In the world of traditional investing, “unicorn” is the term that venture capitalists use to refer to a private startup worth over $ 1 billion.

These startups usually have a solid foundation and often get a first-try advantage that helps them quickly add value and become valuable investment opportunities for profit.

Some of the most famous unicorns include Elon Musk’s SpaceX, a $ 46 billion privately held rocket and spacecraft manufacturer, and Coinbase, the largest US cryptocurrency exchange with a current valuation of $ 8 billion.

While the world’s attention is focused on the coronavirus pandemic, the 2020 US presidential election results and the recent r / Wallstreetets social investment phenomenon, the cryptocurrency sector has slowly grown to a total value of over $ 1.2 trillion.

In addition, there are currently over 55 projects in unicorn mode with a market value of over $ 1 billion.

The recent announcement of Bitcoin (BTC) by the likes of Michael Sailor, Mark Cuban, and Elon Musk is helping to shed light on the new crypto industry, and with it the gaze of institutional investors who will quickly turn their attention to others besides BTC. There are promising opportunities in space.

These projects are no longer focused solely on making cryptocurrency a global medium of exchange. Some of the best projects include smart contract platforms, decentralized finance (DeFi) protocols, privacy signs, oracle providers, and even humorous memes.

With that in mind, here are some of the best unicorn crypto projects to look out for as organizations begin to showcase their presence in the cryptocurrency markets.

Excellent projects
Bitcoin is the largest engine in the cryptocurrency space as it paved the way for the rest of its existence and accounts for over 61% of the total market value at a current market value of $ 843 billion.

As the longest running chain with the strongest mining network of all cryptocurrencies that has proven to be effective, BTC is likely to be the first choice for new money flowing into a sector that will be cautious from the start.

Like many of the current cryptocurrency proponents who have participated in space, Bitcoin will be the “gateway currency” that introduces the concept and leads to further research.

Ethereum (ETH), with a current market value of $ 196 billion, is the second obvious choice as it is the most widely used smart contract platform and is home to most of the DeFi protocols, which have grown in popularity in recent months.

Other older projects that have gone through multiple bull carry cycles and reached Unicorn status include Litecoin (LTC), which has emerged as a robust value transfer alternative with higher fees and longer block times for BTC, Privacy-focused Monero (XMR), and Zcash ( ZEC). ), this opened the way for the anonymity of blockchain transactions.

The market value of these projects is currently $ 10.5 billion, $ 2.75 billion and $ 1.07 billion, respectively.

Decentralized economy is the key to success
Since the beginning of 2020, the emergence of decentralized finance has become one of the most important growth drivers in the cryptocurrency sector.

Decentralized Exchanges (DEXs) like Uniswap have steadily evolved from a simple dApp trading interface to a fast-growing trading platform with an average 7-day trading volume of $ 6.72 billion, rivaling the size of the largest central exchanges. …

Uniswap’s UNI governance token was initially dropped for interface users who used the protocol while it was still under development, but the token can now be found on all major centralized and decentralized exchanges.

The protocol also received investment capital support to ensure further development. With a current market value of $ 5.9 billion and a token price of $ 19.79, Uniswap is likely on the list for the search for smart money in space.

Sushi Swap, Uniswap’s main competitor, has also earned unicorn status with a current valuation of $ 1.8 billion. The platform offers a community-driven system that allows holders of their SUSHI stake tokens to participate in governance in addition to earning passive income from trading commissions generated by the protocol.

Source: CoinTelegraph

LEAVE A REPLY