What are the new trends in the world of crypto?
People from all over the world are adopting cryptocurrency’s easy and flexible transactional method. Cryptocurrencies are more than just the digital assets that can be traded to buy and sell the goods. Instead, the entire crypto ecosystem has developed into a versatile framework that can cater to a wide range of applications and use cases.
The next phase of the web 3. O will represent a big paradigm shift and the innovation gives people more financial back and control to take ownership of their data and make it more secure, decentralized, and easy to manage. Over the years, it has developed tremendously and still continues. Here is what is new in the world of crypto:
Metaverse
Metaverse is the hottest trend in the year 2022 and can change how we live and interact with the world. It is bringing together the technology, tools, and services for creators to create amazing experiences. Gaming undoubtedly remain the biggest metaverse trend in this year
Rise of NFTs
NFT or Non-Fungible Tokens are bringing the art ownership to the masses who tend to appreciate the digital platforms. Each NFT is unique and has embedded smart contracts but is still a very young area in the crypto industry. The biggest issue it solves is the problem of copyright and the ownership issue.
Decentralized Exchange (DEX)
Decentralized exchange is a type of cryptocurrency exchange that allows peer-to-peer transactions to take place without involving any intermediary. The largest DEX is Uniswap which was created on the Ethereum blockchain in 2018 and now handles almost $2 million in trading volume which is around three times from its competitors such as PancakeSwap see $300 million to $600 million trading volume.
With the growing popularity of DEXs worldwide, more users are expected to reap its benefits. Also, they charge users much lower fees than the centralized exchanges.
Yield Farming
Yield farming is one of the investment strategies in DeFi. It includes staking and lending your digital assets in order to get rewards in the form of transaction fees or interest. The digital assets move all around the different lending marketplaces to maximize the results. This strategy is receiving the greatest attention in recent times because of the lucrative interest rates offered that are usually low in traditional finance.
Ending Note:
Cryptocurrency has always been volatile but the one thing that remained constant is the fact that it has evolved rapidly and continues to do so. Hence, if the question is what’s new in the world of crypto, the answer would be “innovation.’
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