Avalanche (AVAX) and Polkadot (DOT) networks were some of the first entrants in the cross-chain space but Parody Coin (PARO) has also introduced a multi-chain swap right from its inception stage.
We will discuss why these three coins can be a good addition to cryptocurrency portfolios. All three coins have cross-chain support and are ready to serve the needs of web 3.0.
The AVAX token has seen strong purchases from crypto investors in the $71-$79 region. The Avalanche token is used to pay for transactions inside the AVAX ecosystem. The Avalanche network supports cross-chain compatibility and users can transfer tokens between the AVAX and Ethereum (ETH) blockchain networks easily through the native bridge. Along with Polkadot, AVAX network is considered as one of the fastest smart contract platforms currently available for developers. It is a good addition to any crypto portfolio.
The DOT token is used inside the Polkadot ecosystem. Polkadot was one of the first blockchain networks to tackle the issue of interoperability or cross-chain compatibility. It allows para chains to communicate with each other and each chain can host its own token. The DOT token has seen strong interest among the crypto community and has risen in value sharply in a short period of time. It is currently trading at $17.89 and can be accumulated for strong gains in the future as the Polkadot ecosystem is constantly expanding and poised for growth.
Realizing the importance of cross-chain compatibility, the Parody Coin’s team has in-built support for currency swaps. The PARO token will be used for various activities inside the Parody ecosystem. It will be used for:
1. Payment transactions (network fee).
2. Payment settlements for the NFT marketplace.
3. Fee payment while trading of NFTs.
The Parody Coin’s ecosystem plans to consist of the following components:
1. Parody Swap: Users can swap currencies for the PARO token easily.
2. Parody Bridge: Users can transfer assets between different chains.
3. Parody marketplace and Paroverse: NFT marketplace and metaverse ecosystem.
Holding PARO guarantees a passive income
But that’s not all! Holding the PARO token has other advantages as it generates a passive income for all its hodlers. A 10% tax is levied for all transactions occurring on the Parody network. 5% of this tax is redistributed to the PARO holders. So, you don’t have to sell the tokens to book profit. You can keep on earning a passive income even when you sleep. The PARO token works in the background generating a healthy yield over time. As a holder, you are also entitled to passive income rewards from fee generation from the marketplace. These additional passive rewards will be handed out in the form of any BEP-20 token of your choice.
Cross-chain compatibility is important because many developers need the facilities on different blockchain networks. Currently, most layer 1 networks are independent and developers need to deploy dApps individually on different chains. This is expensive and a waste of resources. However, cross-chain compatible tokens such as PARO can be sued in such cases where fee payment is required on different networks. The token can be transferred on different blockchains and back as the need arises.
When building a crypto portfolio, care should be taken to include coins that will be in demand in the future. These three coins are future proof and as the demand for cross-chain compatible networks rises, AVAX, DOT, and PARO should see significant price appreciation. However, please research carefully before investing.
The PARO token is currently being sold via a presale. You can get the Parody Coin at an attractive price and it will soon be launched on PancakeSwap. The PARO token runs on the Binance Smart Chain (BEP-20) network.