ERC-20 tokens to watch in March 2023
Cryptocurrency investing can be daunting. Researching what to buy and when can be challenging with so many tokens available. Here, we will put the spotlight on three ERC-20 tokens in DigiToads (TOADS), decentraland (MANA), and maker (MKR) that investors are looking at in March 2023.
DigiToads is an ERC-20 token that started its presale this year. In the DigiToads ecosystem, which also features NFT ownership and staking, TOADS is the native token of a play-to-earn (P2E) crypto game of the same name.
In DigiToads’ metaverse, Swamp, users can pay TOADS to mint a toad-themed NFT virtual pet. Each NFT pet is born with its statistics and abilities. Still, its owner significantly impacts how it develops into adulthood. These pets can engage in combat with one another. Winners of these battles move up the DigiToads leader-board and receive TOADS as a prize.
Importantly, TOADS is a deflationary token. 2% of the funds are burned whenever a TOADS exchange occurs. As a result, the TOADS supply diminishes as more players join DigiToads. Rising demand and falling supply typically support prices, benefiting early adopters.
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Decentraland is one of the most well-liked virtual grounds in the metaverse. For blockchain-friendly companies, it facilitates virtual events to play-to-earn crypto games.
MANA is the hub of the Decentraland metaverse’s digital economy. The ERC-20 token is accepted as payment for virtual real estate and other digital products and services.
MANA operates on a deflationary model. A certain amount of MANA is burned during the auction of land NFTs in Decentraland. Therefore, the likelihood of MANA’s price growth is supported by its supply decreasing as more people and companies move to Decentraland.
Decentraland has proven it can support a massive user base as interest in the metaverse rises.
In MakerDAO, Maker (MKR) is used for voting and purchasing. MakerDAO removes intermediaries like banks from the lending and borrowing processes. To facilitate loans and regulate their mechanics, including repayment terms, interest rates, and margin calls, MakerDAO relies on smart contracts developed on Ethereum.
DAI, an algorithmic stablecoin based on the ERC20 standard, is one of MakerDAO’s selling points because its primary goal is disbursing loans. Lending in DAI helps protect MakerDAO loans from fluctuations in the cryptocurrency market.
The purpose of the MKR is to keep the supply of DAI stable. When a DAI shortage and its price rises, MKR is burned to produce more DAI. In other words, the greater the demand for fresh DAI and the smaller the supply of MKR, the more individuals will use MakerDAO for decentralized lending.
DigiToads (TOADS), decentraland (MANA), and maker (MKR) integrate interesting technologies, have a vibrant development community, and may benefit from the growing demand for ERC20 tokens across a variety of industries.
For more information on DigiToads, visit their website here.
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