Ethereum is a very important network in the crypto space, because it has features that most other networks lack. Perhaps the biggest strength of the network is that it is the one upon which most of the crypto tokens are built. These tokens are known as ERC20 tokens.
Many new ERC20 tokens come out every year, and 2023 is not an exception. They are needed because they are pivotal to the decentralized finance and smart contracts. Since there are so many of these tokens out there, choosing can be difficult, and so we’ve picked out the best four for you and here they are.
This is a promising token emerging from the world of artificial intelligence. It is particularly interesting because it is the product of blockchain technology marrying AI, which is a new kind of combination. The idea is to democratize AI.
The project seeks to make AI available to all, by removing the embargos that make it accessible only to big tech corporations. By leveraging blockchain, it allows smooth and transparent sharing of data and resources which are critical elements in AI.
This makes it possible for smaller organizations and even individuals to participate in the fast-growing world of AI. InQubeta also plays a critical role in the DeFi by acting as the currency for transaction and also as empowerment for holders to partake in decision making process for the project.
DigiToads is an NFT project that is taking the cryptocurrency space by storm. The project has a combination of gaming and investment on Ethereum at its core, making it excellent for those looking for investment tokens.
The project has 3,500 NFTs, and users can stake them for rewards. It also has a Play-to-Earn (P2E) gaming mechanism that allows players to nurture and evolve their virtual DigiToads through engaging battles, utilizing the project’s native TOADS tokens.
The game easily places in the same category as top P2E games such as Axie Infinity Decentraland and The Sandbox with its immersive experience. The project has pledged 2.5% of its profits to environmental charities as part of its corporate social responsibility.
Frax Share (FXS)
FXS is a governance token for the Frax ecosystem. It is also a critical component of its decentralized stablecoin, FRAX. It is deflationary, with an initial supply of 100 million tokens that will decrease as demand for the token grows.
As it is a governance token, holders of the token can participate in governance decisions such as adjusting collateral pools and fees. To ensure the integrity of the project is not tempered with, FRAX employs a system similar to Bitcoin’s, where community control over the project is limited.
FXS holders can lock their tokens to create veFXS, with special boosts, governance rights, and profits. If you’re looking for a deflationary token that will grow in value to invest in, FXS is the token for you and you should hurry since it is getting more scarce and expensive.
Aave is another top token on the Ethereum network. It is a a leading decentralized finance (DeFi) protocol that allows users to lend crypto assets via smart contracts. Users can simply deposit their crypto into Aave’s liquidity pools and in return earn a token that accrues interest.
It also has a feature known as flash loans which allows users to access uncollateralized loans, provided they are returned within the same transaction. Aave also allows users to use real-world assets such as real estate and invoices as collateral through tokenization.
The project is governed by a decentralized autonomous organization (DAO), where AAVE token holders can participate in decision making concerning the protocol. The project also has a feature called Portal, which enables interoperability across different blockchains.
This means you can use it beyond just the Ethereum ecosystem, making it an outstanding project. If you’re looking for a DeFi project to invest in, Aave is a good choice because of the huge potential it holds for the future.
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