Top 5 revolutionary crypto projects created in 2020
What are the top five projects born in 2020 in the crypto sector with revolutionary potential?
Polkadot, leading the top 5 crypto projects of 2020
Probably the one with the most potential is Polkadot (DOT), so much so that despite having only debuted on the crypto markets in mid-August, it has already placed itself in the top 10 of the largest cryptocurrencies by market capitalisation, ahead of “historical” names such as Cardano, Stellar, Monero or EOS.
The fact is that the ambitions of this project are very high indeed.
First of all, Polkadot is basically a basic infrastructure, in some ways competitive Bitcoin Fast Profit with Ethereum, but with much broader functionality.
It even claims to be able to create a new Web 3.0 based on blockchain, making it possible for different models to communicate in a single structure.
The strength of this project lies in the reputation of Gavin Wood, the co-founder of Ethereum and head of the Polkadot project. Among other things, Wood created the Solidity language, and is the author of the Ethereum Virtual Machine specifications.
Expectations on this project are probably as high as his ambitions, and it is therefore probably the most potentially revolutionary crypto project to emerge in 2020.
Diem, don’t call it cryptocurrency
Another project that could be truly revolutionary is Diem.
It is actually not a cryptocurrency, but a stablecoin, and it was not born in 2020. In fact it was born last year, in mid-2019, but then it was called Libra, and it was different. In 2020 it changed not only the name, but also the specifications, and became Diem.
The fact is that behind Diem is Facebook, which is the largest social network in the world, and one of the strongest and richest tech companies on the planet.
Although it is not a cryptocurrency, it is still a currency based on a distributed ledger (i.e. DLT).
Diem will debut on the markets in 2021, and looks set to be very popular. Already, when its predecessor, Libra, was announced in mid-2019, a real mini-speculative bubble was triggered on the crypto market, clearly indicating that although this is not a cryptocurrency, it could have a significant impact on the crypto world.
A third potentially revolutionary crypto project to emerge in 2020 is Aave.
It is not only one of the DeFi projects with the most potential, but also one that is already making a strong impact on the crypto industry.
Despite the fact that the protocol was only launched in January, it has already become DeFi’s third largest protocol in terms of LTV, behind only the giants Maker and Compound, but ahead of Uniswap and Synthetix, for example.
Aave wants to bring many tools, services and products from traditional finance onto the blockchain, and onto its decentralised platform, as if to build a parallel financial world without intermediaries.
It is certainly the most advanced of these projects.
Yield farming by yearn.finance
A fourth project that deserves to be mentioned is yearn.finance. Its revolutionary scope is far less than the previous three, but within the DeFi sphere it had the merit of launching yield farming.
It was also notable for a truly extraordinary performance of its token price. YFI debuted on the crypto markets on 18 July at a price of $790, and by 1 September had already reached the stratospheric figure of over $35,000. Now, despite many ups and downs, it hovers around $22,000, which is still far more than the initial price.
Its revolutionary scope lies in the automatic management of capital allocations in the DeFi sector, opening up a new development front within this already revolutionary sector.
The youngest: The Graph
Finally, there is a fifth project that has only just been launched and is already making waves: The Graph.
Its GRT token made its debut on the crypto markets on 17 December at $0.13, and immediately shot up to $0.75, only to fall back below $0.5.
As with yearn.finance, this is a project with revolutionary potential within the crypto sector, and as with Polkadot, it has to do with the so-called Web 3.0, or blockchain-based web.
It is still extremely early to try to understand what its real potential is, beyond the theoretical, but it is already making a lot of noise despite the fact that it is really just born.