The host of crypto channel Coin Bureau says DeFi is back. He exemplifies this when Uniswap, Aave, THORChain and two additional altcoins are overperforming.
What does Convex Finanace promise?
cryptocoin.com Coin Bureau’s popular crypto analyst, nicknamed Guy, says that decentralized finance (DeFi) is challenging the overall market downtrend. The analyst highlights a handful of crypto projects in this regard. Saying that DeFi has made an impressive comeback, Guy makes the following statement:
Starting with Convex Finance (CVX), it seems to be recovering due to developments on the decentralized stablecoin front. Unfortunately, CVX’s recent rise is not an instant hit on the radar. But as DeFi developer Andre Cronje once said, ‘DeFi tokens must not be bought, they must be earned.’ His words, not mine.
At press time, Convex Finance (CVX) is trading at $5.83. CVX remains up about 68% from a monthly low of $3.13 on June 18.
“Think twice before stepping in at QNT”
Guy also discusses the interoperable Blockchain Quant Network (QNT), which helps developers build decentralized applications (DApps). In this context, he says:
Next is Quant Network (QNT) due to an update to Overledger, a platform that makes it possible to build DAapps using smart contracts from different Blockchains. The token appears to be accumulating. Like most altcoins, QNT is well below the ATH level. Techniques show that it won’t go much higher from here. In other words, we’re late for a fix so think twice before we jump in.
At press time, Quant Network (QNT) was trading at $85.63, gaining 4.31% in the last 24 hours. By the way, a week ago, the QNT was changing hands at around $60.
“Aave is rallying because of its decentralized stablecoin”
Guy then talks about the lending and borrowing protocol Aave (AAVE). For this altcoin, he makes the following assessment:
The AAVE token is rallying mainly due to Aave’s decentralized stablecoin. Aave’s weekly rally looks amazing. However, when you take a step back, you can clearly see that the token remains in a long-term downtrend. However, it is possible for us to test the upper limit of the descending channel since last summer. It’s possible that this could fetch Aave up to $120 before it was rejected.
At press time, Aave was trading at $76.62, up 11.53% on a daily basis. The altcoin rose nicely from its weekly low of $60.15 on July 5.
Guy looks at RUNE and UNI after Aave (AAVE)
The analyst then points to developments regarding the decentralized cross-chain liquidity protocol THORChain (RUNE). Guy shares these predictions:
THORChain is building a DEX aggregator that will make it possible for developers to trade between almost any cryptocurrency or token just like you would on a centralized exchange. Upon this news, RUNE gathered. Too bad RUNE continues to be stored. However, it is possible that we may see another big speculative pump in the coming weeks as the DEX rollup becomes available.
The analyst concludes his conversation by evaluating the status of the automatic market maker (AMM) and DEX Uniswap (UNI). He also makes the following assessment for UNI:
Finally, we have Uniswap, one of the DEXs ThorChain wants to tap into. Actually I couldn’t figure out why the UNI is aggregated. But lately there has been a lot of trading volume on Uniswap. That’s probably why. Like many other altcoins, UNI has basically reverted to what it was before the bull market. Remember that this means it’s not a good time to buy. Because we are in the middle of the crypto bear market again.
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