Shanghai is LIVE! Here are 5 tokens to look out for after the upgrade
Trading the tokens mentioned in this article will make you eligible to participate in our Shanghai Upgrade Trading Competition (after registration). Check here more information on the competition including rules, how to register, current standings, and what YOU can win.
Shanghai is here and the excitement is high! Now validators can withdraw staked ETH and collect the rewards that come with staking. Being the biggest dApp ecosystem in the world right now means that a lot of projects work with various aspects of the Ethereum ecosystem, whether that be running scaling solutions, staking solutions, or that have prioritized interoperability with Ethereum. As Ethereum’s upgrades keep coming, the industry becomes more robust and projects that work with Ethereum are able to contribute to a grander ecosystem that is stronger and longer lasting. So, we’ve decided to write an article that highlights some of these projects and their unique products that fit into the Ethereum ecosystem.
⬇️Here are 10 tokens of Ethereum-related projects to take a look at after the upgrade⬇️
$YFI
Founded by famed DeFi developer Andre Cronje, yearn.finance is a suite of DeFi products that runs on the Ethereum blockchain.It can most accurately be referred to as a yield aggregator, and is geared not only towards individuals but decentralized autonomous organizations, acronymized to ‘DAOs’. Yearn runs on the Ethereum blockchain and one of its core products, Vaults, consists of investment strategies that optimize returns for users. The Vaults product provides a low gas investment avenue without the need for a participant to know a lot about DeFi in order to garner healthy returns.
$YFI is its governance token and as such grants holders certain governance rights. They can vote on proposals that are then put into effect by a 9-member multisig (multi signature) wallet. You can trade $YFI here.
$MATIC
Polygon is the Ethereum scaling solution that took the crypto world by storm with its easy-to-use ecosystem that emphasizes interoperability with other blockchains. This project was founded in 2017 as Matic Network with the mission to help scale Ethereum through the use of its proof of stake sidechains. It is also EVM compatible so that it can communicate with the Ethereum Virtual Machine. With its solution, Polygon can facilitate greater adoption of the Ethereum networks by developers that can now deploy dApps in a lower cost and higher throughput environment
$MATIC, the native token to Polygon, is used to secure the network through staking and to pay platform fees. Trade $MATIC here!
$OP
Optimism is a scaling solution for Ethereum using what are known as optimistic rollups. An optimistic rollup “rolls up” transactions to be processed as a single batch by its parent blockchain. The ‘optimistic’ part of it all is that Optimism will assume transactions are valid until proven otherwise. Like other scaling solutions, Optimism’s goal is to make Ethereum more scalable. The word scalability is thrown around a lot, so let’s qualify that term a little: Optimism helps Ethereum’s scalability by making transactions cheaper and faster. Because they are rolled up on Optimism then passed to the Ethereum mainnet, the transactions share gas fees which makes each use that called for the transaction pay less.
Optimism’s native token, $OP, grants users access to The Optimism Collective, which is its system for governance. As with other governance tokens, holders of $OP have governance rights as well. Trade $OP here!
$NEAR
Near is a Layer 1 blockchain, meaning it doesn’t depend on other blockchains to operate, unlike some of the other protocols on this list. It uses a proof of stake consensus system and a unique mechanism called Nightshade sharding to make it a very scalable platform. Near also champions interoperability with other chains including Ethereum through its Rainbow Bridge. It recently launched its Blockchain Operating System (BOS), which is a unified frontend for developers in order to make it even easier for developers to build on its platform.
$NEAR is the project’s native token and is used to pay fees on the platform and can be staked to vote on governance proposals. Trade $NEAR here!
$LDO
Lido is arguably the foremost staking platform for ETH, containing around 30% of the total staked token. It provides a liquid staking solution for ETH and other protocols whereby users can participate in lending and earn returns for staking. How it works in the case of ETH is that users are given stETH (staked ETH) in return for depositing their tokens with Lido, redeemable 1:1 with ETH. Now that Shanghai has hit the mainnet, Lido will be rolling out the function to unstake their stETH in May.
LDO, Lido’s native token governs the Lido DAO and thus enables holders to vote on governance proposals. Trade $LDO here!
Trading these tokens after registering for our Shanghai Upgrade Trading Competition will make you eligible to win from our prize pool. For more information on our campaign celebrating the Shanghai upgrade, check out the competition page- https://poloniex.com/campaigns/ethshanghai
