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Two Off-the-radar Cryptocurrencies to Keep Eye on in 2023

Thu, 12/08/2022 - 00:00
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Sabrina Martins Vieira
New year approaching: it is time to check which off-the-radar cryptos may grow in 2023
Two Off-the-radar Cryptocurrencies to Keep Eye on in 2023
Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Contents

Two altcoins might experience significant growth in 2023. They have fundamentals and solve real problems in the blockchain industry and beyond.

U.Today has already reported on what aspects could make Polygon (MATIC) and Chainlink (LINK) grow in the coming year. However, these altcoins are known to the market and are already in the portfolios of many cryptocurrency investors.

Some cryptos are out of sight for many investors but could experience a big rise in 2023. Check out which ones they are:

Optimism (OP)

One of the big stars of the new year may be Ethereum (ETH). After all, the altcoin will undergo yet another network update, The Surge, which will possibly impact the way its users transact.

The Surge aims to improve the scalability and capacity of the altcoin. As such, it promises to process up to 100,000 transactions per second. The upgrade will also reduce the cost of recording information on the Ethereum network.

However, until the hard fork happens, the need for ETH to compress data from its network so that it can be used more in everyday life exists. Solutions presented by Optimism may be well received by the blockchain market, and help to increase the capitalization of the token's ecosystem.

Optimism is an Ethereum Layer 2 blockchain. This means it benefits from the security of the leading altcoin while offering lower fees and faster transactions.

On the platform, there are already important projects such as derivatives exchange Synthetix. Even Uniswap, DeFi's main decentralized exchange, makes use of Optimism's technology, showing that there is a possibility for other market leaders do the same by 2023.

The Graph (GRT)

The use of Application Programming Interfaces, APIs, is becoming increasingly important worldwide. These translators have the function of connecting systems, software and applications, enabling a better user experience.

APIs allow the end user to use an application, software or even a simple spreadsheet, to query, change and store data from various systems, without the user having to access them directly.

However, the big problem is that APIs are centralized with a single point of failure. So, one day you could be using your normal application and it could stop working as a result of a hacker attack or simply because the owner of the application decided that he would no longer offer the API for free.

This would be a big problem because by just turning off the API, a site can even be destroyed.

To solve this kind of problem, The Graph was developed. The Graph offers the creation of decentralized APIs, called subgraphs.

Just as Chainlink became important to the DeFi ecosystem by offering decentralized oracles, The Graph shows a lot of potential for this same sector.

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About the author

Sabrina has been creating content for the cryptocurrency market since 2018. Her career includes work for important news portals in Brazil, such as Cryptonizando and Guia do Bitcoin.
In addition, she is a partner of the portal and YouTube channel É Top Saber.
Her passion for blockchain news and education led her to create the news portal Bolhacrypto.
In order to help companies and projects in the cryptocurrency market to develop, Sabrina has been leading Varandacrypto, a company that offers content for blockchain projects.