The global financial markets are currently in a period of downtrend known as the bear market. The bond, forex, and stock market are all experiencing this, so it is not strange for the crypto market to be in the same situation. The bear market has seen some crypto projects suffer as much as 70% price cuts from their previous highs. In addition, the bear market sentiments have driven many investors into defensive mode as they make moves to protect their capital. These investors may miss the golden opportunity to buy the dip and capitalize on the low prices to purchase good projects. Investors must note that proper research must be conducted before any capital is allocated to new projects to prevent purchasing bad ones.
Three crypto projects to watch in this bear market are Polkadot (DOT), STEPN (GMT), and Zompot. These three projects are a must-watch for investors looking to profit from this bear market. In addition, they have demonstrated solid signs of performing greatly once the bear market abates. Here is a brief summary of these three projects.
Introducing the Deathly Cool Crypto Zompot
Zompot is a protocol for securing digital assets on the blockchain, and it is built on the Binance Smart Chain (BSC). In addition, The Zompot Token uses the BEP-20 token standard and is fully fungible with other BEP-20 tokens. Zompot aims to protect crypto from market volatility by storing them on its protocol. This offers users a better way to store their crypto. Zompot will also provide a transparent ledger of all transactions while protecting the privacy and security of its users. It would also implement mechanisms that boost the security and privacy of assets.
The Zompot Token is the primary source of transactions on the protocol. Users can freely use the token to perform various crypto transactions and DEFI functions. In addition, users could swap the token with other BEP-20 tokens.
Polkadot Continues To Stay Afloat
Polkadot (DOT) is a multi-chain protocol built to connect and secure specialized blockchains. It facilitates the transfer of data across these chains and allows full interoperability. Polkadot supports the full transference of all blockchain data across chains, and it is not limited to tokens. All digital assets and data that are transferred seamlessly via the Polkadot network are secured, and there is zero data loss during the process. Polkadot wants to be the infrastructure layer of the decentralized and new internet- Web3.
Polkadot is a metaprotocol (also known as Zero layer protocol) that links various layer 1 blockchains together. Furthermore, it updates its codebase without creating any forks based on votes passed by its community. DOT is the native token of the protocol, and it performs various functions within the protocol. Polkadot will change the way builders and users approach interoperability as it aims to create a new standard for transferring assets cross-chain.
STEPN Into The World of Crypto
STEPN (GMT) is a fitness tech that uses crypto and the blockchain to incentivize users to exercise. The project calls itself a Web3 lifestyle app. STEPN incorporates GameFi elements to reward its users for various physical activities. In addition, it uses Play-to-earn (which it has renamed “move to earn”) to reward its users. Users purchase various NFT sneakers using GST on the platform. Once these sneakers are activated, they earn rewards for various physical activities, including: walking, running, or jogging.
GMT is the governance token of the platform, and it allows users to propose and vote on proposals by other members. The project uses GPS technology powered by the blockchain to ensure its users do not cheat or game the system. The STEPN project uses GST as its native token, and users can use GST to perform transactions on the platform. In addition, users earn GST depending on the type of sneakers they purchase.