A tale of three cryptocurrencies – two established oldies versus a powerful newcomer striving for dominance in the realm of metaverse projects. The Avalanche (AAVE) and Palkadot (DOT) tokens have both seen stability recently, although it’s also the rising stars which can interest us the most. We’ll be taking a careful look at Metacade’s utility token, $MCADE and finding out what’s on offer prior to its upcoming presale.
AAVE – A Blockchain Platform and Token to Rival Ethereum
AAVE is the token belonging to Avalanche a decentralized lending system where users take the roles of borrowers or depositors. It is the AAVE token which facilitates all transactions – acting as the underlying cryptocurrency for the platform. Currently, AAVE has a market cap of $1 billion USD and a circulating supply of 14 billion AAVE.
The AAVE token also serves the function of permitting voting rights on the Avalanche platform. It’s used by the Avalanche community to propose and vote on changes regarding the platform, and any decisions concerning the Avalanche protocol – similar to other metaverse projects. Each AAVE coin carries voting rights equal to one vote in the, and so essentially the more tokens a user holds, the more voting power they have.
Since September, we have seen prices stabilise after a volatile period in July and August. Following initial highs of around $114, prices appear to have settled around $75-76 per token – although as for whether this floor can last remains open to debate. Given current bearish sentiment, it feels somewhat unlikely that prices will rise again to their former highs but time will tell.
DOT – A Useful Linking Protocol and Token
In its simplest form, Polkadot is a protocol that allows unrelated blockchains to connect together in a secure way, allowing transfer between them. In the past, such transfers often required a number of intermediary steps (typically brokers) which increased both processing times and fees. By attempting to centralise the process, Polkadot aims to reduce the overhead of these transfers.
The Polkadot token (DOT) has several utilities, including as a governance tool – so that holders can vote on future developments. It’s also used for staking, as in helping to facilitate verifications on the network. The DOT token also has a specialist function – bonding, which is the process of connecting and disconnecting across their network. Of course, it could be argued it has a utility as an investment opportunity also.
Currently, it has a market cap of over $6 billion USD, and there is a circulating supply of over 1.1 billion DOT. Although prices are nowhere near its all-time market high, they have remained stable since the beginning of 2022. Currently Polkadot has no particular plans for expansion moving forward, relying on the ideas of its community to add to a system which has essentially already completed its roadmap.
MCADE – A Utility Token for the Metacade
Let’s take a look at Metacade and its MCADE token. From what we’ve uncovered, it has great potential to become one of the most exciting metaverse projects we’ve seen so far. A relative newcomer to the scene, Metacade has some novel features which are at first glance interesting but more importantly, offer sustainable expansion into the future.
Dubbed the ultimate Web3 metaverse gaming community – Metacade envisions an arcade-themed space where crypto fanatics, gamers and gentuziaame developers can freely mingle together. The platform is focused on their users exchanging ideas, collaborating on projects and of course, playing games. One particularly unique aspect is the plan to host a number of metaverse games on the platform.
The chosen currency for Metacade is its MCADE token, which has a number of utility cases across the platform.
There are plans for it to be used in its Play to Earn and Pay to Play arcade suites, entry and rewards for tournaments, community-approved game development funding, and in the future, potential payment for metaverse game-related job opportunities.
Metacade also intends to use its MCADE token for staking – earning income from verifying transactions on its network, as well as to provide voting rights for its community, with plans to transition into a DAO later in development.
What makes MCADE good for the future?
Unlike Polkadot and Avalanche, MCADE is a utility token for which the use cases can be easily extended as Metacade implements features over time. Alongside the unique aspects associated with a virtual arcade, such as multiple titles and integrated game development, MCADE could also potentially be used for other transactions on the platform connected to advertising or even merchandising.
As the crypto sphere continues to push out new protocols and services based on blockchain technology, it is becoming increasingly important to consider the longevity of metaverse projects as they mature. While the tokens available on platforms like Avalanche and Polkadot are transformative, it is still worth considering whether the impact they can make is sustainable, and what affect that can have on them as viable investments.
Strong sustainability requires deep levels of innovation, which is why projects like Metacade – offering a community-driven platform in a high-growth sector like gaming is so interesting. By closely linking the MCADE token to Metacade’s diverse features, there is a level of inherent support built into its design which is currently unavailable to DOT or AAVE. We highly recommend you take a look at MCADE to discover more about its exceptional potential.
You can participate in the Metacade presale here.