• Thu. Feb 29th, 2024

Top 7 Largest Crypto Gainers of 2022

Key Takeaways:

  • Nest Protocol’s NEST is the best-performing crypto with a net gain of 243%.

  • Trust Wallet’s TWT is the second-best-performing crypto in the top 300, with a net gain of 129.5%, due to the shift in favor of self-custody and a boost from Binance CEO, CZ.

  • GMX, Shardus’s ULT, PlatonCoin, SSV Network’s SSV, and Gains Network’s GNS round up the list of the top 7 best-performing cryptos of 2022.

2022 could be one of the worst years in crypto history. With the unending Russian-Ukraine war, record-high inflation in the U.S. since 2008, the Terra and FTX collapse, “loud layoffs” involving tech giants like Meta and Amazon, and deteriorating tech stock prices – the crypto market has gone through a rough ride this year. But these conditions have not affected all cryptocurrencies in equal measure. 

While some coins are ending the year in the red zone after shedding more than 50% of their value since their recent all-time highs, others have managed to defy the trend and are closing the year in the green zone. At CoinGecko, we’ve prepared a list of the 7 best-performing coins with the largest gains based on price movements this year. Join us as we look into each of these coins and what makes each of them unique. 

Do note that this list is for educational purposes and not meant to be taken as financial advice. Please see below for more information around the methodology of how we identified these coins. 

Top 7 Best Performing Crypto of 2022      

These are the 7 best-performing coins in the top 300 with the most significant gains based on year to date:

Nest Protocol (NEST) – 243%

Nest Protocol is a decentralized pricing oracle platform built on the Ethereum ecosystem. It leverages a unique “quote mining” method to sync off-chain data with on-chain prices. Nest is designed to allow community members to propose, debate, and vote on projects and initiatives that benefit the ecosystem. The protocol is powered by a native token called NEST, which governs the platform and rewards community members for their contributions. 

NEST holders can participate in decision-making by staking their tokens and casting votes on proposals. One of the critical features of the Nest Protocol is its transparent and fair governance system, which is designed to prevent any single group or individual from exerting undue influence on the platform. This is achieved through a system of smart contracts that ensures that all votes are weighted equally, regardless of the stake size.

In 2022, the NEST token experienced an impressive price performance of 243%, likely due to a combination of factors such as increasing demand for decentralized governance solutions and the growing recognition of the importance of community involvement in the cryptocurrency and blockchain industry. The platform’s transparent and fair governance system also contributed to its success, as it provides a level playing field for all participants and encourages active participation from the community.

Trust Wallet (TWT) – 129.5%

Trust Wallet is a web3 wallet that allows users to store, manage, and transfer various digital assets across several blockchains, including but not limited to Bitcoin (BTC), Ethereum (ETH), BNB and non-fungible tokens (NFTs). It is a mobile wallet that is available on both iOS and Android devices. You can use also it to interact with various decentralized applications (dApps).

One of the main features of Trust Wallet is its focus on security. It uses advanced security measures, such as secure key storage and two-factor authentication (2FA), to protect users’ digital assets. It also allows you to set up a recovery phrase, which you can use to restore access to your wallet if you lose your phone or forget your password.

TWT has appreciated by 129.5% in 2022. The token’s surge begain in November after the FTX collapse caused a bank run where investors cashed out their assets from exchanges en masse, when Binance CEO, CZ, tweeted his support for Trust Wallet as a self-custody solution.

Distrust in centralized exchanges (CEX) – including the current fear, uncertainty, and distrust (FUD) surrounding Binance – appears to have ignited the need for self-custody solutions as users wait for Proof of Reserves to prove that the institution actually holds the specific assets that match specific account balances.

GMX (GMX) – 113.9%

The broad scope of facilitating the complete activity shift from CEXs to DeFi is enormous. The crypto community needs a sophisticated set of tools (derivatives, market-making capacities, and more) native to central exchanges while remaining suitable to a broader user base and large trading volumes. GMX is a potential piece to the puzzle that facilitates the decentralized trading of perpetual futures on various assets with almost 30x leverage on Arbitrum and BNB Smart Chain.   

The impressive performance of GMX is also fueled by the exodus from CEXs driven by the FTX collapse. High inflows to DeFi pushed GMX exchange to outperform Uniswap in protocol fees in November 2022. Its main strongholds are the exchange’s cost-effective fees and minimal price impact trades.  

To find out more about GMX and how to trade on the platform, check out CoinGecko’s guide to GMX

Shardus (ULT) – 83.6% 

Shardus has created decentralized ledger software to solve the problems of first-generation blockchains – scalability, decentralization, and efficiency. It leverages compute and state sharding to accommodate a broad user base and empower global-scale distributed networks. Shardus key features include:

  • High speed: It processes transactions promptly instead of classifying them into blocks, leading to increased throughput. 

  • Scalable processing: It routes transactions to shards (groups of nodes). As such, not every node processes transactions, making the chain scale to millions of transactions per second (TPS).

  • Scalable storage: It distributes state data across many shards, creating networks that can store multiple accounts without needing petabytes of storage from nodes. 

  • Fully decentralized: You can leverage off-the-shelf machines to participate in the network’s consensus mechanism. This significantly minimizes entry barriers to the network’s decentralization efforts. 

PlatonCoin (PLTC) – 60.8%

PlatonCoin is a digital currency that is part of the Platon Life ecosystem, where users can buy and sell with PLTC. PLTC offers users an insured digital wallet, offering users insurance of up to EUR 1 million against theft, depending on their membership level. It offers users the chance to stake their PLTC for passive income. Besides, you can use PLTC to purchase items from partner stores and participate in actions for luxury brand items. 

SSV Network (SSV) – 43.5%

SSV Network is a decentralized staking protocol that facilitates the decentralized functioning of Ethereum validators. It works by splitting a validator key among over three non-trusting nodes. The nodes are mutually required to perform the validator roles through a proof-of-stake (PoS) mechanism. Generally, SSV Network turns a validator key into a multisig concept controlled by a consensus layer.  

The network boosts the robustness and fault tolerance of nodes on the Ethereum blockchain. Allocating validator keys among nodes significantly improves the standard staking mechanism through the:

  • Offline storage of validator keys

  • Active to active redundancy

  • Tailored node instances

  • Threshold signature mechanism 

SSV Network is the first open application of the SSV model, birthed by the Ethereum Foundation research in 2019. The protocol has grown to a DAO-based, community-driven network of stakers, developers and operators. 

Gains Network (GNS) – 27.1%

Gains Network is a decentralized trading protocol that enables you to profit by predicting the prices of assets. Your profits or losses are amplified since the network provides high leverage devoid of funding charges – you indirectly borrow leverage, meaning your profits/losses are your own. Gains Network boosts the biggest trading pairs, ensuring flexibility and user choice in its decentralized leverage products. 

GNS (rebranded from the GFARM2 token) is native token of the Gains Network ecosystem, serving as a utility token, store of value, and potentially a governance token as well. The Gains Network team claims to be working towards instituting a DAO powered by the GNS token, where GNS token holders will be able to contribute to the platform by voting on improvement proposals. 

Learn more about GNS and Gains Network.

Conclusion and Methodology

NEST, TWT, GMX, ULT, PLTC, SSV, and GNS are the top 7 best-performing cryptos of 2022. The mass exodus from CEXs to DEXs and unique features, particularly regarding staking and leverage trading, have contributed significantly to the impressive price performance of these cryptocurrencies. 

This list is derived based on the price movements of cryptocurrencies within the top 300 list on CoinGecko from Jan 1 to December 21 2022.