This January, the crypto market took off, promising token owners more opportunities and profits to come in 2024. However, to enjoy gains, one doesn’t have to go for Bitcoin (BTC) and Ethereum (ETH) only: these majors are great, but there are other legitimate currencies to choose from. So why not explore the most prospective unconventional tokens of this year? Check this top-5, comprised of both renowned and new standout cryptos that can power your 2024.
Cheelee (CHEEL)
Market cap: $824,474,904
Catchy, ambitious, and already showing impressive market capitalization, CHEEL is the governance token of the next-gen social network Cheelee. This platform shares its revenue with users. All they need is to scroll the feed with short videos and have fun.
CHEEL tokens have a high utility that boosts demand for the token, deeply integrated into the platform’s mechanics. Each Cheelee enthusiast automatically becomes a crypto user from the first session in the app by dealing with the projects’ cryptocurrency. The potential audience of the platform is all social network users — up to 4.9BN people worldwide. Thus, the app is likely to face a real mass adoption.
Cheelee has a sustainable financial model: the project is primarily a social network, so up to 40% of its total revenue comes from income sources unrelated to NFT sales. They include advertising, in-app purchases, etc.
Meanwhile, CHEEL, ranked 79 by CoinGecko, is showing a constant value growth that is boosted by the token’s extensive utility and users’ interest in holding this gainful asset. So, CHEEL is fit both for trading and holding because it will become even more valuable over time.
Cardano (ADA)
Market cap: $16,742,804,844
The biggest one in this top, ADA is Cardano’s governance token, widely known for its proof-of-stake validation visionary.
Cardano is a blockchain platform designed to process transactions using ADA. The project's goal is to shape an ecosystem where different blockchains are interchangeable. Also, Cardano accelerates transaction time and decreases energy usage, making ADA more eco-friendly than most alternatives. Besides, this blockchain is fit for smart contracts and decentralized applications powering.
ADA was named after Ada Lovelace, the first computer programmer in the 19th century. The token can be used for transactions and staking. Now it faces a noticeable, in comparison to other blockchain majors, price growth.
Injective Protocol (INJ)
Market cap: $2,851,733,734
Injective is an open finance-oriented blockchain described as «the fastest layer 1 solution shaping the future of finance». It is used for next-gen DeFi apps, including prediction markets, decentralized spot and derivatives exchanges, lending protocols, etc.
Injective’s native utility token, INJ, is needed for: protocol governance, dApp value capture, Proof-of-Stake (PoS) security, developer incentives, and staking. In terms of governance, it is used to govern every component of Injective. 60% of all fees generated from dApps are involved in the complicated buyback and burn mechanics that lead to the INJ’s reduction in availability and boost the token's value growth.
INJ secures the Injective blockchain with a proof-of-stake mechanism. Importantly, both validators and delegators can participate in the staking process. Also, 40% of the generated fees are used to motivate new developers. As a result, the project is always sought-after, and INJ keeps gaining more value.
Mina Protocol (Mina)
Market cap: $1,053,747,330
Earlier known as Coda Protocol, Mina Protocol is the so-called «succinct blockchain» used to boost dApps' efficiency.
Users claim that Mina is similar to Bitcoin and employs the account model used in Ethereum. Meanwhile, with the network's size of only 22 KB, Mina Protocol is regarded as the world's lightest blockchain.
Mina Protocol efficiently balances its security and decentralization. The project uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), a cryptographic proof for information verification without its revelation. It is known as the zero-knowledge technology.
The protocol’s native coin, MINA, functions as a utility coin and medium of exchange. The token's value has all the chances to keep increasing, thanks to the popularization of the zero-knowledge technology and Mina's lightweight architecture fit for mobile devices.
Maker (MKR)
Market cap: $26,127,223
Maker (MKR) is the governance token of the Ethereum-based decentralized organization MakerDAO and a software platform named Maker Protocol, both based on the Ethereum blockchain. Last year, the token managed to grow by 10%, defying the market situation. Thus, it is bold, strong, and overwhelmingly promising.
Maker is a project aimed at operating DAI, a community-managed decentralized cryptocurrency soft-pegged to the US dollar. The MKR token is used for voting over the development of the Maker Protocol. For instance, on the addition of new collateral asset types to the protocol, the change of the DAI Savings Rate, the choice of oracles, etc. Such decisions influence the price of DAI and support its stability.
MKR owners get benefits from the platform's profits via Maker's token buyback scheme, according to which the outstanding supply on the market is reduced with the help of the surplus revenues of the platform's treasury.