The crypto market is still struggling to get out of the current slump. It is doubtful whether the markets will make any positive moves anytime soon, as interest rates are likely to rise again next month. Consulting giant Fool analysts say DeFi projects like Uniswap (UNI) will emerge victorious in this environment.
FTX bankruptcy raises the importance of decentralized platforms like UNI and DyDx
The collapse of the major cryptocurrency exchange brings more secure decentralized solutions to the fore. Decentralized exchanges or DEXs represent the essence of Blockchain technology, which aims to promote the use of smart contracts. Although somewhat complex and takes time to get used to, they are never managed by individuals or companies. With this and many other features, DEX and DeFi platforms seem to be the catalyst for the next bull. In the rest of the article, let’s examine the UNI-like DeFi platforms listed by Fool analysts.
Uniswap (UNI) was one of the market’s first DEX platforms
Since its launch in 2018, the altcoin project has become synonymous with the rise of DeFi. Uniswap’s reputation is primarily due to the fact that it is based on Ethereum. The stock market soared in volume following the FTX crash. From November 7 to November 9, Uniswap’s trading volume exceeded $5 billion for three consecutive days, setting a new record. On November 14, it overtook Coinbase to become the world’s second-largest exchange by volume. Investors are now looking for additional reasons to capitalize on this growing trend. As more users seek decentralized options, the UNI price could quickly return to its former levels.
SUSHI was another DEX platform poised to grow after the collapse of FTX. It was released in 2020 with a hard fork from Uniswap. Basically, it’s trying to build a more advanced and complete DEX than Unidwap. In SushiSwap, users can experience the full DeFi experience. In addition to token swap, they can perform leveraged transactions. An added bonus is Sushiswap’s stake pools.
The potential of SushiSwap has recently caught the attention of a leading asset management firm. With more than $47 billion in assets under management, GoldenTree provided $5.2 million to SushiSwap. This partnership puts SushiSwap ahead of traditional finance. GoldenTree now allows its customers to use SushiSwap’s DeFi range.
High potential altcoin projects to watch in the coming months
In the second part, let’s list the altcoin projects that Twitter analysts highlight according to their news feeds. The top ranked Litecoin remains the best performer among the top 100. We can list many possibilities for this success. Altcoin investors withdrawing from Solana (SOL) may be investing their funds in LTC. Also, LTC’s halving will take place in August 2023. Even Bitcoin (BTC) maximalist Michael Saylor said that LTC is like a digital commodity like BTC.
The second-ranked BNB Coin (BNB) has been making a lot of gains lately, backed by the world’s largest exchange. The FTX crash brought a lot of uncertainty regarding exchanges and exchange tokens. Binance may have had a positive impact on investor sentiment after publishing its proof of reserve. Also, Binance is launching a new project. The last rally is one indication of that.
As CEO CZ explained, Binance has a strong reserve with SAFU. cryptocoin.com We have covered the details in this article.
It’s also worth taking a look at Bitcoin.
This is because markets tend to follow BTC. A trend reversal on Bitcoin’s chart is good news for everyone. However, BTC is currently at a very sensitive level. Investors are on the alert as the token once again approaches levels below $16,000. This means bad news for former investors. But analysts say there may be an opportunity to buy at a discounted price.
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