Top Layer 2 Crypto Assets To Buy in 2023: $SPS, $LEO, $DEC

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(Edited)

Cryptocurrency is undoubtedly one of the best investment options we have in our world today. To this end, the number of people flocking into the nascent industry has grown significantly this year, amid the prevailing price decline in the crypto market. This is so because, over the years, investing in solid crypto assets has often proved to be very profitable.

Particularly, Bitcoin (BTC), the leading cryptocurrency by market capitalization is said to be the best investment instrument in the past 5-10 years, as it has given investors a good run for their money, and yielded a better return on investment (ROI) than several other commodities/ securities.

Coinmarketcap data showed that the approximate return on investment on Bitcoin, if purchased at the time of launch (or earliest known price) is 12757.96%, at the time of writing. Similar astounding performance and return on investment (ROI) can be said for many Layer 1 and Layer 2 tokens.

But it is worth noting that while huge profits can be derived from trading and/or investing in crypto assets, massive losses can be recorded too. The outcome any individual begets is dependent on his investment or trading strategies as well as his knowledge of the crypto market.

One of the outstanding profitable investment strategies is knowing the right assets to buy and hold. While there are several Layer 1 and Layer 2 crypto assets in the market today, not all of them are sustainable and worth investing in for the long term. This article seeks to list a few Layer 2 tokens any crypto investors can adopt and be sure of counting profits.


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Layer 1 and Layer 2 Projects Explained


If you have been in the crypto space for a couple of months or years, you probably must have heard of the terms "Layer 1" and "Layer 2". In case you still do not understand what these terms represent, you are in the right place.

A Layer 1 blockchain is simply a base smart contract-enabled platform where other decentralized applications (DApps) or blockchain projects can be built or developed on. On the other hand, a Layer 2 project is any blockchain project developed on any Layer 1 blockchain.

In other words, Layer 1 projects are those projects that have their independent blockchains. Whereas Layer 2 projects are projects that rely on another blockchain for full functionality. Therefore, Layer 1s are independent projects while Layer 2s are dependent.

Accordingly, the native currency of any Layer 1 blockchain is called a coin, while the term token is used to represent the native crypto asset of any Layer 2 protocol.

For example, the highly scalable, fast, and Decentralized Proof of Stake (DPoS)-powered blockchain, Hive, is a Layer 1 project. The Hive blockchain is designed to possess smart contract functionalities, which allows other decentralized applications to be developed on it and benefit from its unique properties and features.

Meanwhile, Splinterlands, the leading blockchain-based digital trading card game ecosystem is a layer 2 project. Similarly, LeoFinance, the web3 social media platform is a layer 2 project. Both popular projects are powered by the Hive blockchain.

Layer 2 Tokens You Should Consider Add to Your Portfolio


(1) Splintershards (SPS)

Splintershards token, which has the ticker SPS, is a governance token of the leading play-to-earn blockchain game Splinterlands. Notably, SPS runs on the Binance Smart Chain (BSC) network and has a total supply of 3,000,000,000 tokens only.

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Unlike several assets, Splintershards' uniqueness is evidenced in its rare issuance pattern. As stated by the Splinterlands game team, SPS will be distributed in an already defined plan which will last for about 65 months from the time the governance token of the Splinterlands game was first released.

Being that SPS is linked to a solid blockchain game project Splinterlands which is powered by the leading web3 social media ecosystem HIVE, one can be sure that the Layer 2 token would continue to appreciate.

SPS token main use case is that it enables in the provision of increasing levels of decision-making ability in the Splinterlands ecosystem. This implies that SPS is needed to participate in the governance of the trading card game ecosystem. The Splintershards (SPS) token is also used to reward Splinterlands players and asset holders.

SPS is currently trading on many top centralized exchanges like Huobi, Gate.io, MEXC Global, Bitrue, and the decentralized exchange Pancakeswap. At the time of writing, SPS is trading for $0.0309 with a market cap of $26,504,411.


(2) LEO

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The layer 2 token LEO, is the native currency of the thriving web3 social media and blogging platform LeoFinance.io. LEO serves as the reward token in the LeoFinance platform. Users engage and create content on the web3 platform to earn both LEO and Hive. LEO exists on the Ethereum network, Binance Smart Chain, and Polygon network as WLEO, BLEO, and PLEO respectively.


(3) Dark Energy Crystals (DEC)
Here's another promising Layer 2 token powered by the play2earn game Splinterlands. Dark Energy Crystals with the ticker DEC are the in-game tokens of the Splinterlands game. At the time of writing, DEC is trading for $0.0007059 per token on exchanges like Poloniex. Data also showed that DEC has a 24-hour trading volume of $22,541.95, at press, time. DEC is also trading on LeoDex.io, Tribal Dex, and Hive Engine.


Interestingly, these Layer 2 tokens are currently trading at discounted prices following the prevailing bear season. As popularly asserted, the best time to invest in the crypto space is when assets' prices are down. With the many developments surrounding Splinterlands and LeoFinance, investing in their respective tokens would not be a bad move.

Posted Using LeoFinance Beta



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