Top 7 crypto milestones could be a catalyst for a massive reversal in 2022
The crypto market has been slowly crashing since November 2021 and many believe the bull market has officially come to an end. Guy Bureau, an entrepreneur in cryptocurrency, knows that thanks to 7 crypto milestones could be a catalyst for a massive reversal.
Spot Bitcoin ETF
The first upcoming crypto milestone is the most important and that’s a spot bitcoin ETF. ETF is short for exchange-traded fund ETFs are sort of like stocks and they make it possible to invest in an asset without having to hold it yourself. instead, the company which creates the ETF buys or sells the underlying asset, depending on the demand for the shares.
There are three bitcoin ETFs currently trading on US stock exchanges. They’re backed by paper contracts and not physical BTC. Bitcoin futures ETFs have no direct effect on the price of BTC since they do not create any actual buying pressure for the underlying asset.
Spot bitcoin ETFs do have a direct effect on the price of BTC since they do create material buying pressure for the underlying asset BTC.
The approval of a spot bitcoin ETF will mark the top of the current bull market for BTC.
The second upcoming crypto milestone is equally as important as the first. That’s Ethereum’s official transition from proof of work to proof of stake as part of Ethereum 2.0.
Ethereum began its transition to 2.0 in December 2020 when Ethereum’s proof-of-stake blockchain dubbed the beacon chain went live. Nearly 10 million ETH and counting have been staked on the beacon chain since then.
ETH can’t be withdrawn nor can the staking rewards. This ETH is accumulating the next stage of Ethereum 2.0 is called the Merge or the Docking, which is when Ethereum’s current proof-of-work blockchain will effectively connect to the proof-of-stake Beacon Chain.
Merge is now expected to occur in q1 or q2 of this year. Ethereum 2.0 is 50% complete and once the Merge and another scaling upgrade called the Surge are finished Ethereum 2.0 will be 80% complete.
The third upcoming crypto milestone is one that not many people have been paying attention to and that’s the launch of Solana’s actual mainnet. Solana is still technically in beta.
Solana’s actual main net will go live around March this year. It looks like there are two more milestones that need to be met before that happens.
The first is the introduction of multiple block producers. They’re aiming to have eight-block producers on Solana in early 2022. The second milestone is the introduction of on-chain governance.
The fourth upcoming crypto milestone has likewise flown under the radar and that’s the deployment of Cardano’s first DeFi dApps.
ADA has taken a serious beating during the recent bear slump this is because ADA holders were anxiously awaiting the dozens of daps they were expecting to see after the completion of Cardano’s smart contract functionality.
Cardano’s concurrency challenges proved to be more difficult than developers initially expected. Every Cardano project postponed its deployment ADA has consequently crashed in the absence of the demand.
These dApps were expected to create for ADA following Cardano’s September upgrade. The three largest Cardano projects are currently SundaeSwap (SUNDAE), Ardana (DANA), and Meld (MELD).
Litecoin (LTC) and Dogecoin (DOGE)
The fifth and sixth upcoming crypto milestones are for two cryptocurrencies which are quote merged at the hip are Litecoin (LTC) and Dogecoin (DOGE).
LTC and DOGE can be merged mined thanks to auxiliary proof of work hence merged at the hip which is a direct quote from dogecoin co-founder Jackson Palmer.
The privacy change isn’t being implemented at the layer 1 level. Litecoin founder, Charlie Lee, believes Litecoin should be safe from regulatory scrutiny. With other privacy coins, this is a bigger deal because there are almost as many Litecoin ATMs around the world. This will likely create a lot of demand for LTC and lots of positive price action by extension.
Dogecoin has a few treats on its released roadmap. There are two over eight milestones that are expected to be completed in the coming months. The first is an enterprise Dogecoin wallet called the Gigawallet to integrate DOGE payments. The second is a Dogecoin software developer kit to create new Dogecoin products and further facilitate.
The seventh upcoming crypto milestone pertains to Polygon (MATIC). Polygon is Ethereum’s leading layer to scaling solution with $5 billion in TVL by dozens of popular Ethereum dApps, which deployed on Polygon’s POS chain. Polygon has allocated billions of dollars to building additional layer 2 scaling solutions.
Polygon is in the process of producing 5 additional scaling solutions and the two that are likely to create the most demand are Polygon Maiden and Polygon Zero.
Polygon Maiden and Polygon Zero leverage next-generation zero-knowledge technologies, which is believed will be as much as 100 times faster than comparable Ethereum scaling solutions notably arbitration and optimism.
Axie Infinity (AXS)
The final upcoming crypto milestone relates to Axie Infinity (AXS). Axie Infinity is cryptocurrency’s number one play-to-earn game and is also the number one NFT marketplace.
Axie Infinity has more than 3 million daily active users to put things into perspective that’s almost three times more than Ethereum’s record and Bitcoin’s record.
Axie Infinity can handle all that traffic thanks to Ronin, a layer 2 scaling solution. Ronin will soon be public and its validators will need to stake the RON coin, which will also be used to pay for all transaction fees on its blockchain.
FTX cryptocurrency exchange has recently listed a futures contract for RON, making it possible for traders to speculate on its value. This suggests three things:
First, RON is very valuable. Second, RON will be listed on an exchange shortly and third FTX will look to list the actual run coin as soon as it becomes available.
These upcoming crypto milestones may affect the growth of those altcoins in particular and the crypto market in general.
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