Understanding what makes a project qualify as one of the most useful cryptocurrencies for 2023 is a vital step to improving your positioning in the market. One of the core principles of any worthy crypto project is its usefulness. You want to stick to projects that are making, or have made, a difference in their perspective sectors to help ensure the network remains in demand.
Sorting through the constant drum of new blockchain projects isn’t fun for anyone. However, this is often what is required to find the most useful crypto projects. Thankfully, you don’t have to call off work and spend the next 3 months studying to find the most useful tokens in 2023.
Do People Need the Service Offered?
This simple but crucial question is often overlooked by traders seeking quick returns. You need to understand the platform and what its offering brings to the market. For example, Ethereum was destined for success as it was the first blockchain to support smart contract programmability. You want networks that push the boundaries of blockchain technology but are still operational.
Another historical example would be TetherUSD. When this token first entered the market, it was one of the only ways for traders to escape volatility without having to convert their holdings into fiat currency. This ability is now a normal feature that is often taken for granted by new traders. However, when TetherUSD entered the market in 2017, it changed the game.
The same can be said for advanced networks like safehaven tokens. These systems leverage all the advancements made in the security token sector to create more robust and open options. It’s this innovative approach that can help a project stand out and make long-term differences.
What Makes A Crypto Useful?
There are a lot of different ways in which a crypto project can be useful to a market. For example, when Bitcoin entered the market 14 years prior, it served a vital role. It provided people with a more transparent alternative to the centralized financial system. This use case scenario is still in strong demand. As such, Bitcoin remains a popular project despite it being technologically inferior to newer blockchains in many aspects.
You must become efficient at determining a crypto project’s usefulness if you want to succeed. Every project should be examined in depth and their whitepaper and technology reviewed. Additionally, there are some other crucial factors to check out to help determine if your potential crypto project qualifies as a useful cryptocurrency in 2023.
Is the Crypto Project Accessible?
The first thing you need to look at is if the project is accessible. A crypto project that isn’t operational or is very difficult to join is not useful. First off, if a project is still in the concept or only paper stages, there is no guarantee it will achieve its intended technical goal. In many instances, the opposite occurs, with the platform never achieving its lofty stated tech aspirations.
The best crypto projects will already be up and running. This way you can even try out the platform and experience its offerings. The main thing is that you want a network that offers a streamlined onboarding process. Onboarding means more than just the conversion of fiat into crypto. It also means the registration process. The best network requires only a network wallet connection to start operating.
Convert Funds Faster
A perfect example of how developers have created more efficient onboarding is the Onramper portal. This digital interface enables users to convert their fiat currency into cryptocurrencies directly. The portal eliminates the need to use third-party CEXs (centralized exchanges) like Coinbase or Binance to convert your funds into crypto. As such, it saves you lots of time and effort.
The Onramper portal is in use across a variety of popular networks today. It supports the conversion of +50 fiat currencies from 150 countries globally. This flexibility makes crypto projects like META 1 Coin open to the public and more secure. The added security stems from the elimination of hosting personal user data.
What is the Cost of Use?
You also need to look at the cost of use. Every network has a cost for use. This is the amount that is required to use the service or fee. There are going to be network costs like gas fees and other costs associated with the service you are using. A network that offers a low or zero fee structure is more likely to succeed in the long run.
If you want to see how the cost of use can affect the usefulness of a project you need to look no further than the first version of Ethereum. The network was designed using the Proof of Work consensus algorithm. This early version of consensus is very power-hungry and requires higher gas fees based on network congestion.
This structure led to Ethereum becoming almost useless after gas prices outpaced transactions. This issue was resolved when ETH 2.0 was launched. This update converted the network to a Proof-of-Stake system. This style of consensus eliminates miners and lowers network congestion.
Is The Project Sustainable?
You need to look at more than the offerings of the network. You also need to examine its long terms sustainability. The best network will have both a reasonable operating and financial system in place.
For example, networks that use the PoS system require far less energy and provide the user with an open way to participate in the consensus mechanism versus PoW systems, which can demand high-powered mining rigs to operate. You also need to be realistic about the platform’s financial sustainability. Projects with extremely high overhead are more likely to fail when compared to low operating cost systems.
Additionally, high payouts are another red flag that should deter you from the network. It’s not a good sign when developers promise unbelievable returns. A sustainable payout would be more like 10% APY versus some network claims of +100%. The main thing to remember is that it doesn’t matter what you are promised, if the network goes under because it was financially unsustainable, you are going to lose.
How Does it Stack Up Against the Competition?
The final step is to conduct a competitive analysis. This step will help you to determine if the services offered by the network are truly unique. It’s not a great sign when you find out a platform is a copy of a far more popular offering. You can see this situation occur in nearly all tech markets.
For example, Google is the top-performing search engine currently. There have been a lot of other options introduced into the market since Google’s launch. However, the platform has had such a stranglehold on the industry that it would be very difficult for a competitor to ever move it from the top spot.
Top 3 Most Useful Tokens 2023
This analogy goes the same for all markets including the crypto industry. Copycat platforms that offer nothing new to the model are not the best options to hold or trade. You want a platform that brings something to the table and is already providing its service to the market. Here are the top 3 most useful tokens so far in 2023.
META 1 Coin
The top contender on the list is the META 1 Coin. This project first caught the attention of traders after it managed to remain stable during the massive correction at the beginning of the year that wiped out over 50% of most tokens’ value. META 1 Coin remained stable and even managed to gain 1.35% during that time.
The token was able to avoid crypto volatility due to its unique structure. META 1 Coin leverages decades of stablecoin advancements. It’s the world’s first safehaven token to gain popularity. Notably, the token derives value from a basket of gold-related assets rather than its market cap. Using reserves to avoid volatility isn’t anything new but the introduction of smart contracts protections make a difference.
META 1 Coin differs from its predecessor in its unique protections and systems in place. The token introduces an asset vale protecting mechanism that protects users from sudden dumps by traders or trading groups. The system works by constantly monitoring the blockchain for trades. All trades must meet the minimum asset value of the token to be complete.
The advantage of this protection is that it prevents sudden pump-and-dump schemes. These schemes occur when a large taken holder called a whale, or a group of traders, artificially pump up a project with the plans to dump their bags on new unsuspecting traders. META 1 Coin holders have multiple protections against this type of manipulation.
Whales are not Welcome
The asset protection system is complemented by anti-whale manipulation systems. These systems prevent non-humans from participating in the METANOMIC’S DeFi ecosystem. All users must first prove they are human and not trading on behalf of corporations or trading firms to articulate. This rule prevents those who are the most common to attempt these predatory maneuvers.
The META 1 Coin team has also instituted a $5M token limit on all wallets. This system is another way in which the developers seek to keep the project community-led. The goal is to prevent corporations and whales from attempting to disguise their selves as individual users. The concept of token limit may seem counterproductive but it has proven to be a great way to ensure decentralization in the network’s community governance systems.
The META 1 Coin is the main token for the larger METANOMICs ecosystem. This DeFi infrastructure offers the user a variety of low-risk passive income options to generate wealth. Here are some of the features that make the METANOMICs system so popular.
The META Exchange is a high-performance DEX (Decentralized Exchange) that enables META 1 Coin holders to securely and efficiently trade tokens for other popular projects. The META Exchange was designed to be scalable with reports place its transaction throughput on par with the NASDAQ stock exchange.
The META Exchange is a non-custodial DEX which means that you don’t have to upload your holdings to trade. This structure is much safer because you are not separated from your crypto at any point. This approach prevents trade delays or losses due to network fails, upgrades, hacks, or other unforeseen issues.
The META VAULT is one of the premier features of the METANOMICs ecosystem. This high-yield savings account was created to provide a familiar and low-risk way for META 1 Coin users to put their savings to work. The savings account pays out 10% which is both sustainable and beats out the current inflation rate. For comparison, fiat savers secure 0.03% on their fiat holdings.
The META VAULT is easy to use thanks to the integration of the Onramper portal. Anyone can use the bank to store their META 1 Coins and enjoy compounding returns as the rewards are also paid out in the same token. The META VAULT also features an advanced crypto debit card option.
Crypto Debit Cards are very popular today because they streamline crypto integration. In the past, vendors needed to accept crypto for you to spend your holdings. Today, crypto debit cards offer you the chance to spend your crypto like fiat currency anywhere that accepts credit cards.
The META VAULT MasterCard converts your savings into fiat currency the moment you swipe the card. The process takes seconds and the vendor receives fiat currency. As such, they are unaware you even used a crypto debit card. This feature has made it easier for people to enter the crypto market, secure rewards, and spend their earnings.
Useful Projects Shine in 2023
Now that you have more insight into how to find useful projects in 2023 and few examples, you’re ready to start building your portfolio. Remember, stick to reputable projects that make a real difference and you are sure to see your success rate increase.