The controversy surrounding cryptocurrencies’ utility in the real world continues as new coins inspired by memes or pop culture are launched onto the market. However, proof of these cryptocurrencies’ utility comes from the community power they hold, which leads to an increase in price.
Cryptocurrencies are believed to provide value only when they can be exchanged for or used instead of fiat currencies. However, their underlying projects can do so much more, from incentivizing developers who contribute to the DeFi ecosystem to fundraising platforms.
Many innovative cryptocurrencies have the potential to contribute to a better economy, and their increasing prices show more interest from investors, companies, and governments. For example, the Ripple organization and its native cryptocurrency, XRP, offer cross-border payments, digital asset custody, and an escrow account for the supply. These features drove the XRP value high up on the market, making it helpful.
So, here’s a brief list of cryptocurrencies serving real-world utility.
XRP, Ripple
XRP is the native cryptocurrency of Ripple, an enterprise blockchain solutions company that fosters global financial transfers and cryptocurrency exchange. While it shares similar features with Bitcoin, XRP is more focused on businesses that leverage it for fast, efficient, and carbon-neutral transactions.
XRP has a total token supply of 100 billion, some of which are used within the Ripple Net, a commercial platform. What’s special about XRP is that using it for transactions doesn’t require additional fees. Still, senders have to burn a certain amount of XRP when making a transaction, making XRP deflationary.
XRP has a unique consensus mechanism that makes transactions fast and cheap while consuming little energy. Therefore, it’s considerably used in trading as a reliable collateral. Many exchanges support it, so anyone can use it similarly to Bitcoin.
The Layer-1 blockchain was built for businesses and allows developers to create public and decentralized networks with high-performance and low-cost features. With applications of decentralized exchanges, payment channels, and unique tokens, XRP is a rewarding medium.
TOKEN, TokenFi
Asset tokenization has become quite popular in the past years, and the TokenFi project aims to make it more approachable by offering all the tools and ecosystems for developers to create tokens or tokenize assets without having to code.
TOKEN is the utility currency of the blockchain, allowing creators to launch ERC20-compliant tokens and power up Generative AI and NFTs. The token is also useful in on-the-spot audits for AI Smarty Contractor Auditor, which offers clients trust in the platform’s tokens.
The network leverages the TokenFi Token Launcher for developers to make their tokens deflationary or provide liquidity. Other notable use cases of the blockchain include generative AI for NFTs for high-quality artwork in only a few steps.
TokenFi connects users worldwide with market makers and exchanges to experience instantaneous token deployment. The platform also collaborates with Telegram and Discord for efficient community engagement.
ONDO, Ondo Finance
Ondo Finance is an emerging player in the financial infrastructure market, working to provide efficiency, transparency, and accessibility to the regular user. Its native cryptocurrency, ONDO, offers access to institutional-grade financial services, and it’s also a governance token within the Ondo Finance DAO.
Therefore, its main role is to empower holders to democratize finance and make the right decisions regarding the ecosystem’s safety and efficiency. The ecosystem benefits from governmental oversight over Flux Finance, an on-chain marketplace for lending and borrowing stablecoins.
ONDO is an essential movement towards the Real World Asset (RWA) movement, as it includes the first tokenized US Treasury Products as collateral in decentralized finance markets. The Ondo Global Markets are also unique in the industry, having broker-dealer features of smart contract calls.
The Ondo Foundation focuses on high-quality financial products accessible to anyone. It works towards transparency and new opportunities for financial inclusion. With a fractional ownership model, Ondo supports anyone’s participation in investments.
OM, Mantra
The Mantra chain is a security Layer-1 blockchain for real-world assets. Developers can deploy products by accessing decentralized exchanges, yield-bearing vaults, and tokenization platforms. Traders benefit from it by using OM for full transparency based on on-chain transactions, audited smart contracts, and KYC and AML screening.
OM allows staking for rewards on the MANTRA DEX, vaults for earning yield through USDC, and swapping one asset for another. Holders can also access liquidity pools, farms, and a transparent order book to streamline trade execution.
Mantra is one of the organizations pushing for regulatory-compliant infrastructures and the development of RWA-centric protocols. Hence, it fosters entrepreneurship by leveraging decentralization and a legal framework, two of the crypto world’s most difficult-to-achieve aspects.
With the help of the PoS mechanism, validators and delegators can stake and earn rewards. They can also receive transaction fees for new-minted tokens and become part of the community to contribute further to upgrade and protocol integrations.
POLYX, Polymesh
Polymesh is a blockchain for security tokens, and the utility token POLYX is a native protocol that enables fast token creation and management. It’s also a governance token and provides staking to secure the chain.
Users leverage POLYX to pay transaction fees, and the cryptocurrency’s supply is based on an algorithmic schedule, which implies supporting distribution that converges to a limit. The tokenomics of POLYX also prevents inflation through a special minting program.
The Polymesh blockchain is made especially for regulated assets and tackles issues of governance, compliance, and settlement. Developers can also build on it through the Grants Program, but companies can use Polymesh for closed-sourced technologies based on the Ecosystem Development Fund.
What do you think about these cryptocurrencies?
While many believe cryptocurrencies have no real value, the increasing number of digital coins proves how developers’ imagination and creativity pursue the future of the financial sector. There are numerous digital coins with a broader use case than Bitcoin, such as XRP that leverage fast transactions for companies. Ondo aims to democratize finance, while Polymesh works towards approachable tokenization, all of which operations answer the challenges of modern finance. Therefore, we can say cryptocurrencies truly have real-world value and provide endless opportunities for development and innovation.
The post 5 Cryptocurrencies with Real-world Utility appeared first on Our Culture.
