According to crypto bull Lark Davis, some cryptocurrencies will make money for their holders. He says these coins share the money with the token holders. It also records that they pay their users in real currencies such as dollars and ETH. Davis shared these altcoin projects on his YouTube podcast earlier this week. We have also prepared it for our readers.
First altcoin project Trader Joe (JOE)
Trader Joe’s is one of the largest decentralized exchanges in the Avalanche network. Davis says it has been bullish on the Avalanche network and the Trader JOE token for some time now. It is possible for farmers to enter the platform launch pads to increase their farming APY, using their native JOE tokens. Holders can earn USDC for a stash of JOE tokens, as he did. Davis says the staking rate has been between 15 and 30% in the last few months. He also records that it was paid in dollars. He explains that the money comes from a percentage of the platform fees.
About 0.05% of all fees paid on the platform go to people who own the JOE token. The more business the stock market does, the more money the bookies make. Davis believes this will continue in the long run and could be a very lucrative token to hold.
In second place is GMX (GMX)
Davis says he does not own any GMX tokens. But he says he’s keeping an eye on it. GMX is similar to ByBit, but on-chain. A decentralized, perpetual exchange, specifically at Ethereum layer-2. It has become popular on social media lately. Because the cash flow rewards from this cryptocurrency remain strong.
The GMX payout is in Ethereum for those who stake it via Arbitrum or AVAX for those who stake it on the Avalanche network. Payment via AVAX is relatively new. Because GMX was recently made available on the Avalanche network. Stakes are currently over 20%. This reward is paid in escrow via GMX tokens and ETH or AVAX. But that depends on the network the holder is betting on. Meanwhile, the altcoin price has doubled in the past few weeks.
The third ranked altcoin is Aave (AAVE).
Davis also says that he does not own any AAVE tokens. But he notes that this is on his radar. Currently, AAVE is the third largest protocol in DeFi. AAVE is on Davis’ list today. Because AAVE recently announced that they will pay 100% of the fees of their new stablecoins to those who stake their AAVE tokens.
But Davis admits there are a few variables to consider here. He adds that it remains to be seen how profitable this will be for punters. Much depends on how much they can facilitate the adoption of this stablecoin. But AAVE has proven to be a major player in DeFi, with real staying power and the ability to attract capital to its platforms. If their stablecoin rises, it’s possible that it would be an excellent cash generating token for AAVE stakers.
The fourth project Curve Token (CRV)
Curve Finance is the fifth largest DeFi protocol. Platform for exchanging stablecoins for more volatile cryptos. The best DeFi protocol for switching between stablecoins, Wrapped Bitcoin (wBTC) or other alternatives. It’s a super cheap bridge. Curve Finance is a successful on-chain platform for exchanging USDT with USDC.
CRV can also be staked on the Convex Finance platform. This platform allows stakers to earn CVX tokens, CRV tokens and three Curve LP (liquidity provider) tokens. Payments are in dollars. That’s what Davis did and suggested that his audience do the same. It is also possible for punters to stake Curve tokens on the Curve Finance platform.
However, the rewards here are somewhat less. The stablecoin from the three Curve pools is about 4%. However, if CRV holders stake directly in Convex instead of Curve Finance, they can go up to 18%. This means 4 plus 14% rewards for staking each of the CRV and CVX tokens. Recently, the Curve team also announced that they will be launching a stablecoin like AAVE. However, the details are still sketchy. Davis predicts the stablecoin will be huge once it is released.
Latest altcoin Synthetics (SNX)
According to Davis, this Synthetic asset platform has struggled for years with several users on the Blockchain as gas fees on Ethereum made the platform virtually unusable. Even requests for rewards were eclipsed by wages. However, it gets new life on Ethereum layer-2 Optimism where SNX is located. Stakers earn rewards paid in native SNX tokens and synthetic dollars (SUSD).
Thus, it is possible for SUSD token holders to take them to Curve Finance to earn more rewards. Staking rewards in SUSD tokens are approximately 5% APY. It is also one of the most held and most traded cryptocurrencies by Ethereum whales. It will soon integrate atomic swaps into its curve finance platform for its synths. As a result, Davis says, there are others in the USDC, such as the stabilizer that pays the protocol fees. There is also LookRare, an NFT marketplace that pays on Ethereum.
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