethereum (ETH)
Ethereum is the second-largest cryptocurrency by market capitalization and is widely regarded as the leading Web 3.0 based cryptocurrency. Ethereum is a decentralized platform that allows developers to build and deploy decentralized applications (dApps) on its blockchain. Ethereum is used to power many of the most popular dApps, such as Uniswap and Aave.
Ethereum's native cryptocurrency is Ether (ETH), which is used to pay for transaction fees and to incentivize miners to secure the network. Ethereum is widely used in the decentralized finance (DeFi) space, where it is used to power some of the most innovative and disruptive projects in the cryptocurrency market.
Ethereum is the second-largest cryptocurrency by market capitalization and is widely regarded as the leading Web 3.0 based cryptocurrency. Ethereum is a decentralized platform that allows developers to build and deploy decentralized applications (dApps) on its blockchain. Ethereum is used to power many of the most popular dApps, such as Uniswap and Aave. It is one of the best Web 3.0 based Cryptocurrencies (2024).
Ethereum Market Cap is at a current level of $427.34B, up from 222.39B one year ago. This is a change of +83.63% from one year ago.
2. Polkadot (DOT)
Polkadot is a decentralized platform that allows for the interoperability of different blockchain networks. Polkadot is a next-generation blockchain platform that aims to create a more interoperable and scalable blockchain ecosystem, where different blockchains can communicate with each other and exchange value in a more efficient and secure manner. Polkadot is also designed to be more scalable, which means that it can handle more transactions per second than other blockchain networks.
Polkadot's native cryptocurrency is DOT, which is used to pay for transaction fees and to incentivize validators to secure the network. Polkadot is often used in the DeFi space, where it is used to power cross-chain transactions and decentralized exchanges. It is one of the best Web 3.0 based Cryptocurrencies (2024).
Market capitalization of Polkadot (DOT) is $12,332,139,274 and is ranked #14 on CoinGecko today. The market cap is measured by multiplying token price with the circulating supply of DOT tokens (1.3 Billion tokens are tradable on the market today). The highest price paid for Polkadot (DOT) is $54.98, which was recorded on Nov 04, 2021 (over 2 years). Comparatively, the current price is 83.30% lower than the all-time high price.
3. Cardano (ADA)
Cardano is a decentralized blockchain platform that aims to create a more sustainable and scalable blockchain ecosystem. Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification in platforms like Bitcoin. It is often referred to as the third-generation blockchain, as it seeks to address some of the scalability and security issues of earlier blockchain networks.
Cardano's native cryptocurrency is ADA, which is used to pay for transaction fees and to incentivize validators to secure the network.
Somewhat later to the crypto scene, Cardano is often used in the DeFi space, where it is used to power lending and borrowing platforms. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers. It is one of the best Web 3.0 based Cryptocurrencies (2024).
The trading volume of Cardano (ADA) is $461,871,839 in the last 24 hours, representing a -28.00% decrease from one day ago and signalling a recent fall in market activity. The highest price paid for Cardano (ADA) is $3.09, which was recorded on Sep 02, 2021 (over 2 years). Comparatively, the current price is 79.47% lower than the all-time high price. The lowest price paid for Cardano (ADA) is $0.01925, which was recorded on Mar 13, 2020 (about 4 years). Comparatively, the current price is 3,191.39% higher than the all-time low price.
4. Filecoin (FIL)
Filecoin is a decentralized storage network that aims to create a more decentralized and secure way to store data. It uses blockchain technology to create a decentralized marketplace for data storage, where users can rent out their unused storage space to other users. Filecoin is often referred to as the Airbnb of data storage.
Filecoin's native cryptocurrency is FIL, which is used to pay for storage fees and to incentivize miners to secure the network. Filecoin is often used in the decentralized storage space, where it is used to power some of the most innovative and disruptive projects in the cryptocurrency market.
Market capitalization of Filecoin (FIL) is $4,680,360,832 and is ranked #28 on CoinGecko today. The most active trading pair FIL/USDT has a trading volume of $14,120,923 in the last 24 hours. The highest price paid for Filecoin (FIL) is $236.84, which was recorded on Apr 01, 2021 (almost 3 years). Comparatively, the current price is 96.25% lower than the all-time high price. The lowest price paid for Filecoin (FIL) is $2.64, which was recorded on Dec 16, 2022 (over 1 year). Comparatively, the current price is 236.53% higher than the all-time low price.
Filecoin rebounced back to the $6 level after announcing its collaboration with the Solana blockchain. It is one of the best Web 3.0 based Cryptocurrencies (2024).
5. Chainlink (LINK)
Chainlink is a decentralized oracle network that allows smart contracts to interact with real-world data. It aims to create a more secure and reliable way for smart contracts to access external data sources, which is crucial for the development of decentralized finance and other blockchain applications.
Chainlink's native cryptocurrency is LINK, which is used to pay for oracle services and to incentivize node operators to secure the network. Chainlink is widely used in the DeFi space, where it is used to power some of the most innovative and complex smart contracts. It is one of the best Web 3.0 based Cryptocurrencies (2024).
1,600+ projects in the Chainlink ecosystem. The Chainlink ecosystem is now one of the largest ecosystems in Web3, with projects in categories as wide-ranging as DeFi, NFTs, gaming, and insurance integrating Chainlink oracle services for secure off-chain data, proof of reserves, randomness, automation, and more.
Market capitalization of Chainlink (LINK) is $10,757,367,636 and is ranked #15 on CoinGecko today. The highest price paid for Chainlink (LINK) is $52.70, which was recorded on May 10, 2021 (almost 3 years). Comparatively, the current price is 65.05% lower than the all-time high price. The lowest price paid for Chainlink (LINK) is $0.1482, which was recorded on Nov 29, 2017 (over 6 years). Comparatively, the current price is 12,330.45% higher than the all-time low price.
6. Theta (THETA)
Theta is a decentralized video streaming platform that aims to create a more decentralized and user-centric video streaming experience. It uses blockchain technology to create a more secure and transparent video streaming platform, where users can earn rewards for sharing their unused bandwidth and computing resources.
THETA is the native token for Theta Network that serves multiple governance tasks. THETA is used to stake as a Validator or Guardian node. Its Validator notes are run by Google, Blockchain Ventures, Samsung, Sony Europe and Binance, along with a network of community-run Guardian nodes. By staking and operating a node, users earn a proportional amount of new Theta Fuel.
Market capitalization of Theta Network (THETA) is $2,843,055,804 and is ranked #47 on CoinGecko today. The highest price paid for Theta Network (THETA) is $15.72, which was recorded on Apr 16, 2021 (almost 3 years). Comparatively, the current price is 81.93% lower than the all-time high price. The lowest price paid for Theta Network (THETA) is $0.0404, which was recorded on Mar 13, 2020 (about 4 years). Comparatively, the current price is 6,932.20% higher than the all-time low price.
Theta surged 17.8% in the last 24 hours, driven by the announcement of 3D rendering job additions in an upcoming Edge Node upgrade. It is one of the best Web 3.0 based Cryptocurrencies (2024).
7. Uniswap (UNI)
Uniswap is a decentralized exchange that allows users to trade cryptocurrencies without the need for intermediaries or central authorities. It aims to create a more open and transparent trading environment, where users can easily exchange different cryptocurrencies in a more efficient and cost-effective manner.
Uniswap's native cryptocurrency is UNI, which is used to govern the Uniswap protocol and to incentivize liquidity providers to supply liquidity to the exchange. Uniswap is widely used in the DeFi space, where it is used to power decentralized trading and liquidity provision. It is one of the best Web 3.0 based Cryptocurrencies (2024).
Uniswap is the largest decentralized finance crypto exchange and the 22nd largest coin in the world. The launch of the UNI token saw its price surge to a record high of $45.00, creating a more than 2,279% surge higher from September 2020 to May 2021.
Market capitalization of Uniswap (UNI) is $8,984,756,870 and is ranked #20 on CoinGecko today. The highest price paid for Uniswap (UNI) is $44.92, which was recorded on May 03, 2021 (almost 3 years). Comparatively, the current price is 73.52% lower than the all-time high price. The lowest price paid for Uniswap (UNI) is $1.03, which was recorded on Sep 17, 2020 (over 3 years). Comparatively, the current price is 1,054.79% higher than the all-time low price.
8. Tezos (XTZ)
Tezos is a decentralized blockchain platform that allows for the creation of smart contracts and dApps. It is designed to be more secure and scalable than other blockchain platforms, and it uses a proof-of-stake consensus algorithm, which means that users can earn rewards for staking their Tezos tokens.
Tezos’ LPoS (Liquid Proof-of-Stake) consensus mechanism enables any stakeholder to take part, directly or by delegation, in the consensus process, and to be rewarded for securing the network. Rather uniquely, Tezos’ on-chain governance system also enables stakeholders to create and vote on protocol upgrade proposals. This pioneering system allows the protocol to self-amend and upgrade itself without leading to a split (or fork) in the blockchain, empowering the community without slowing down innovation. It is one of the best Web 3.0 based Cryptocurrencies (2024).
2022 was rough for crypto in general, and Tezos was no exception. The altchain’s native coin XTZ corrected over 92% as of Dec. 1, 2022.
Market capitalization of Tezos (XTZ) is $1,237,752,909 and is ranked #94 on CoinGecko today. The highest price paid for Tezos (XTZ) is $9.12, which was recorded on Oct 04, 2021 (over 2 years). Comparatively, the current price is 86.14% lower than the all-time high price. The lowest price paid for Tezos (XTZ) is $0.3505, which was recorded on Dec 07, 2018 (over 5 years). Comparatively, the current price is 260.53% higher than the all-time low price.
9. Maker (MKR)
Uniswap is a decentralized exchange that allows users to trade cryptocurrencies without the need for intermediaries or central authorities. It aims to create a more open and transparent trading environment, where users can easily exchange different cryptocurrencies in a more efficient and cost-effective manner.
Maker is a smart contract lending platform that enables users to take out loans by locking-in collateral in exchange for Dai. It was founded by the Maker Foundation in 2015 as an open-source project to offer economic freedom and opportunities to anyone, anywhere. In 2017, it launched the Maker governance token (MKR) and its first stablecoin iteration known as the Single Collateral Dai (SAI), which used Ether (ETH) as collateral. It is one of the best Web 3.0 based Cryptocurrencies (2024).
Two years later in 2019, the Foundation released the Multi-Collateral Dai (DAI), phasing out SAI. The platform has enjoyed widespread adoption and is the largest decentralized lending platform with around $2.58 billion in total value locked (TVL), as of December 2020.
Market capitalization of Maker (MKR) is $2,862,552,231 and is ranked #46 on CoinGecko today. The highest price paid for Maker (MKR) is $6,292.31, which was recorded on May 03, 2021 (almost 3 years). Comparatively, the current price is 50.73% lower than the all-time high price. The lowest price paid for Maker (MKR) is $168.36, which was recorded on Mar 16, 2020 (about 4 years). Comparatively, the current price is 1,741.40% higher than the all-time low price.
MakerDAO surged 13% following the announcement of temporary fee changes to boost Dai amid market volatility.
10. Aave (AAVE)
Aave is a decentralized lending and borrowing platform that allows users to borrow and lend cryptocurrencies without the need for intermediaries or central authorities. It aims to create a more open and transparent lending environment, where users can easily access credit in a more efficient and cost-effective manner.
Aave's native cryptocurrency is AAVE, which is used to govern the Aave protocol and to incentivize liquidity providers to supply liquidity to the platform. Aave is widely used in the DeFi space, where it is used to power decentralized lending and borrowing. It is one of the best Web 3.0 based Cryptocurrencies (2024).
Market capitalization of Aave (AAVE) is $1,821,913,695 and is ranked #66 on CoinGecko today. The highest price paid for Aave (AAVE) is $661.69, which was recorded on May 18, 2021 (almost 3 years). Comparatively, the current price is 81.31% lower than the all-time high price. The lowest price paid for Aave (AAVE) is $26.02, which was recorded on Nov 05, 2020 (over 3 years). Comparatively, the current price is 375.35% higher than the all-time low price.
11. SushiSwap (SUSHI)
SushiSwap is a decentralized exchange that allows users to trade cryptocurrencies without the need for intermediaries or central authorities. It aims to create a more open and transparent trading environment, where users can easily exchange different cryptocurrencies in a more efficient and cost-effective manner.
SushiSwap's native cryptocurrency is SUSHI, which is used to govern the SushiSwap protocol and to incentivize liquidity providers to supply liquidity to the exchange. SushiSwap is widely used in the DeFi space, where it is used to power decentralized trading and liquidity provision. It is one of the best Web 3.0 based Cryptocurrencies (2024).
Sushiswap a decentralized cryptocurrency exchange was established in 2020. Currently, there are 318 coins and 401 trading pairs available on the exchange. Sushiswap 24h volume is reported to be at $9,847,847.96, a change of -0.8756253089441354% in the last 24 hours. The most active trading pair is ILV/WETH with a 24h volume of $2,476,463.51.
Potential Risks & Opportunities : Web 3.0 Based Cryptocurrencies
As with any investment, there are potential risks and opportunities associated with investing in Web 3.0 based cryptocurrencies. The main risk associated with investing in Web 3.0 based cryptocurrencies is the volatility of the cryptocurrency market. The cryptocurrency market is known for its high volatility, and Web 3.0 based cryptocurrencies are no exception. This means that investors should be prepared for the possibility of significant price swings in the short term.
However, there are also many opportunities associated with investing in Web 3.0 based cryptocurrencies. Web 3.0 is a rapidly growing industry, and there is a lot of potential for innovation and growth in this space. Many Web 3.0 based cryptocurrencies are used to power some of the most innovative and disruptive projects in the cryptocurrency market, such as DeFi and NFTs.
Additionally, Web 3.0 based cryptocurrencies are often seen as a hedge against inflation and the traditional financial system. With the growing concerns over inflation and the fragility of the traditional financial system, many investors are turning to Web 3.0 based cryptocurrencies as a way to diversify their investment portfolio and protect themselves against potential economic downturns.
Conclusion:
Web 3.0 is set to revolutionize the internet, and it is clear that blockchain technology will play a crucial role in this transformation. The Web 3.0 based cryptocurrencies listed above represent some of the most innovative and disruptive projects in the cryptocurrency market, and they are likely to play a significant role in the development of the decentralized web.
However, it is important to remember that investing in cryptocurrencies is inherently risky, and investors should do their own research and understand the potential risks before investing. As with any investment , it is important to diversify and not to invest more than you can afford to lose.
However, it is important to remember that investing in cryptocurrencies is inherently risky, and investors should do their own research and understand the potential risks before investing. As with any investment , it is important to diversify and not to invest more than you can afford to lose.
