Cryptos you should consider buying.
Many of these digital assets are currently breaking record highs in one way or another, and the rise of DeFi tokens has ballooned the crypto market capitalization to about $384 billion, according to data retrieved from Coingecko a crypto analytic ranking firm.
In addition, the advent of yield farming has seen cryptos like Compound’s COMP token double its price in the first week of trading.
Adebayo Juwon, an FTX consultant for Africa, spoke to Nairametrics in an exclusive interview, giving valuable insights on the rise of DeFi crypto. He said:
“Following the recent market movement in the crypto space, new traders might get too excited with gains, especially in the Xefi section. The YFI(s) are the bubbles of DeFi with crazy gains for holders, which of course is most likely to get blown off once the hype is over.”
He also spoke on Serum, a fast-growing DeFi asset, showing an impressive gain of over 3000% in less than 30 days.
“One can’t deny the impact DeFi has had in the crypto market recently, as some of them have solid backgrounds and real-time projects to prove for it. I’ll take Project Serum as an example and its native token SRM.
“It is natively based on the Solana blockchain and also has an Ethereum (ERC20) version. This is a new product that went 3000%+ since IEO sale less than a month ago, while still growing solid. Crypto traders and investors may want to take a look at this one.”
Consequently, other leading DeFi cryptos that have outperformed the flagship crypto (Bitcoin), include Aave’s LEND, which has risen by almost 5,000% in 2020, and Yearn Finance’s YFI token, which has soared in terms of price value, presently trading at around $31,000.
Performance against the market (1 week; 3 days, 1 day): pic.twitter.com/wPJVTKGZSE
— MMCrypto (@MMcrypto) September 2, 2020
Also, in a detailed note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management firm, gave an analysis on cryptos that investors could consider other than Bitcoin.
“Aside bitcoin, there are thousands of other cryptocurrencies, which are simply called altcoins,” she said.
Ekene talked about her preferred choice, Dash, with its unique circulating supply. “There are good coins and shitty coins. I wouldn’t say I have any favorite one; over the years Dash has proved to be a great project.
“Dash coin is a fork of bitcoin, it was launched in 2014. There is about 18 million total supply of dash and approximately 9.7million in circulation.
“Dash is a widely used coin, the 12th most valuable coin. It allows transactions to be untraceable and close to instant. In the past 9 months its ROI is around is 55%.”
Infrastructure projects such as Chainlink’s LINK, which provides a network of decentralized oracles needed for some DeFi applications like insurance, have also been gaining traction.