DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
Getting into crypto in the Philippines has never been more convenient with PDAX’s easy-to-navigate mobile app available on Android, iOS, and Huawei, which also features multiple cash-in and cash-out options, and security measures such as two-factor authentication (2FA). Supervised by the Banko Sentral ng Pilipinas, PDAX is committed to bringing the best experience for your crypto trading needs.
With 34 cryptocurrencies available on the PDAX mobile app, you might still be figuring out which tokens you ought to start your trading journey with. To get you a head start, all you need to do is read on for a brief look at 10 of the digital assets (in no particular order) among our newly launched cryptocurrencies for this year.
- Cardano (ADA)
With a market cap of $16.8 billion*, Cardano has long been touted as the foremost third-generation cryptocurrency, improving upon the features that Bitcoin (BTC) and Ethereum (ETH) have already established. Unlike BTC and ETH which employ “mining” in its Proof-of-Work protocol, ADA was among the first projects to spearhead Proof-of-Stake, which is a far more energy efficient and scalable network protocol. Cardano is also known for its intensive academic approach, relying on peer review and expert research in the course of its development.
- Dogecoin (DOGE)
Dogecoin has the reputation of being the Internet’s favorite memecoin, and is marketed as a more friendly alternative to other payment tokens such as Bitcoin. DOGE features the iconic Shiba Inu dog on its logo and has amassed a huge following in social media and even among celebrities and billionaires like Mark Cuban and Elon Musk. DOGE currently has a market cap of 8.27 billion*.
- BNB (BNB)
BNB is the token that powers the Binance exchange and the BNB Chain, which are among the most recognizable platforms in the crypto industry. Dubbed as the “Build and build” token, BNB is responsible for the massive growth of decentralized applications (dApps) in its network, and is also used for minting NFTs in the Binance NFT marketplace. BNB likewise has a current market cap of $44 billion*.
- Polygon (MATIC)
MATIC is a sidechain developed on the Ethereum blockchain with the purpose of adding a scaling solution for Ethereum’s dApps, thereby drastically reducing network congestion and reducing transaction fees. MATIC is able to achieve this with “rollup” technology which essentially bundles multiple transactions for processing, reaching speeds of up to 65,000 transactions per second (TPS) with near negligible fees and contributing to its $7.6 billion market cap valuation*.
- Stellar (XLM)
Stellar is a cryptocurrency designed to make overseas remittances faster, more secure, and far cheaper than traditional remittance methods through banks and payment centers. With the use of blockchain technology and its own unique consensus protocol, Stellar is able to charge near-zero transaction fees, ensuring that as much of the remittance funds are received by their intended recipients. Stellar’s current market cap stands at $2.6 billion*.
- Solana (SOL)
Solana is one of the main rival networks to Ethereum, with speeds which are also at par with credit card companies. With the use of its novel Proof-of-History protocol, Solana is able to process up to 50,000 TPS which has made it one of the most viable alternatives to Ethereum for dApps, metaverse and gaming applications, and NFT minting. Solana has been a mainstay favorite among crypto traders, with a market cap of $11.1 billion*.
- Green Satoshi Token (GST)
GST is the reward token for the pioneer move-to-earn app STEPN, which pays out crypto to its users for walking, jogging or running. Aside from users being able to cash out their earnings with GST, the token is also used to repair and upgrade players’ NFT sneakers, creating more value and providing a healthy utility for one’s crypto holdings. With the PDAX mobile app, Filipino health aficionados would also find it more convenient to cash out directly to pesos, which can then be easily transferred to one’s bank account or e-wallet. GST’s current market cap stands at $18.5 million*.
- Gala (GALA)
With a market cap of $353 million*, the GALA token drives the economy on Gala, a decentralized gaming platform where players don’t just get to play games, but can also use their crypto to participate in the development of gaming projects. Unlike major gaming companies that get all the profit from releases, Gala is a community-owned platform where any revenue generated from its games are directed back to the players themselves, offering a unique business model for the future of the gaming industry.
- Smooth Love Potion (SLP)
Smooth Love Potion is the reward token for the hit play-to-earn blockchain game, Axie Infinity, which took the country by storm with over 40 percent of network traffic generated by Filipino players. Besides being used to cash out one’s earnings, SLP is also used to mint or “breed” Axies–the game’s non-fungible tokens (NFTs), in the form of fluffy adorable creatures that players use to battle with each other.
With SLP’s market cap at $170 million* as of September 2022, Axie Infinity players have another good reason to use PDAX as they can cash out their earnings directly to Philippine pesos, or buy more from the exchange to level up their game.
- Axie Infinity Shards (AXS)
Axie Infinity Shards is the governance token for Axie Infinity and is used by players to vote on the game’s future directions and influence the overall gaming experience. AXS can also be staked to support the Axie Infinity network and to earn passive rewards. Unlike Smooth Love Potion (SLP) which has an unlimited supply, AXS is only limited to 27 million tokens, which makes it more preferable for long-term holders, and which has lead to its $1.1 billion market cap evaluation*.
*All market cap figures are from coinmarketcap.com as of September 2022.