Altcoins Shaping the Web 3.0 Landscape: Modular Blockchains and DePin
Crypto analyst Michaël van de Poppe recently highlighted two altcoins that are poised to have a significant impact on the Web 3.0 ecosystem. In a detailed exposition shared on X (formerly Twitter), Van de Poppe introduced the concepts of “modular blockchains” and “DePin” as emerging technologies that are set to redefine the crypto landscape.
Van de Poppe emphasized the importance of tangible use cases in crypto investments. Rather than focusing on projects in the gaming, metaverse, NFT, or meme space, he believes it is more valuable to invest in projects that have actual use cases within the financial Web 3.0 ecosystem.
Modular Blockchains: Addressing Scalability and Efficiency
In response to the ongoing conversation around scalability and efficiency in blockchain technology, modular blockchains have emerged as a potential solution. According to Van de Poppe, these blockchains aim to address the high transaction fees and scalability challenges faced by platforms like Ethereum.
Modular blockchains originated from the need to address the high gas fees experienced during the bull run on Ethereum. By splitting traditional processes handled by a single layer, modular blockchains offer a significant improvement in transactions per second while maintaining decentralization, scalability, and security.
Spotlight on TIA and CQT
Celestia (TIA) and Covalent (CQT) are among the projects leading the charge in modular blockchains, according to Van de Poppe.
TIA stands out as a frontrunner in this space. Van de Poppe considers it one of his favorites due to its potential to enhance modular blockchains and redefine scalability and efficiency in blockchain technology.
Covalent, on the other hand, is praised for its comprehensive toolkits for developers. The project aims to build on the DePin ecosystem, which focuses on decentralized physical infrastructure networks. This lays the foundation for the entire financial Web 3.0 ecosystem.
Van de Poppe highlighted Covalent’s contributions in securing a structured dataset from over 215 blockchains and integrating AI through the analysis of 100 billion transactions. This integration facilitates AI consumption, training, and product development.
Furthermore, Covalent promotes decentralized indexing, enhancing network resilience and reducing reliance on central entities. The recent activation of a Revenue Fee Switch connected to the Premium API signifies the project’s economic model maturity and its efforts to achieve complete Ethereum Virtual Machine (EVM) state data retrievability.
Price Analyses
When it comes to price analysis, CQT has experienced bullish momentum. The price rose above the 20- and 100-week EMA in mid-February and is now targeting the 0.236 Fibonacci retracement level at $0.53 on the 1-week chart. However, it is important to note that despite this bullish sentiment, the price is still around 80% away from its all-time high.
On the other hand, TIA’s price looks more promising. It is only 20% below its all-time high and is currently trading above the 0.236 Fibonacci retracement level on the 1-day chart.
Hot Take: Altcoins Shaping Web 3.0
The emergence of modular blockchains and technologies like DePin signifies a significant shift in the crypto landscape. These innovations address scalability and efficiency concerns while paving the way for tangible use cases within the financial Web 3.0 ecosystem.
Projects like TIA and CQT are at the forefront of this movement. TIA’s potential to enhance modular blockchains and redefine scalability, along with Covalent’s comprehensive toolkits for developers and focus on decentralized infrastructure networks, demonstrate the industry’s progress towards a more efficient and decentralized future.
As the crypto market continues to evolve, it is essential for investors to stay informed about these emerging altcoins and their potential impact on the Web 3.0 landscape.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.