What are Ethereum based Altcoins?

What are Ethereum based altcoins? – According to current data, there are more than 365000 Ethereum-based Erc-20 tokens, while there are 8931 Erc-721 tokens. In this article, we will explain Ethereum based altcoins through some examples. These are REN, LINK, ELF, KNC, UNI, and ZRX tokens. 

These coins are also among the ERC-20-based tokens that analysts find suitable for investment in 2022. Each of them stands out in the crypto money market with its different features.

(ETH) Ethereum Based Altcoins List

Ren Coin (REN)

Ren Coin (REN) is the native cryptocurrency that provides liquidity in the Ren protocol, which enables different Blockchain platforms to meet each other. REN, an ERC-20-based altcoin developed on the Ethereum network, is preferred for lending across chains.

Holders of REN lend to other users in the network who need a loan in REN altcoins. They then earn REN Coins by demanding the repayment of this loan with interest. On the other hand, Ren can be involved in trading on cryptocurrency exchanges and exchange with other cryptocurrencies, stored in ERC-20 based crypto money wallets and transferred between wallets.

Chainlink (LINK)

Chainlink (LINK) is an ERC-20-based cryptocurrency that has been produced to eliminate the problems existing in smart contracts. Smart contracts were made available on the Ethereum network in 2015. While these smart contracts were only used to manage the data on the Blockchain, they started to be used between Blockchains after the development of LINK. 

Chainlink (LINK) can be stored in ERC-20 based cryptocurrency wallets. A cross-border transfer is made between these wallets 24/7. It is used in trading on cryptocurrency exchanges and converted to other cryptocurrencies.

LINK is suitable for a long-term investment. Because it supports DeFi protocol. A person who owns a LINK can earn interest income as a LINK by lending to another investor, or by staking a LINK in his wallet, he can earn extra coins at the back of a specific maturity.

According to current data, the price of 1 LINK is $6.27 / $6.78.

aelf (ELF)

aelf (ELF) is an ERC-20-based altcoin that can be traded on the decentralized cloud computing blockchain. ELF is the native cryptocurrency of the Blockchain protocol that acts as an operating system similar to Linux. 

It is stored in virtual and desktop variants of ERC-20-based cryptocurrency wallets. Transfers between these wallets at low cost, 24/7, without geo-restrictions. It is a cryptocurrency that analysts are examining among promising altcoins.

According to current data, the price of 1 ELF is $0.122 / $2.77.

Kyber Network (KNC)

Kyber Network (KNC) is an altcoin that started to be used in decentralized finance transactions in 2017 and was developed on the Ethereum network. Most closely related to the DeFi protocol, KNC operates simultaneously with smart contracts on Ethereum.

It is possible to earn a certain amount of KNC extra via staking KNCs in ERC-20 based wallets. It can be bought, sold and converted into other cryptocurrencies with accounts opened on KNC crypto currency exchanges. 

According to the current cryptocurrency exchange information, the price of 1 KNC is $1.34 / $1.55.

0x (ZRX)

0x (ZRX) is the cryptocurrency issued by the 0x platform. It is an ERC-20-based altcoin unit known as the Ethereum Blockchain system. The purpose of the 0x platform is to enable all token units to be exchanged with each other. In this context, ZRX has been designed with the belief that all tokens will be traded as a single cryptocurrency in the future. 

ZRX is a non-minable cryptocurrency. It can work with smart contracts and is used in trading on cryptocurrency exchanges. It can be stored in ERC-20 based crypto money wallets and cross-border transfer is carried out between these wallets with the lowest costs.

According to the current cryptocurrency exchange information, the price of 1 0x (ZRX) is $1.67 / $2.55.

Uniswap (UNI)

Uniswap (UNI) Coin is an Ethereum-based, DeFi, decentralized exchange, altcoin that can be used in financial transactions. UNI can be used for lending or to earn interest as an Ethereum-based token by staking in a cryptocurrency wallet.

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UNI, which is used for trading and clearing on cryptocurrency exchanges, can be transferred between ERC 20 based crypto money wallets. It offers the advantages of low cost coverage and fast processing in this transaction.

According to the current cryptocurrency exchange information, the price of 1 UNI is $3.85 / $4.44.

Conclusion

Although many Ethereum-based tokens are on the market, we can say that a small part are successful. Finding successful projects is possible with the right coin analysis and comments. 

The vision of the company or team behind the Ethereum token and the future of the project should be well studied. Because creating an ethereum-based token can sometimes be as easy as copy-pasting a code.