5 Under $1 Ethereum Layer 2 Altcoins To Buy As Dencun Upgrade Beckons (2024)

The impending Dencun update, poised for March 13, is set to elevate Ethereum, potentially driving its price above $3,800 amidst bullish trends. This significant upgrade highlights Ethereum’s enduring advancements and its crucial role within the blockchain sphere.

Drawing attention to five promising Ethereum Layer 2 altcoins priced under $1: Skale (SKL), Loopring (LRC), Mantle (MNT), Myria (MYRIA), and Gelato (GEL). These tokens, emblematic of innovation and scalability within Ethereum’s ecosystem, present compelling opportunities for portfolio diversification in anticipation of the Dencun event.

1. Skale (SKL)

Skale (SKL) stands at the forefront of the decentralized world, offering a groundbreaking network designed for developers. It’s a unique platform that supports the creation of custom blockchains and decentralized apps, all within Ethereum’s vast ecosystem. This initiative directly addresses Ethereum’s scalability hurdles and the high cost of gas fees, providing a viable alternative for developers.

The network’s currency, the SKL token, follows the ERC-777 standard, fulfilling a dual purpose. It not only incentivizes network participation through staking rewards but also plays a pivotal role in governance decisions.

Presently, SKL is priced at $0.1054 despite a slight decrease of 5.76% in the last day. However, it has surged by more than 45% in the recent month. With a market cap of $546 million, it ranks as the 140th largest cryptocurrency.

2. Loopring (LRC)

Loopring (LRC), a pioneering Ethereum layer-2 solution, leverages “zkRollup” technology for superior DEX performance. This approach consolidates transactions away from the chain. It employs zero-knowledge proofs to achieve reduced costs and enhanced transaction speeds compared to Ethereum’s mainnet operations.

The platform’s native token, LRC, plays a crucial role in staking, governance, and securing fee reductions within the ecosystem. As “zkRollups” continues to gain prominence as a top-tier layer-2 methodology, Loopring is poised for significant growth in 2024. This positions it as a key alternative coin purchase ahead of the anticipated Dencun network upgrade.

Currently, LRC’s price stands at $0.3503, witnessing a 7.03% drop over the past day following a modest market adjustment. Positioned at 154th on CoinMarketCap, its market capitalization is now $478 million.

3. Mantle (MNT)

Mantle (MNT) has swiftly risen within the Ethereum Layer 2 network rankings, clinching the fourth spot in Total Value Locked (TVL) just two months after launch. This climb reflects a surge in investor interest, buoyed by an Annual Percentage Yield (APY) of 7.2%. Boasting the ability to process up to 200 transactions per second, Mantle underscores its processing strength. Its performance heralds a robust challenge to its peers in the Layer 2 space.

With its efficient and scalable nature, Mantle has become a notable contender. The token’s price now sits at $1.01, following an uptick of more than 12% in the preceding week. Such growth earmarks it as one of the prime cryptocurrencies for purchase today.

4. Myria (MYRIA)

Myria emerges as a purpose-built Ethereum Layer 2 scaling solution, focusing on NFTs, blockchain gaming, and more. Developed in partnership with StarkWare, Myria’s solution promises instant trade confirmations and zero gas fees for NFT transactions. This is achieved without compromising the security of user assets.

Using StarkWare’s STARK prover and Zero-Knowledge Rollup (ZK-Rollup) technology, Myria can compress numerous transfers into a single transaction. This efficiency enables it to support up to 9,000 transactions per second (TPS). Presently, Myria’s token value is $0.01454, marking a 2.17% increase over the last 24 hours.

5. Gelato Network (GEL)

Gelato Network (GEL), a pioneering decentralized network, leverages bot technology for the automation of smart contract operations across major public blockchains like Ethereum, Polygon, and Fantom. This innovation allows web3 developers to delegate their DevOps requirements. Consequently, they can dedicate their efforts entirely to developing their primary product.

The latest price of GEL stands at $0.7671, marking a 5.28% increase over the past 24 hours. Positioned at number 485 in CoinMarketCap’s rankings, Gelato boasts a market capitalization of $84 million. The network reports a circulating supply of 109,951,523 GEL coins, while the maximum supply remains undisclosed.

Bottom Line

The Dencun upgrade positions Ethereum for a pivotal leap, making SKL, LRC, MNT, MYRIA, and GEL attractive prospects. These altcoins, emblematic of innovation and scalability within Ethereum’s ecosystem, offer a unique investment opportunity ahead of a transformative moment in blockchain technology, spotlighting the potential for growth and diversification.