Had Enough of Bitcoin (BTC) and Ethereum (ETH)? 3 Interesting Lesser-Known Cryptos

Place/Date: - May 19th, 2022 at 1:03 pm UTC · 5 min read
Source: Mushe

With former blue-chip and top 10 cryptocurrency LUNA exploding mid-air last week following the US dollar de-pegging of its sister stablecoin TerraUSD (UST), the crypto market has shown that sticking to blue-chip cryptocurrencies isn’t necessarily the best move when trying to manage investment risk.

Naturally, one of the best strategies in order to mitigate risk remains to diversify your portfolio and spread your exposure across different cryptocurrencies and assets. It may be wise to also include some cryptocurrencies that have been less covered by the media and that might provide your portfolio with a bit of punch.

This article will share 3 ideas of lesser-known cryptocurrencies which could be an interesting addition to your portfolio. One of them, Mushe (XMU), is a new player currently in presale mode.

Synthetix (SNX)

Synthetix (SNX) is a promising Ethereum-based derivatives liquidity protocol featuring its own ERC-20 token, SNX, and still flies under most investors’ radar.

As its name suggests, Synthetix focuses on so-called “synthetic assets” also known as “synths”, which is a type of derivative asset which tracks the fluctuations of a specific traditional asset such as a stock or a bond.

Had Enough of Bitcoin (BTC) and Ethereum (ETH)? 3 Interesting Lesser-Known Cryptos

Synths track the underlying asset they are pegged to thanks to a specific kind of data-tracking smart contracts known as oracles. This makes it possible for investors to indirectly invest in specific traditional assets, such as Amazon (AMZN) stock, without actually having to hold this asset.

Instead, investors can simply purchase a blockchain-based, synthetic version of the stock, and enjoy the same exposure as an actual AMZN investor. To mint a synth, investors simply need to lock a pre-specified amount of SNX tokens, which varies on the price of the underlying asset.

Such a service appears particularly useful in regions of the world where access to financial services such as brokerage is difficult. Synthetix therefore leverages blockchain technology to facilitate access to investment services, making the overall financial system more inclusive at the same time.

As a result, Synthetix appears as a very promising project which hasn’t received much spotlight until today. SNX is now trading at $2.76 at press time, a significant discount compared to its historical levels, a potentially attractive entry point.

Celo (CELO)

Celo (CELO) is another original project that has developed its own alternative Layer 1 (L1) blockchain.

With the recent selloff across the entire crypto market, its native cryptocurrency, CELO, is currently trading at an all-time low of $1.38, down over 50% compared to a month ago.

As the crypto market is known to move violently and unpredictably, we believe CELO has been unreasonably punished by the market as a result of the generalised instability since last week and presents attractive value at current levels.

Indeed, Celo aims to democratise blockchain adoption within the general public by leveraging mobile devices, enabling cryptocurrency transactions through mobile phones. Indeed, over 80% of the world population possesses a mobile phone, making it one of the most widespread connected devices today.

Had Enough of Bitcoin (BTC) and Ethereum (ETH)? 3 Interesting Lesser-Known Cryptos

Celo makes this possible by linking a mobile phone’s number to a specific crypto wallet’s public key, allowing everyone to make secure and near-instant payments worldwide, literally at the touch of their phone.

A month ago, Celo hosted Celo Connect, an event dedicated to presenting the company’s newest developments and its strategy moving forward. There, Celo announced the creation of a $20 million fund dedicated to exploring new partnerships with payment and mobile network providers in order to expand their user base.

Celo is therefore a dynamic project that is focusing on a particularly specific yet promising edge within the crypto market. Providing the Celo team continues to deliver, this project could be up to big things in the years to come.

Mushe (XMU)

Mushe (XMU) is a new payment protocol holding a presale for its native utility token, XMU.

XMU is currently priced at around $0.032, a notable increase from its initial listing price of $0.005. With the first stage of XMU’s presale expected to end in 6 days, the Mushe team targets a listing price of $0.50 for when XMU will start trading publicly on an exchange.

Had Enough of Bitcoin (BTC) and Ethereum (ETH)? 3 Interesting Lesser-Known Cryptos

The core idea of Mushe consists in developing an ecosystem that would integrate both fiat and crypto payments seamlessly by leveraging blockchain technology. This ecosystem would also enable near-instant payments at very low cost.

In order to do so, Mushe is developing a wide range of products including an integrated crypto wallet called Mushe Wallet, and a native decentralised exchange (DEX), Mushe Swap.

Mushe is also developing MusheVerse, its most important initiative. Indeed, MusheVerse will be the network that will allow users to send and receive money easily, in any currency, and from anywhere.

Based on its whitepaper, MusheVerse will also offer additional financial services such as investment planning, personal finances management, banking, and others…

Mushe is an ambitious project overall, the only question left now remains: will they succeed in delivering these promises?

Learn more about Mushe: Website, Presale, Twitter, Telegram, Instagram.