Level Finance

Rocket Pool

Rocket

Conflux

<p>While blue-chips like Bitcoin and Ethereum have proven their staying power, many are tokens are likely to outperform during the next bull market.</p>



<p>By using metrics such as whale accumulation, TVL, and protocols fees, we may just be able to identify some cryptocurrencies with strong upside for 2023. With that said, let&#8217;s dive into some tokens you should be keeping an eye on this year, based on your risk profile.</p>



<p><strong>Also Read: <a href="https://chaindebrief.com/how-to-build-a-better-crypto-portfolio-with-examples/">How To Build a Better Crypto Portfolio (With Examples!)</a></strong></p>



<h2 id="strong-least-risky-strong"><strong>Least risky</strong></h2>



<h2 id="strong-ethereum-eth-strong"><strong>Ethereum (ETH)</strong></h2>



<p>Ethereum has rolled out the much anticipated Shapella hard fork earlier on 12 April and this has been a pivotal moment in garnering institutional interest in ETH.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="855" height="680" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-65.png" alt="" class="wp-image-37446" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-65.png 855w, https://chaindebrief.com/wp-content/uploads/2023/04/image-65-300x239.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-65-768x611.png 768w" sizes="(max-width: 855px) 100vw, 855px" /></figure>



<p>Institutional investors have a preference for regulated products such as CME futures where they can gain exposure to digital assets such as ETH without actually owning them.&nbsp;</p>



<p>The surge in open interest alongside a rise in ETH’s price indicates an inflow of money into the market and ETH’s price has risen approximately 8% since the Shapella Upgrade.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="525" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-66-1024x525.png" alt="" class="wp-image-37447" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-66-1024x525.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-66-300x154.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-66-768x394.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-66.png 1404w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>ETH&#8217;s deflationary tokenomics has also been a strong narrative for it&#8217;s eventual rise this and next cycle.</p>



<h2 id="strong-solana-sol-strong"><strong>Solana (SOL)</strong></h2>



<p>While 2022 proved to be a particularly challenging year for Solana, it survived. From hacker attempts to multiple outages and its exposure to the now-defunct FTX, Solana has truly weathered multiple storms and headwinds.&nbsp;</p>



<p>Its resilience can be attributed to its focus on low costs, high speed and scalability.&nbsp;</p>



<p>SOL’s price has more than doubled from its December 2022 lows of USD 9.75, a testament to its staying power. </p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="404" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-67-1024x404.png" alt="" class="wp-image-37448" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-67-1024x404.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-67-300x118.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-67-768x303.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-67-1536x606.png 1536w, https://chaindebrief.com/wp-content/uploads/2023/04/image-67.png 1553w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>SOL is expected to wean off its association with FTX and Alameda and emerge stronger, similar to how ETH rose from the 2018 bear market. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Saga is the phone that keeps giving. The Solana dApp Store offers an experience like no other app store.<br><br>Alongside Saga, we are also launching a device-bound Saga genesis token, which will be your key to the Saga Rewards program.<br><br>Let&#39;s get into the details <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/VGN0dIm3wu">pic.twitter.com/VGN0dIm3wu</a></p>&mdash; Solana Mobile <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f331.png" alt="🌱" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@solanamobile) <a href="https://twitter.com/solanamobile/status/1648033238101946368?ref_src=twsrc%5Etfw">April 17, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>The new Solana mobile, that aims to make digital asset custody safer and more reliable, could also be a key factor for mass adoption.</p>



<h2 id="strong-polygon-matic-strong"><strong>Polygon (MATIC)</strong></h2>



<p>Polygon not only has a comprehensive DeFi ecosystem, it has several partnerships with global brands such as MasterCard and Samsung.&nbsp;</p>



<p>These partnerships provide Polygon with both visibility and credibility in bringing real-world utility. Reddit has also launched NFTs on MATIC, capitalizing on its low fees and high transaction speeds.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">.<a href="https://twitter.com/Reddit?ref_src=twsrc%5Etfw">@Reddit</a> NFT Marketplace <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;" /><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;" /><a href="https://twitter.com/hashtag/Powered?src=hash&amp;ref_src=twsrc%5Etfw">#Powered</a> by <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw">@0xPolygon</a> <a href="https://t.co/qCMmUg86i9">https://t.co/qCMmUg86i9</a></p>&mdash; Sandeep Nailwal | sandeep. polygon <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f49c.png" alt="💜" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@sandeepnailwal) <a href="https://twitter.com/sandeepnailwal/status/1638678491481751553?ref_src=twsrc%5Etfw">March 22, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Beyond that, Polygon’s zkEVM has already attracted USD 3.9M in TVL since completing its beta mainnet launch on 27 March 2023, this is bullish for MATIC. </p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="415" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-68-1024x415.png" alt="" class="wp-image-37449" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-68-1024x415.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-68-300x122.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-68-768x311.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-68.png 1155w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Courtesy: L2beat</figcaption></figure>



<h2 id="strong-medium-risk-strong"><strong>Medium Risk</strong></h2>



<h2 id="strong-lido-finance-ldo-strong"><strong>Lido Finance (LDO)</strong></h2>



<p>Lido Finance needs no further introduction, it is expected to outperform Ethereum (ETH) as it offers a significantly higher 6% APY for staking ETH tokens as compared to staking ETH direct.</p>



<p>Ahead of the planned Shapella Upgrade, there has already been a surge in popularity around ETH staking and Lido has been one of the main beneficiaries of such a trend.&nbsp;</p>



<p>Lido has a strong community that is committed to growing the platform and remains one of the leading players in the liquid staking space.&nbsp;</p>



<p>LDO is already up almost 150% this year and is expected to continue to outperform.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="397" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-69-1024x397.png" alt="" class="wp-image-37450" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-69-1024x397.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-69-300x116.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-69-768x297.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-69-1536x595.png 1536w, https://chaindebrief.com/wp-content/uploads/2023/04/image-69.png 1557w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p><strong>Rocket Pool (RPL)</strong></p>



<p>As a competitor of Lido, Rocket Pool’s TVL increased by more than 20% and currently stands at USD 1.37B. This makes it the third largest liquid staking platform, behind only Lido and Coinbase.  </p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="513" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-70-1024x513.png" alt="" class="wp-image-37451" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-70-1024x513.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-70-300x150.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-70-768x385.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-70-1536x769.png 1536w, https://chaindebrief.com/wp-content/uploads/2023/04/image-70.png 1579w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>For five consecutive days following Ethereum’s Shapella Upgrade, RPL rallied more than 48% to hit a high of USD 61.21. </p>



<p>Most recently, Rocket Pool has also rolled out a major upgrade that grants node operators instant access to their staking rewards and lower barriers of entry to their <a href="https://docs.rocketpool.net/guides/node/create-validator.html">minipools</a>.&nbsp;</p>



<p>The node operators now accept ETH stakes of as little as 8 ETH, compared to 16 ETH in the past.</p>



<p>Similar to Lido, Rocket Pool users can stake any amount of ETH and receive a liquid staking derivative token called rETH.&nbsp;</p>



<p>As such, these minipools and rETH provide opportunities for users with lesser capital to join in and earn rewards that would otherwise not be possible.</p>



<h2 id="strong-immutable-x-imx-strong"><strong>Immutable X (IMX)</strong></h2>



<p>Immutable X has gained recognition as a leading L2 platform for Web 3 games. Based on-chain data from Santiment, IMX whales have been relentlessly accumulating the token since November 2022.</p>



<p>This accumulation is primarily driven by two key narratives, Web 3 gaming and ZK rollups. Immutable X has teamed up with StarkWare to utilize ZK technology to super-charge the network. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Whale addresses holding between 1M to 100M <a href="https://twitter.com/search?q=%24IMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IMX</a> tokens have increased their holdings by more than 58% since November, 2022. Read our community member&#39;s short take on <a href="https://twitter.com/hashtag/ImmutableX?src=hash&amp;ref_src=twsrc%5Etfw">#ImmutableX</a> , <a href="https://twitter.com/hashtag/ZeroKnowledgeProof?src=hash&amp;ref_src=twsrc%5Etfw">#ZeroKnowledgeProof</a>, and why you should be paying attention to these. <a href="https://t.co/FJNC2kARmh">https://t.co/FJNC2kARmh</a> <a href="https://t.co/2swLWbNJw6">pic.twitter.com/2swLWbNJw6</a></p>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1621212699396026369?ref_src=twsrc%5Etfw">February 2, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>In terms of tokenomics, the circulating supply has been designed to incentivize long-term growth and sustainability. The 2B $IMX tokens will be progressively unlocked for different user groups.   </p>



<h2 id="strong-highest-risk-strong"><strong>Highest Risk</strong></h2>



<h2 id="strong-conflux-cfx-strong"><strong>Conflux (CFX)</strong></h2>



<p>Conflux is the only regulatory-compliant public L1 blockchain in China that has partnered with global brands such as China Telecom, McDonalds China and Oreo on blockchain and metaverse initiatives.</p>



<p>The Chinese app called the Little Red Book, the Chinese equivalent of Instagram, has integrated its blockchain network to enable users to mint NFTs that can serve as their PFPs.</p>



<p>More recently, Conflux has plans to bring Uniswap V3 and Curve to China’s public blockchain.</p>



<p>Conflux has been expanding its use cases and partnerships with the blessing from the Chinese government. Along with the bullish Chinese AI narrative, the price of CFX is set for a sustained increase this year.</p>



<p>CFX is one of the best performing tokens this year, the project’s foundation has burnt close to 500M CFX tokens to make it less inflationary as well.</p>



<p><strong>Also Read: </strong><a href="https://chaindebrief.com/could-conflux-cfx-still-be-the-best-trade-of-2023/"><strong>Could Conflux (CFX) Still Be The Best Trade of 2023?</strong></a></p>



<h2 id="strong-level-finance-lvl-strong"><strong>Level Finance (LVL)</strong></h2>



<p>Level Finance is a decentralized and non-custodial perpetual exchange on the BNB chain with superior risk management and liquidity solution.&nbsp;</p>



<p>Although this microcap has a low TVL, it has consistently generated top revenue and achieved a high level of success in its reward incentives despite the bear market, definitely one to watch out for!</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="407" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-71-1024x407.png" alt="" class="wp-image-37452" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-71-1024x407.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-71-300x119.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-71-768x306.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-71-1536x611.png 1536w, https://chaindebrief.com/wp-content/uploads/2023/04/image-71.png 1556w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="strong-closing-thoughts-strong"><strong>Closing Thoughts</strong></h2>



<p>In past bull rallies, most altcoins saw tremendous growth as both crypto and stocks continued to break new all-time-highs. However, the macroeconomic conditions we face in this upcoming cycle are vastly different to 2021/22.</p>



<p>Therefore, it may be wise to not be overly-exposed to riskier investments such as small-cap cryptocurrencies, but instead opt for battle-tested tokens. Furthermore, the nascency of Web3.0 means that there are very few &#8220;blue-chips&#8221;.</p>



<p>Instead of going all out into alt-coins taking the time to do your own research and identify hidden gems which you feel secure accumulating could be the difference between a good and an amazing return for the next few cycles.</p>



<p></p>



<p><strong>Also Read: </strong><a href="https://chaindebrief.com/6-key-insights-from-a16zs-state-of-crypto-report-on-how-web3-is-changing-the-world/">How Web3 is Changing The World: 6 Key Insights from a16z’s State of Crypto Report</a></p>



<p><strong><em>[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]</em></strong></p>



<p><strong><em>Featured Image Credit: ChainDebrief</em></strong> </p>



<p>This article was written by Clarence Lee and edited by Yusoff Kim</p>

8 Tokens To Watch Out For in 2023

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