The cryptocurrency market is trying to find direction amid uncertainty. Meanwhile, Merge, the highly anticipated upgrade of the leading altcoin Ethereum, is approaching. According to crypto finance platform Bankless, five altcoin projects on the Ethereum Tier-2 Arbitrum are quietly growing.
“There is potential in the Arbitrum ecosystem”
Crypto finance platform Bankless shared a new note for its subscribers. Accordingly, the crypto finance platform says that the Arbitrum ecosystem is heating up. He notes that a recent network upgrade has been instrumental in increasing efficiency and lowering transaction fees. Arbitrum uses technology known as ‘optimistic rollups’ to essentially offload significant processing and data storage from Ethereum’s mainnet. In this way, it allows faster, cheaper and more private transactions.
Altcoin projects on Bankless’s radar
Ben Giove from crypto finance platform says that five altcoin projects starting with Vesta Finance (VSTA) are on their radar. Vesta is a lending protocol that aims to allow users to borrow money without selling their crypto assets. Its ecosystem includes VST, a collateralized stablecoin that allows users to borrow interest-free loans on backed assets.
Second on Bankless’s radar is Umami Finance. Altcoin is essentially an ecosystem of strategy vaults for generating returns. Umami uses ‘innovative on-chain hedging strategies’. In doing so, it aims to provide access to a set of reliable on-chain revenue streams from Arbitrum, which is protected from market fluctuations. UMAMI is the native token of the ecosystem that users can stake to get a share of the protocol’s revenue in ETH from the vault fees.
The third of the projects on the radar is Premia. The project aims to generate fee and premium returns while allowing for super capital efficient options trading. Unlike European-style options that are exercised at expiration, Premia uses American-style options that can be exercised at any time before expiration. In this regard, Bankless says Premia is unique.
The fourth altcoin on the crypto finance platform’s radar on its list is Y2K Finance. The project provides structured products that allow users to estimate, protect, use or trade different components of pegged assets. By the way, Y2K does not have a token. However, Bankless notes that there will likely be a launch in the next few weeks.
The last project on Bankless’s list is Rage Trade. Altcoin is trying to create a permanent exchange with the most liquid ETH. Rage Trade aims to use 80-20 wallets as a liquidity delivery strategy. In this context, 80% of the locked total value (TVL) is obtained in an external protocol. The other 20% deliver concentrated liquidity directly at Rage Trade.
According to Bankless, Rage Trade wants to allow 80/20 wallets to leverage any tier-1 or tier-2. For this, the project plans to integrate directly with Ethereum. To be aware of the crypto market cryptocoin.comDon’t forget to follow
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