Next Cryptocurrency to Explode Wednesday 12 July - Ecoterra, Aave, 1inch Network

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Investors, on Wednesday, will be closely watching the US Federal Reserve as they expect the inflation report. It is important data that will determine the future of interest rate increments in the world’s largest economy and influence economies globally. It, however, seems like irrespective of the report, the Feds are bent on raising rates anyway.

The dollar has slid in the money market as a result of traders’ wait on the sideline. But stock markets in the US and Asia are high despite the dollar’s fall. In the meantime, US Secretary of Finance, Janet Yellen, is raising the hopes of Chinese economic leaders about a tariff cut on Chinese exports. Analysts fear that politics in the US may pose a threat to realizing the cuts.

The crypto market is taking its own benefit from the ongoing situation as it is currently up by 0.31%. It is almost a full point lower than the market’s gain in the last 24 hours as reported in our last next cryptocurrency to explode post. It is still a gain, nevertheless, and the market looks forward to more as the inflation report may sharpen investors’ appetite for crypto assets. It could drive the relative bullishness a little bit further,

The Next Cryptocurrency To Explode

While the crypto market also seems to be taking a pause, Bitcoin’s market dominance gained by 0.08%. The king token usually indicates investors’ direction. If they want to be adventurous with newer assets or stick with well-known projects will be known as the days unfold. There are also a lot of projects on CoinMarketCap’s gainers’ list for Wednesday, the next cryptocurrency to explode examines a few of them.

1. Ecoterra (ECOTERRA)

Ecoterra is the actual next cryptocurrency to explode. With a few hours to the end of its presale, the project successfully raised over $6 million while selling at $0.01 at the final stage.

The eco-friendly project and its native crypto asset, ECOTERRA, captured the interest of investors across the globe largely because of its goals. Investors who want to be part of bringing solutions to environmental problems staked their interest in the project from the beginning.

The project had a hard cap of $6.7 million and what it raised is considered a fair deal from the mark. Now at its final lap, investors who haven’t bought into the presale are encouraged to do so fast at the discounted price. Crypto experts are predicting that ECOTERRA’s price will rise significantly once it hits exchanges.

Ecoterra is significantly different from other projects because of its environmental focus. It focuses on getting people to commit to recycling while combatting climate change. Ecoterra will also be contributing part of the proceeds from its platform to projects in the climate change sectors.

🎉 New Listing Alert@ecoterraio is proud to announce that the $ECOTERRA token will be listed on @LBank_Exchange this Friday, opening up a world of trading opportunities! 🎉📈#CEX #Listing #Exchange #Token #Crypto pic.twitter.com/nFqmTSXm8Y

— ecoterra (@ecoterraio) July 11, 2023

While at that, the Ecoterra community is ecstatic after the announcement that the token will be listed on the LBank cryptocurrency exchange this Friday. Furthermore, the token will be listed on other exchanges like Uniswap V3 and Bitmart on the same day. The announcement increased the bullish sentiment around ECOTERRA and amplified the anticipation in the market.

The Ecoterra project is a decentralized one that is leveraging blockchain technology and the recycle-to-earn concept. This is used to incentivize and motivate people to join the fight against greenhouse effects.

While facilitating recycling, the project also encourages organizations and individuals to offset carbon. Users who participate in any of the project’s programs are rewarded with the platform’s native token, ECOTERRA.

There is a limited time to join the presale for those who can still make it.

Visit Ecoterra.

2. Aave (AAVE)

The next cryptocurrency to explode is the Aave network’s AAVE token as it is currently up by 6.30%. This is going on because of the new activity going on around the network. It announced an innovative plan to introduce a native stablecoin for the platform, GHO. The stablecoin will also be built on Ethereum’s mainnet.

But implementing the proposal is dependent on getting the most votes on the Aave DAO saddled with the responsibility of governing Aave. If the vote is secured, implementing the stablecoin will revolutionize the decentralized finance space.

Aave has been trying to realize the GHO stablecoin for a while but the community recently just gave the go-ahead to the facilitators. There is also a plan on the ground to bring the GHO stablecoin to Ethereum. It is a means for the network to further consolidate all its parameters.

According to the announcement, approving the GHO introduction will make it more competitive to borrow stablecoin on Aave’s protocol. It will equally generate more revenue for the DAO by bringing 100% interest payments to the treasury. By design, Aave DAO will be in charge of the GHO financial framework in a decentralized way and make sure that the community has the power to make decisions.

Furthermore, the V3 Aave Ethereum Pool Manager will help debtors get credit against security. This is provided that their collateral is deposited into the primary pool. The provider just needs to have a borrowing cost of 1.5% and a reduction rate of 30%. Organizations, on the other hand, have a storage capacity cap of 100MB to ensure stability.

The protocol uses a FlashMinter Facilitator which helps users to create and pay back GHO tokens they may be owing in one transaction. The facilitator also helps to improve the network’s efficiency while guaranteeing a GHO stable peg.

3. 1inch Network (1INCH)

The decentralized finance protocol, 1Inch Network has the next cryptocurrency to explode, 1INCH. The 1Inch Network has been making remarkable waves in the market and secured its rightful place. Since launching in 2019, the network extended its reach to different blockchains like Polygon, Optimism, Arbitrum, Ethereum, and lots more.

An analysis of data shows the impressive progress 1Inch made in the second quarter of this year. To start with, the network saw a significant increase in the number of its users as it consolidates its position in the market.

It is also noteworthy that the platform’s Aggregation and Limit Order has seen increased adoption. There were 3.3 million users of the Aggregation Protocol in the first quarter and they rose to 4.5 million in the second quarter. That shows the rate at which the network is being adopted. The Limited Order protocol also saw usage increase by 68% going from 261,000 users to 438,000 quarter-on-quarter.

The 1Inch Network has been playing significant roles in the decentralized finance market generally. It processed more than $28 billion worth of deals in the second quarter.

The second quarter also saw the introduction of the Fusion Mode feature which lets users make orders without network charges. The introduction enabled transactions worth $3.8 billion through the feature. It gave a better user experience and enhanced cost-effectiveness.

Further analysis of the market showed some interesting trends. 1Inch had a dominant position in the second quarter among all aggregators while its competitors went through several shifts. The network accounts for 49% of the total direct users and stood out as the preferred choice for users that seek an efficient decentralized finance service.

4. Compound (COMP)

The COMP token also showed itself worthy to be called the next cryptocurrency to explode today. It rose by 5.39% in the early hours of Wednesday to be part of the top gainers on CoinMarketCap.

COMP now has a trading volume of $135.2 million in the last 24 hours while trading at $67.22. Although it looks like the asset’s volatility level is quite high since its Bollinger bands are far off from each other. The relative strength index is also in the overbought region and only trying to maintain itself above the average as bulls and bears struggle for market dominance.

This is the right time for investors who have been on the sideline to join the fray in order to keep the bullish momentum going. Assets like COMP usually stay on the high side of the market for a long time once they finally consolidate their positions.