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Rari Governance Token (RGT)
The Rari Governance Token is the native token behind Rari Capital, a non-custodial DeFi autonomous advisor that earns users yield.
On May 8, Rari Capital suffered an exploit. The attacker artificially inflated the value of a token connected to its Ethereum contract pool, allowing them to withdraw more tokens than they deposited. The exploit drained a total of 2,600 ETH from the pool (worth about $7 million at the time of writing).
Now, only user funds in the targeted ETH pool – the one with Alpha Finance Labs’ ibETH token – were directly affected by this exploit. However, there were some indirect repercussions to all token holders. This sent RGT’s price from $17 to $9. But it recovered to around $13.50 before being swept up in broad market turmoil.
Rari plans to reimburse users who lost funds in this exploit and has already allocated $26 million for total funds to be reimbursed.
It’s also taken major steps to reassure users that something like this won’t happen again. For instance:
🔸It will reach out to the DeFi protocols it’s interacting with to review the code
🔸Set a threshold to pause a liquidity pool if the ratio falls below a certain level
🔸Prevent deposits and withdrawals in the same block (helps protect against flash loan attacks like this one)
🔸Internally review protocols it’s working with
🔸Enlist more top auditing firms to help review code
While this was unfortunate to see, we believe it was a good learning lesson for the team and something it’ll recover from. Vulnerabilities like this inspire better auditing systems, and we believe the project will grow stronger as a result.
Rari’s outlook remains bright. It has what it takes to become the future of finance. And once it recovers and puts its more stringent practices into play, we see its price recovering to previous highs and surpassing them.
Enjin-Coin (ENJ)
Enjin-Coin is a next-generation NFT platform. Its most recent features make it easy for individuals and businesses to use NFTs.
Last month, Enjin launched its new Proof of Authority (POA) blockchain called JumpNet. Two weeks after its launch, over 50 companies were using the network’s free NFT service, including Microsoft and Binance.
Microsoft teamed up with Enjin to create NFTs for Minecraft, one of the largest online multiplayer games. Players can now bring their in-game materials across any gaming platform on the MyMetaverse Minecraft server.
With JumpNet’s POA blockchain, creators can mint and distribute NFTs without paying transaction fees. This helps increase scalability on the Ethereum network through instant, secure, and gasless transactions.
To further its goal of gasless transactions, Enjin is teaming with blockchain project Polkadot. The two plan to launch a multichain highway for NFTs called Efinity by year’s end. It’ll allow any wallet marketplace or exchange to adopt multiple blockchains and allow users to move tokens onto multiple chains without the cost of gas fees.
Enjin is making great strides to become the top marketplace for NTFs. And with exciting releases looking forward, it’s ahead in the race to capture NFT market share.
Status Network Token (SNT)
SNT is a token, Web 3.0 mobile interface, and open-source messaging platform that interacts with Ethereum applications.
The Status Network allows users to…
🔸Control their identity and personal data
🔸Access decentralized marketplaces
🔸Create and share content
🔸Create companies without limits or borders
🔸Purchase insurance policies
And to access some of these features, users need SNT, which fuels the network. This increases demand for the token.
And Status has been improving its features as well. The Status Keycard allows users to store their private keys offline in a more secure, cold storage hardware wallet. And two recent updates, Reset Keycard and Backup Keycard, brought support for multiple accounts and more convenience.
This has boosted the number of users on the network. In Q1, Status saw over 900,000 installations and nearly 750,000 new users – that’s an average 8,333 users per day. So it’s seeing good results from these new upgrades.
Since SNT is a crucial part of the Status Network ecosystem and its development, token holders will be benefactors of all this growth. Already, holders of SNT have seen an 876% return since the beginning of 2021. With the dramatic increase in new users, we see no slowing down in token price or usage for the Status Network.
Crypto com Coin (CRO)
In the last two months, Crypto com released three new products: Crypto org Chain, its derivatives exchange, and upgrades to its DeFi wallet. These should bring more users to its site and accelerate overall crypto adoption.
🔸Crypto org Chain is a public, open-source, and permissionless blockchain that utilizes the Cosmos SDK and has CRO as its native currency. It’s designed to accelerate mass adoption of payments, DeFi, and NFTs.
Users can migrate their current CRO tokens to the new, native CRO token on Crypto org Chain. The user-friendly CRO migration tool, along with Crypto org Chain staking, will be available via the Crypto com DeFi wallet.
We’ll provide instructions for migrating CRO tokens when the migration tool is ready.
🔸Crypto com’s derivatives platform lets traders speculate with leverage up to 50x on BTC. This should bring in a flood of users, which leads to more fees for Crypto com… And which should also trickle down to token holders.
🔸And third, its new DeFi wallet gives millions of individuals the benefits of DeFi, such as quickly swapping DeFi tokens and earning fees from staking. At the same time, it’ll leave full control of private keys with users and protect the tokens held in the wallets with multilayered security.
On top of this, Crypto com is working to increase decentralization of the network. By burning tokens (taking them out of circulation), this ensures voting power is less concentrated.
In February, it burned 59.6 billion CRO tokens, and it plans to burn a further 10.4 billion over the coming months. In addition to making the network more decentralized, this has another benefit. As few tokens remain in circulation, we anticipate higher token prices ahead due to constant demand from Crypto com users.
Ripio Credit Network (RCN)
Ripio Credit Network is a global credit network. Using smart contracts and blockchain technology, it connects lenders and borrowers around the world through any currency.
As longtime readers know, due to recent high fees on Ethereum’s network, many smaller trades end up costing more than the value of the trade itself. Users must deposit large sums of money to remain profitable on decentralized lending platforms.
So RCN refocused its project development to address this and bring DeFi lending and borrowing to mainstream users. To become more inclusive, RCN has integrated with Binance Smart Chain (BSC) to allow for cheaper transaction fees on the Ethereum network. RCN can now give small investors access to open finance through its global credit network. Thanks to this partnership, the average cost per transaction on the platform is 50 cents.
Another benefit of using BSC is inter-blockchain liquidity, which brings other cryptocurrencies to RCN’s credit marketplace. Now, holders of ETH, BTC, XRP and other tokens can operate in the Ripio Credit Network.
These recent integrations to the RCN protocol enhance mainstream usage and reliability in the worlds of credit and lending. Users will be attracted to the lower fees it charges for DeFi plays, and this should grow its network in the coming months.
0x (ZRX)
0x is a liquidity aggregator that works to find the best price across different platforms. It pulls liquidity from multiple exchanges to give users the best possible rate.
0x is exploding, with over $30 billion in volume, 350,000 traders across 0x-powered apps, and $3 million in fees paid to ZRX holders.
And more platforms are incorporating its protocol every month. The latest exchange to benefit from 0x’s infrastructure is Bancor. April marked the release of limit orders on the exchange that utilized the KeeperDAO and 0x protocols.
This allows users to avoid fees and buyers to get tokens at a preferred, fixed price. It also launched the 0x DAO in April. It’s funded with 4.5 million ZRX (worth around $7.5 million) and controlled by ZRX holders.
Token holders can make proposals, share ideas for the DAO treasury, and vote or delegate half their voting power when it comes to deciding on proposals. Approved proposals will delegate future projects building on 0x and the community with help from the DAO.
These new features allow the community to take part in the decisions made in the network. Integration with popular DEXs and the launch of the DAO comes at the perfect time for ZRX. With exchanges exploding in volume and services eager to be a part of the 0x protocol, we see 0x going much higher from here.
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Zcash (ZEC)
Zcash is a privacy token that users can spend, send, and receive via phone or computer. It enables anyone in the world with an internet connection to transact privately. And now, it’s also exploring new ways to expand its usage as a privacy token.
One way developers recently did this was by raising over $65 million in Zcash’s shielded pool. It’s a liquidity pool that allows private cross-chain swaps on Thorchain, a blockchain on the Cosmos network. It’s a big achievement for Zcash, as a growing number of DeFi protocols trade synthetic or wrapped assets. And users can now access them.
Thorchain can also provide privacy to ZEC token holders. And it gives them a trustless way to trade ZEC tokens without relying on a centralized exchange like Binance or Coinbase. With cross-chain swaps now available to ZEC token holders and an increased focus on privacy, we’ll soon see Zcash tap into DeFi protocols to increase the tokens’ usability.
Dash (DASH)
Dash is a peer-to-peer cryptocurrency focused on creating frictionless payment solutions.
This month, its Dash Core network will move from testnet to its mainnet, which is critical for the Dash Wallet and Dash Platform updates it’ll release in Q4 this year. This move to mainnet starts the migration process of master node validators and mining operators to adopt the latest version.
Shortly after Dash Core launches, we’ll see three major upgrades to the Dash Wallet:
🔸DashSwaps will make the wallet more accessible to users by instantly swapping cryptocurrency payments into Dash.
🔸DashPay will now have a “buying with Visa” feature. This will allow users to buy Dash directly with their credit card without the use of a third party, such as Uphold.
🔸And it will include interface improvements for a better user experience.
We expect these updates to be available by June.
The release of the Dash platform will bring smart contracts and data oracles to the network. This will give developers the ability to build DeFi applications on the Dash Network, expanding its usability beyond just a payments system.
A lot is coming down the pipes for Dash leading up to its Dash Platform launch in Q4, making it an exciting time to be a DASH holder. These new platforms and upgrades will put Dash on the path to becoming the PayPal of the crypto world and enabling companies to easily accept cryptocurrencies as payment.
Curve (CRV)
Curve Finance is a decentralized exchange running on Ethereum that specializes in swapping between stablecoins. You can think of Curve as the Uniswap of stablecoins.
Curve’s AMM is a liquidity aggregator that pulls liquidity from multiple pools. This allows for low fees and slippage (difference between expected and executed price). Curve provides investors with large amounts of liquidity and the ability to take advantage of arbitrage opportunities between different stablecoins.
A recent example of this arbitrage was when a user executed one of the largest swaps on the protocol last month. They swapped $192.59 million worth of USDT for $193.898 million of USDC. That resulted in over $1.3 million in profit. And $77,000 of that was paid out as a fee to Curve DAO liquidity providers (token holders).
This increased usage of the Curve fi platform has brought daily volume to over $1 billion in April and over $400,000 in fees paid to Curve DAO stakers. We expect to see more users flock to the platform to benefit from its fee structure for token holders.
Celsius (CEL)
Celsius Network is a blockchain-integrated platform that gives anyone with a smartphone access to financial services. Celsius is an SEC-complaint platform that provides users with lending, yields, and payment solutions that aren’t available through conventional institutions.
This month, Celsius partnered with B21, a mobile app that provides a simple platform for buying and managing crypto assets. B21 offers a personalized crypto portfolio and ways to easily deposit funds using bank transfers, debit, and credit cards. It’s available in over 82 countries, including the U.S.
Together with Celsius, B21 launched a new “Earn” feature. This lets users stake their entire portfolio in a single click to earn weekly yield. Users can now earn up to 18% annual percentage yield (APY) on all their crypto assets and benefit from rewards, weekly payouts, and asset transfers.
Celsius continues to make banking features available while cutting out middlemen. We believe crypto investors looking for easy ways to earn yield on their assets will seek out its solution.
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Uniswap (UNI)
Uniswap is the largest DEX on Ethereum. It allows users to trade any token on the network in a permissionless and trustless way.
To stay competitive with the dozens of DEXs launching on Ethereum’s network, Uniswap launched its V3 update earlier this month.
This new update likely ensures Uniswap will maintain its position as the No. 1 DEX on Ethereum thanks to its newest features.
Also as part of Uniswap V3, liquidity providers (LPs) can now concentrate their capital more flexibly by providing liquidity at their desired price within a range. In return, Uniswap rewards LPs with more trading fees if they provide liquidity outside the current price of the token.
LP providers can now choose the percentage of the two assets they want to provide, allowing users to choose which price range they wish to support. While there will be less volume in this price range, it can be profitable. And as a result, it’ll keep prices less volatile with more liquidity pushing them back to current prices.
Uniswap is also looking to keep its platform out of competitors’ hands. To ensure other projects can’t simply copy-paste its proprietary code, Uniswap’s V3 Core will launch under the Business Source License. The license makes Uniswap’s source code much harder for competitors to take advantage of.
Since the V3 launch two weeks ago, the protocol has attracted $1.78 billion in liquidity. As more liquidity makes its way over to V3, we expect trading volume to surge since Uniswap will once again have the deepest liquidity on Ethereum. And more trading volume will ultimately translate to more protocol fees for UNI token holders in the future.
KeeperDAO (ROOK)
KeeperDAO aims to maximize profit for DeFi users and the “Keepers” on its network, rather than miners profiting from arbitrage opportunities.
Miners secure a network… But they can sometimes use a technique to extract profits at the expense of users by reordering transactions in a block. It lets them take advantage of the price discrepancy between the time a transaction was sent and the time a miner mined the block. This form of arbitrage is called miner extractable value (MEV).
KeeperDAO aligns the rewards of MEV with the users who created the value by redistributing it back to their pockets. This ensures KeeperDAO users keep their fair share of profits. It’s also rolling out new features to help users save money. Recently, KeeperDAO designed a soft cancel feature that allows users to cancel orders without paying gas fees. This development will be rolled out soon on the KeeperDAO exchange.
And last month, KeeperDAO made limit orders available on Bancor’s decentralized exchange (DEX) in conjunction with 0x. Thanks to transactions taking place off-chain, placing orders requires no gas. The user who eventually fills the order pays the fee.
With these updates making everyday use of DEXs easier and giving users ways to save money, it’s no wonder the daily usage is growing. We expect to see it attract even more new users going forward.
Ether (ETH)
Like bitcoin, Ethereum is experiencing a major pullback after nearly doubling in price over the past month.
Despite that, I believe Ethereum is still the most important operating system the world has ever seen. And I believe it’ll be crypto’s next trillion-dollar coin.
Why do I believe that? Because the next stage of software development will happen on the blockchain. And Ethereum is the world’s most widely-used blockchain development platform… The way Microsoft was the world’s most popular development platform in the 1990s… And the way the Android and iOS operating systems are the most popular development platforms today for mobile apps.
And we’re seeing that growth play out in the decentralized finance (DeFi) space. Last week, total assets held in DeFi protocols on Ethereum shot up to $87 billion. That’s a 412% increase from the $17 billion held on the network at the start of 2021.
Investors are starting to realize the superior benefits of DeFi applications on the Ethereum network compared to legacy options. While this is overall bullish for the platform and the ETH token, it hasn’t been without some growing pains.
Ethereum’s rapid growth has led to a surge in the price of transaction fees. But as we’ve written to you before, Ethereum developers are working to solve this problem with layer 2 scaling solutions, the transition to Proof of Stake (PoS) consensus, and other upgrades.
The most promising is Optimism. It can increase transaction speeds 100x and reduce fees 700x. Its mainnet launch is expected to go live sometime next month.
In a recent interview, Ethereum’s founder Vitalik Buterin said scaling issues will soon be a thing of the past once users migrate to layer 2 solutions in the months ahead.
Currently, Ethereum can process about 30 transactions. Once all the upgrades are made, Buterin expects it will handle over 100,000 transactions per second. For context, the Visa network can handle x transactions per second.
On the adoption front, the European Investment Bank, the EU’s lending arm, issued $121 million worth of bonds on the Ethereum network. As you may recall, this news comes just after Visa accepted its first payment on the Ethereum network back in March.
Institutional adoption like this is cementing Ethereum as the global asset settlement layer. With the largest payment processor experimenting with the network… government lending arms issuing bonds… and tens of billions of dollars working around the clock on its platforms – no other network comes close to Ethereum’s success.
Ethereum’s future is brighter than ever. And once it solves its scaling issues, it’ll kick adoption into overdrive. At that point, nothing will hold it back from surging to new heights. To make sure we’re positioned for its next moves higher, we’re raising our buy-up-to price on ETH today.
Streamr (DATA)
Streamr is a decentralized infrastructure for real-time data, replacing centralized data servers with a global peer-to-peer network.
It relies on cryptography to empower and supply the Internet of Things, smart cities, and businesses with secure, real-time data.
Streamr makes data tradable and profitable through people and machines using the DATA coin.
Last month, it partnered with Tapmydata (TAP), a leading mobile app. TAP will help people discover what information organizations store in their own databases and help them take back control of their data.
With this, users will be able to monetize their data through established, decentralized, and scalable messaging and payment networks.
In our last Streamr update, we talked about its Data Unions 2.0 upgrade. This upgrade presents the perfect opportunity for any project to build data crowd-selling capabilities and manage users’ income streams from it.
In an interview, TAP’s founder Irfon Watkins recently expressed his excitement about the scalability, accuracy, and security of the network. And to help users get control of and monetize their data.
With the world becoming more autonomous, we need a system to keep control of how organizations use or sell our data. It’s a market worth $138 billion. And Streamr is poised to tap into that industry in an ethically sourced, decentralized way.
Numeraire (NMR)
Numeraire is the native cryptocurrency of Numerai, a hedge fund that uses data sets and machine learning to create stock market prediction models.
NMR holders can stake their tokens on predictions during weekly tournaments, where accurate predictions are rewarded in NMR.
Last month, Numerai upgraded its framework and its associated tool, Numerai Command Line Interface (CLI). This update will help users automate their weekly submissions with their own customized preferences and avoid getting burned by late submissions. The overall effect of this will be improving users’ models.
Tweaking Numerai’s CLI to their liking enables veteran data scientists and newbies alike to improve their models – just by changing a few lines.
The continued upgrades and influx of users have brought NMR to major exchanges such as Coinbase and Crypto com. This project is growing rapidly and building the world’s best open hedge fund by predicting the stock market. By making it easier for users to customize their automated submissions, that should improve results and attract more users.
Chainlink (LINK)
Chainlink is a decentralized oracle network that provides real-world data to blockchains.
Chainlink’s community of developers, researchers, and users work together to bring accurate and secure data to a blockchain’s ecosystem. This helps make them accurate as well as secure.
It’s been three years since Chainlink released its initial whitepaper and introduced a new oracle system to the blockchain space. To keep up with the ever-expanding DeFi ecosystem, Chainlink recently released its new “2.0” whitepaper: The Future of Decentralized Oracle Networks.
It lays the foundation for the adoption of hybrid smart contacts. The new update will create a framework for decentralized oracle networks (DONs). They allow oracles to work off-chain in a highly scalable, confidential, and secure way.
This will reduce fees paid on the Ethereum network by removing the high computational power needed from gaming, non-fungible tokens (NFTs), and DeFi data when creating smart contracts.
Chainlink’s network of DONs will empower blockchain developers to build a better DeFi network. It will allow programmers to build hybrid smart contracts that are scalable and secure for applications.
With the growth of the DeFi ecosystem, Chainlink’s oracles are making it easier for users to obtain real-world data. Chainlink 2.0 brings projects the same information and capacity as major financial companies, so they can develop the applications with the advanced features blockchain and DeFi users have been waiting for.
Crypterium (CRPT)
Crypterium is a secure, single-access wallet used to store, invest, send, and spend cryptocurrency on the go. Users can access crypto loans, savings, and price predictions all in one app.
Crypterium also offers an industry-beating 1% APY for borrowing against cryptos like bitcoin or Ethereum.
To cater to all users’ financial needs, Crypterium now allows users to send money to anyone in the world without fees. Remittance is a $500 billion-plus industry, where users pay up to a 20% fee when sending money through services such as Western Union.
Crypterium’s simple wallet allows anyone with an internet connection to send funds instantly around the world… Something that can take weeks in the traditional financial banking system.
Crypterium is constantly working on new ways to provide crypto users with more options for buying and trading CRPT. This month, KuCoin – one of the biggest exchanges – listed a CRPT/USDT pairing. This pairing makes it available for a large chunk of crypto investors to purchase easily and with more options.
Crypterium continues to help bring users the benefits of DeFi more simply and securely. Its products make it easier for worldwide adoption of cryptocurrencies. And that’s why we believe it’ll be one of the big winners moving forward.
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Stacks (STX)
Stacks offers the solution for building bitcoin’s DeFi ecosystem. It allows for decentralized apps and smart contracts on bitcoin’s network.
Its recent launch of Stacks 2.0 will enable more app development and the ability to stake STX using the Stacks wallet.
This update also included App Mining 2.0. It’s a program that rewards developers for building applications on Stacks.
To date, the program has brought over 400 applications to the blockchain. It’ll help grow the network’s use cases and drive user adoption. Additionally, STX token holders can now participate in “stacking.” This is similar to staking and allows users to lock up their tokens in return for rewards.
Anyone who stakes their tokens will lock them for a minimum of 14 days. This reduces circulating supply and selling pressure, leading to higher token prices.
STX is a unique token since it enables users to earn bitcoin as the network grows. Stacks unleashes bitcoin’s full potential as a programmable base layer. As it works to provide the world’s most secure DeFi ecosystem on the world’s most trusted network, more mainstream crypto users will jump on its platform.
Cosmos (ATOM)
Cosmos’ goal is to become the “Internet of blockchains.” And it’s determined to be at the forefront of this trend through various improvements.
The network recently released its most anticipated update: Stargate.
🔸This includes updates to its blockchain engine Tendermint Core, software development kits (SDK), and the launch of the Inter Blockchain Communication (IBC) protocol. Tendermint Core supports applications written in any programming language, making it easy for all blockchains to use.
🔸SDKs help developers build quickly on the network. Cosmos’ SDK will facilitate the development of Tendermint Chains and smart contracts. We believe it will soon become one of the most widely used tools in blockchain development, bringing more activity to the Cosmos ecosystem.
🔸And after five years of research, the IBC protocol is finally ready to bring interoperability between blockchains built using Cosmos’ SDK. This long-awaited release stands as one of the most significant milestones for the crypto space.
Already, blockchains are flooding to take advantage of Tendermint’s IBC and SDK protocols, including Binance Smart Chain, Crypto org Chain, and OKExChain. There are among $132 billion in digital assets under management across 244 apps and services that utilize the IBC protocol.
With the release of Stargate, Cosmos is rapidly gaining traction as one of the go-to platforms for developers to build on. We look forward to the possibilities this creates for developers and the benefits its growing network effect will have on the price of its underlying ATOM token.
Oxen (OXEN)
After LOKI’s successful rebranding to OXEN, it’s continuing to work on its products and bring users the most secure and private experience in the DeFi space.
Whether it’s through upgrades to the Sessions secure messaging app, or its staking and airdrop rewards, OXEN keeps bringing new users to its platform daily. Since February, it’s brought over 70,000 daily users and climbing to Sessions.
Oxen is constantly thinking about ways to keep its messaging platform truly private and secure. Instead of using your phone number to set up an account that could compromise personal data, Sessions uses public key cryptography. It provides a much safer alternative and comes with added privacy.
OXEN also launched the website of its cross-chain DEX, Chainflip, with the DEX itself and full capabilities coming soon. Chainflip allows users to swap tokens from other networks. Meaning users can swap BTC or ATOM with any other (Ethereum native) ECR-20 token through the DEX website.
Chainflip’s DEX is a one-of-a-kind swap service. There’s no additional software, specialized wallets, pre-deposits, pegged/wrapped tokens, synthetic assets, or collateral requirements needed to swap a token.
Chainflip is expected to launch its testnet this summer and mainnet by January 2022. When it launches, we anticipate greater activity on the network which will lead to higher token prices.
Yearn finance (YFI)
Yearn finance is a decentralized application on the Ethereum blockchain that allows users to optimize their earnings on crypto assets through lending and trading services.
As of writing, one YFI token trades around $50,000. That high price tag intimidates amateur investors. So this month, Yearn finance introduced the Woofy token. One million Woofy equal 1 YFI. So investors can find these more approachable and hold more portions of the YFI token.
Yearn finance’s pools, called “vaults,” rely on CurveFi and earn CRV rewards as incentives, up to its highest yield of 6.72%.
Last month, Yearn finance locked a portion of its earned CRV (over 11 million veCRV tokens) into its “Backscratcher” vault to boost the rewards for vaults that have CurveFi strategies. Users can now earn approximately 11% staking their CRV in the “Backscratcher” vault on the Yearn finance platform.
These high reward vaults have grown the number of users on the Yearn finance platform. In May, the TVL in the Yearn protocol reached $4.3 billion, a 265% increase from April.
We expect to see this number to increase and bring YFI back up to its recent high of $82,000 from earlier this month. Along with the rest of the crypto market, the current price action is a great opportunity to get involved with this project if it goes below our recommended buy price.
Synthetix (SNX)
Synthetix is a decentralized synthetic asset issuance protocol on Ethereum’s network. SNX allows users to create crypto assets that mimic real-world assets and other cryptocurrencies.
Last month, Synthetix unveiled the Alnilam release and introduced the FAANGs, some of the world’s largest companies, into the Synthetix protocol. These include sFB, sAMZN, sAAPL, sNFLX, and sGOOG - synthetic assets that track the price of Facebook, Amazon, Apple, Netflix, and Alphabet, respectively.
Users can now trade FAANG synths on Kwenta io, a derivatives trading platform powered by the Synthetix protocol. They can also lock up their FAANG synths for DeFi staking rewards of over 100% APY on the Synthetix platform.
Thanks to Synthetix, any investor with an internet connection can trade, speculate on, and earn income from the largest assets in the world in brand-new ways… This will drive up the price of the SNX token, which powers the decentralized platform.
Synthetix is also increasing the utility of its SNX token. In April, SNX became the first curated pool to enter THORChain by liquidity providers’ request. This makes it available for swaps, incentives, and impermanent loss protection on the platform. And it’s part of the reason it recently hit an all-time high of $28 per token.
Since then, SNX has pulled back slightly with the rest of the market to around $25. You can use price dips to get exposure to the project below our recommended price if you haven’t yet. Thanks to its partnerships and ability to bring all kinds of assets to the blockchain, Synthetix
will continue to be a leader in the tokenization trend.
Balancer (BAL)
Balancer is an automated market maker (AMM) similar to Uniswap. Balancer sets itself apart from DEXs like Uniswap by enabling its users to create liquidity pools with up to 16 assets rather than two.
This allows Balancer users to create a portfolio of assets with customized weights and be paid by market makers who rebalance their portfolio. It flips the traditional asset management structure on its head – giving restructuring fees to users, not asset managers.
After more than a year of development, Balancer V2 went live this month, proving to be one of the most flexible and efficient AMMs out there. With it, Balancer aims to give users the best token price at a low gas cost with a fully redesigned user interface. Some improvements include:
🔸Balancer’s new protocol vault. This allows trades to pull liquidity from vaults, saving a lot of computational work and gas fees.
🔸Plus, Balancer V2 users will receive BAL when swapping tokens on the new easy-to-user interface. This will also help lower the overall cost of gas fees.
🔸On March 7, the community approved to increase BAL distribution. This should entice more liquidity providers on the network and give traders incentives to use the protocol.
🔸Balancer V2 smart contracts are now on the Ethereum ecosystem. These are public and open source, allowing any developer to work on the network in full transparency. And they give Balancer flexibility to support different AMM smart contract logic.
Balancer’s V2 improvements to its security, flexibility, capital efficiency, and gas efficiency brings Balancer’s vision of being the primary source for DeFi liquidity much closer.
Aave (AAVE)
Aave is a permissionless and non-custodial protocol where users lend and borrow assets. Since Aave can cut out the middleman, it leads to more profits for lenders and more favorable rates for borrowers.
As we’ve covered a few times, transaction fees on Ethereum have become costly as users flock to the network. To help with this, Aave is launching its lending platform on the Polygon network.
Polygon, previously known as Matic, is a scalable sidechain of Ethereum that allows for fast and low-fee transactions. By lowering the cost of transactions and opening the door to more users, Aave will generate more lending fees, benefiting Aave token holders.
Aave is also looking to attract more users to the platform. Recently, venture capital (VC) powerhouse ParaFi Capital introduced a proposal to distribute 2,200 Aave per day to lenders and borrowers to do just that. The community passed this proposal overwhelmingly. We’ve seen many protocols make moves like this in partnership with more established players to bootstrap platform usage. It’s worked well for Aave so far. In fact, since then, total volume on the platform has nearly doubled from $6 billion to $12 billion in three weeks.
Despite more Aave tokens being circulated among the new ParaFi users, we believe this will benefit the project’s long-term success as more users come to realize the power of Aave.
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Compound (COMP)
Compound is a decentralized lending and borrowing protocol that allows users to borrow against their crypto assets or lend them to earn interest. Compound is one of the world’s first fully open and decentralized global banks.
Since launch, it’s consistently been among the top five DeFi protocols by TVL. This month, it was third with total value locked (TVL) over $11 billion.
This month, California-based iTrustCapital announced it was making the COMP token available through IRA/401(k) retirement accounts. iTrustCapital is the No. 1 crypto IRA/401(k) platform for offering cryptocurrencies within retirement accounts.
This is great for long-term investors who see DeFi as the future, and Compound as a huge component of it. It should also increase the price as COMP tokens are locked up for multiple years in retirement accounts, reducing supply and increasing demand.
