Despite what the government is saying about the cryptocurrency markets and digital assets, India’s abundance of blockchain projects is still felt. We are witnessing some of the largest decentralized projects in the world coming from India. Companies like Coinbase are starting to realize the kind of marketplace we are- young and excited about cryptocurrencies.
With the markets gaining diverse assets, investors are looking for more opportunities outside of stocking up on digital gold. Quite a few of these cryptocurrency projects have great underlying purposes, and they are capable of solving real-world problems. This article will discuss the top ten Indian cryptocurrency projects that are showing a lot of promise with outstanding founders and market performance.
Top 10 Cryptocurrency Projects from India
The real reason for such massive growth in adoption in our country is excitement. Our youth is excited about cryptocurrencies. While some are doing their homework before investing, others are simply betting on Mr. Musk’s tweets. Well, that is a topic for another day.
If we look at the graph below from search trends, we can clearly understand that people want to scope the markets and look for opportunities. Here we present some of the best crypto projects from India that can potentially rise to multi-billion dollar valuation in terms of market cap:
1 Polygon (MATIC)
Polygon formerly Matic Network is working on solving the biggest problem in blockchain technology: scalability and instant block generation. The network built in a decentralized ecosystem erases the complexity of user experience, reduces gas fees, and most importantly, increases the throughput using sidechain tree architecture. To know more about the technical aspect, have a look at the whitepaper of Polygon.
Some of the famous use-cases of Matic are Gaming networks, decentralized exchanges, and on-chain payment systems. All of these applications will be deployed on a scalable platform that allows users to enable an open-identity system and Atomic swaps. To understand token economics, here are some key parameters and their respective values:
Market Cap- $10 Billion
Circulating Supply- 4,877,830,774 MATIC tokens
Token Price- $1.92
The coin went through its ups and downs in the last few years, but now, it seems to only be increasing in value. In a three months time frame, the value has risen from 10 cents to 1.9 dollars.
2 WazirX (WRX)
WazirX is an interesting project coming from an exchange platform. The company has built its foundation to be one of the best crypto exchanges in India. Nischal Shetty, the founder, and CEO of the company has 10+ years of experience building products that solve real-world problems. If we talk about the tokeconomics, it has a lot to do with the exchange itself. As more users come on board, the company’s value will increase, and it will therefore reflect on the token price. Currently, these are details of the WRX token:
Market Cap- $589 Million
Circulating Supply- 293,763,596.01 WRX
Token Price- $1.94
The performance of WRX tokens has been remarkable till now, and it should be fully credited to the company for how they are increasing the value of WazirX coins. Every quarter, upwards of two million are burned or destroyed, which creates a decrease in supply to increase the overall value. The token took off since it launched, and investors saw a 300% gain in their portfolio, and this is before Q1 of 2021. From March to April, we have seen the coin double in value.
If this trend continues, we see great potential for WRX, and investors get to enjoy the massive gain. For a platform like WazirX, it is all about growth in user base and how well it is doing compared to its competitors. If it keeps increasing in the Indian marketplace, the coin will gain value.
3 Frontier (FRONT)
This project is one of the leading members of the blockchain agnostic space. Frontier or FRONT token is adding value for users in helping them build applications over the Ethereum network. The company has an end goal to successfully offer cross-chain bridges for different Defi protocols. If the project gets through with the right integrations, users can track, manage, swap, and stake different token ecosystems like Cosmos or Binance Chain.
The company is on par with its original roadmap, and they have recently launched Frontier Chain Testnet in April. In the Q2 of 2021, we can expect the Mainnet to be in action, and the final quarters aim to fully establish the company’s position in Chain governance and Decentralized key management.
Here are some tokeconomics for FRONT:
Market Cap- $78 Million
Fully Diluted Market Cap- $209 Million
Current Circulating Supply- 15,650,000 FRONT
Token Price- $2.1
The history of price performance shows a downtrend, and it witnessed a drop of almost $4 from an all-time high of $6.99. Currently, the markets are highly volatile, and projects of this magnitude are likely going to consolidate before they take off. You can see for yourself in the chart below:
4 MahaDAO (MAHA)
A no transaction fee platform with a friendly user experience is MahaDAO. This is a unique project aimed to help holders generate more value for their digital assets. MahaDAO is an autonomous organization offering a value-stable coin called ARTH to fight the current economic climate. With investors having a say in stability fees and savings rates, MahaDAO wants to fight the depreciation of wealth.
The company has a team of nine individuals covering tech, marketing, design, and legal. It is quite new in the crypto space to create something similar to a decentralized reserve bank. One can deploy the same borrowing concepts like DSR and emergency shutdown. The platform also allows users to use their collaterals to lock in their tokens.
Here are the key details regarding MahaDAO:
Market Cap- $10 Million
Fully Diluted Market Cap- $63 Million
Circulating Supply- 1,611,619 MAHA coins
Token Price- $6.35
Even though the fundamentals are there and recognized as the world’s first company to create an incentivized stablecoin, the Price has dropped significantly from $13 to $6. However, we see a trend reversal, and the token might experience a decent pump in the coming weeks.
5 Unmarshal (MARSH)
Unmarshal is launched to fulfill a huge requirement for the Blockchain data access layer. As scalability is a big issue for multi-chains like Ethereum and Polkadot, Unmarshal came up with a unique solution to disrupt the Defi data sphere. While off-chain data is crucial to verify transaction details, it is equally important to strengthen the on-chain economy. That is where Unmarshal comes in and makes the infrastructure more accessible to multi-chain data.
Some of the key features offered by Unmarshal are Defi Taxing, Historical Prices, and P&L tracking. We can expect more modules to be added to the infrastructure and give users multiple data avenues.
Here are the tokeconomics for Unmarshal:
Market Cap- $28 Million
Fully Diluted Market Cap- $398 Million
Circulating Supply- 7, 096, 098. 29 MARSH
Token Price- $4.04
The performance of MARSH in the last few months is declining, but one can view this as a buying opportunity for long-term investment. With its use-cases and underlying technology, Unmarshal has potential if we look at a minimum time period of 2 years. It can go all the way up to $10 in the coming years.
6 EasyFi (EASY)
This is another one of those cryptocurrency projects trying to solve the scalability issue linked with blockchain technology. With its lending protocols being run on public networks, it makes transactions more transparent when it comes to finance-related products. EasyFi is compatible with an Ethereum network, so we can expect more Defi applications built using this platform.
Here are some numbers you need to know:
Market Cap- $26 Million
Fully Diluted Market Cap- $105 Million
Circulating Supply- 2, 525, 833.87 EZ
Token Price- $10.54
The Price has gone up to $36, which is its all-time high in the month of April, but it has gone down by almost 200%. It is currently trading around $10, so we might see a build-up to that previous level, but it will likely not happen any time soon.
7 Razor Network (RAZOR)
Unlike most projects, Razor Network is looking to find an effective and sustainable oracle solution that can enhance off-chain performance and solve the trade-off between and security. In Q4 of 2020, the company raised $3.7M from several investors such as NGC ventures, Spark Digital Capital, and Alameda Research.
Recently, the company made it clear that they will launch “state-of-the-art dapps” for developers. The founder also mentioned in one of his recent interviews that Eth 2.0 could fast-track their progress.
The tokeconomics for RAZOR are given below:
Market Cap- $18 Million
Fully Diluted Market Cap- $250 Million
Circulating Supply- 74, 425, 112.00 RAZOR
Token Price- $0.2407
The company launched its coin in 2019, and since then, the coin hasn’t seen much increase in value. It reached an all-time high of $0.96 last year, and it is falling ever since. The potential is still uncertain because we are still not one hundred percent sure that oracles are necessary to connect smart contracts to the outside world for a scalable blockchain environment. If blockchain engineers find a way to make it happen, then the value may drop even more.
8 Playcent (PCNT)
This is another exciting cryptocurrency project from India with a single objective of creating hyper-casual games and apps. Playcent believes they can penetrate the markets with ease, as they need less time and capital for app development. The underlying technology used by Playcent is built on Ethereum and operated on the Matic Blockchain.
The developers and users play a huge role in this kind of ecosystem. Each group needs to either build templates for the app or contribute with content. They will be earning PCNT tokens from the reward pool. With key features being CDN and rewards engine, the platform provides everything a content creator needs to build customized applications through existing Playcent modules.
Here are the details regarding tokeconomics:
Market Cap- $8 Million
Fully Diluted Market Cap- $33 Million
Circulating Supply- 16, 014, 308.00 PCNT
Token PricePrice- $0.5526
The performance history shows consistency in value and volume, so this does have the potential to reach the $1 mark. As NFTs are gaining more popularity, this platform can draw more attention from content creators, which in turn increases the PricePrice. Here is how the trading chart looks in the last three month
9 Nord Finance (NORD)
A feature-packed project with advanced decentralized technology providing zero-cost transactions and cross-chain interoperability is Nord Finance. This project is similar to others on this list. Still, it adds a unique feature called Nord Loan, which helps Defi users to take their digital assets as leverage in emergency situations.
The roadmap for 2021 begins with a Nord savings launch and a $NORD listing. The subsequent programs offered will include loans, advisory, and Nord collateral. Nord Finance also has many ecosystem partners leading the cryptocurrency markets, and some of them include Polygon, Elrond, and Chainlink.
Here are some key token details you need to know:
Market Cap- $10.5 Million
Fully Diluted Market Cap- $76.6 Million
Circulating Supply- 1, 362, 480.06 NORD
Token Price- $7.69
The token value has risen 38% in the last 24 hours, and we have seen a positive uptrend building in the last few weeks. It had reached an all-time high a couple of months back when it hit $9.16, and it is now only down to $8, so the rally is helping the coin reach its previous all-time high. If the trend continues without any bad news on leading cryptos, NORD investors should see some pretty good gains in their portfolio.
DefiDollar is a cryptocurrency project to unlock the future of stable coins. They have an asset management system to give users a consistent amount earned from staking stable coins every month. This company believes yield farming is the only answer to fight against low liquidity and volatility. Some of the main tokeconomics are given below:
Fully Diluted Market Cap- $2.9 Million
Max Supply- 2, 836, 252 DUSD
Token Price- $1.02
As a stable coin, it has not shown signs of 2x or 3x, but in the recent run-up, DUSD has increased by 10%. In the last three months, there have been many ups and downs, but overall, the coin maintained its value. It is likely going to rally with other altcoins for a couple more weeks.
These recent cover-ups in the market don’t mean we are in a bull run. The fear index has reduced significantly, so we see more participants in the market, but we should look long-term if we are investing in such cryptocurrency projects in their early stages. Projects like Defi Dollar, and Frontier are undervalued right now, so there is a buying opportunity to consider; however, it is better to wait a couple of weeks to let the market settle down for better entries.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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