Zero-Knowledge, or ZK, coins are gaining more and more attention in the crypto world. Bitboy Crypto’s Ben Armstrong recently shared his top picks for ZK coins by market cap.
The first coin on the list is Polygon (MATIC) which has seen a significant increase in price recently. Immutable X (IMX) is another coin that had an impressive week, with a 33% increase. Mina, which has been favored by big money according to a Bitcoin whale, is also on the list.
Optimism is another ZK rollup project that Armstrong rates highly. However, he notes that explaining the concept of ZK Rollups can be complicated and less visually appealing than other projects. Despite this, he believes that the potential benefits of ZK rollups will attract crypto users in the long run.
Zigzagging to ZK
Crypto users are bridging millions to ZK-based blockchain networks in the hope of receiving free tokens in an airdrop. Over $8 million has been bridged to the network in the past week alone.
DeFi users have been trying different strategies to claim the tokens if and when they are issued, such as bridging two ZK networks and providing liquidity on decentralized exchanges. Data from DeFi Llama shows that the total value locked in the ZK-based decentralized exchange, Zigzag, has increased to $13 million from $1.5 million in just one week.
Looking ahead, the confirmation of the arbitrary airdrop means that farming activity will shift away from other chains and toward ZK-based networks. Armstrong predicts that people who have completed the Arbitrum (ARB) process will be looking for the next hot thing and may jump to another chain in hopes of receiving free tokens.
Moon math and tools for crypto users
Armstrong also shared some tools for crypto users, such as Defi Llama and Coin Perspective. Defi Llama is a good tool for tracking what’s on the rise and what’s declining, and Coin Perspective is great for doing moon math and seeing what your favorite coin’s market cap would be if it had Bitcoin’s market cap.
Lastly, Armstrong shared some tips for off-ramping crypto. He recommends selling on Coinbase and moving the money to PayPal, which can then be transferred to your bank account. This approach is safer than transferring directly from Coinbase to your bank account and has lower fees than other off-ramp methods.