5) ssv.network (SSV) — 23%
ssv.network, a decentralised staking infrastructure, allows an Ethereum validator to run on a distributed network. This is accomplished by distributing a validator key among four or more instances of non-trusted nodes (“multi-operator nodes”). Under a consensus process, the nodes are collectively responsible for carrying out the validator’s obligations. The protocol converts a validator key into a multisig construct controlled by a consensus layer, to put it simply.
The switch from proof-to-work to proof-of-stake has allowed the Ethereum network to operate its blockchain on a much more energy-efficient level. However, this also means that the majority of Ethereum validation activities are now centralised within a few sizable staking service providers.
Why It is Bullish
Recently, ssv.network launched a $50 million ecosystem fund in order to promote Ethereum’s decentralisation — which can lead to censorship or other issues.
4) Neo (NEO) — 21.58%
Neo, formerly known as Antshares, touts itself as a “rapidly growing and developing” system with the aim of becoming cornerstone of the new internet economy, which will bring together digital assets, identities, and payments.
Known as China’s answer to the Ethereum network, this project was thought to be the nation’s first public blockchain as it was launched back in February 2014.
The project’s team runs an EcoBoost campaign that’s intended to encourage individuals to create decentralised apps and smart contracts on its blockchain, as well as a global community of developers that construct new infrastructure for the network and remove entry barriers.
Why It is Bullish
Once Hong Kong announced plans to make buying, selling, and holding cryptocurrency legal, the value of NEO soared. This has been viewed as a possible entry point into NEO’s birthplace, China.
3) Ankr (ANKR) — 31.94%
Ankr is a decentralised blockchain infrastructure provider with over 50 Proof-of-Stake networks operating a variety of nodes globally. The infrastructure helps bolster the crypto economy’s growth while powering a range of multi-chain tools for Web3 users including Ankr Build, Ankr Earn, and Ankr Learn.
Why It is Bullish
It was recently announced that tech giant Microsoft will serve as Ankr’s infrastructure provider for nodes, leading to an uptrend in ANKR’s value. The two firms will collaborate to provide hosting services using the cloud infrastructure of Microsoft Azure, with specialized solutions that will be specifically catered to the needs of clients who need to run nodes.
2) Conflux (CFX) — 33.23%
Conflux is a first layer consensus blockchain with high throughput that makes use of a novel Tree-Graph consensus algorithm to process blocks and transactions in parallel for better throughput and scalability.
The network offers a distinctive edge for companies creating and expanding throughout Asia, integrating decentralised economies to boost the global DeFi ecosystem. Conflux is the first regulatory compliant, public, and permissionless blockchain in China.
Why It is Bullish
On February 15, China Telecom and Conflux Network have established a partnership to develop Blockchain SIM cards (BSIM). The launch of BSIMs was anticipated by both parties to take place in late 2023. According to China Telecom, the project will begin in Hong Kong, with trial initiatives also planned for Shanghai and other major cities in Mainland China.
[Read more: Conflux (CFX) Experiences a Staggering 500% Growth in a Week]
1) Stacks (STX) — 73.53%
Stacks is a layer-1 blockchain solution created to integrate smart contracts and decentralised apps (DApps) into Bitcoin without altering any of the characteristics that make Bitcoin so robust, such as its security and stability.
Why It is Bullish
This month has already seen the Ordinal mania. As of report, Dune Analytics estimates that over 184,000 inscriptions have been made so far. The amount of newly created Ordinals has a noticeable impact on the total number of blockchain transactions, and this is probably what caused the recent spike in transaction fees — which has significantly benefitted Stacks in recent weeks.
The popularity of Bitcoin scaling solutions like Stacks, which may give consumers a more affordable and effective means to mint NFTs within the Bitcoin ecosystem, seems to be rising as a result of Ordinals’ growing popularity.
Even though NFTs created via various NFT marketplace protocols based on the Stacks protocol are not created directly onto the Bitcoin blockchain like Ordinals, Stacks still benefits from the core security of the Bitcoin blockchain.
