Recently, crypto analyst and influencer Tyler Swope named his top altcoin picks in the sub-$50 million market cap category.
In a YouTube video (titled: “Lowcap ALTCOIN Gems To SAVE THE DAY!! Top Picks!?”) released on March 4, the host of the “Chico Crypto” YouTube channel, talked about three decentralized finance (DeFi) tokens that he finds interesting.
First on the list was Bao Finance (BAO). Swope noted that the project had managed to generate a significant amount of hype during its initial phase of development and was moving along “exactly as planned” to allow users to farm on xDai.
According to its documentation, Bao (which stands for “balancing, automation and options”) is “like a combination of SNX and Aave, but use LP tokens for collateral.” The BAO token “acts as a governance token for the fully community run project.”
Swope was also bullish on the outlook for DEUS Finance (DEUS), which is an “oracle-verified”, “algorithmically backed”, and “DAO governed” asset tokenization platform. According to the DEUS documentation, here is how this DeFi protocol works:
“Deus allows users to create dAssets, virtual copies of assets or baskets of assets, pegged 1:1 to their real-world equivalents. Each dAsset is represented with its own ERC-20 token. It is as simple as going to the Conductor and choosing a price feed for the asset they wish to tokenize. Our oracles then provide live and infinite prices on demand. These prices are specific to you at time requested allowing traders to not be frontrun. Traders invest in dAssets through a platform called DEUS Swap, our decentralized exchange.“
“Deus is officially launching its decentralized trading platform in the next 48 hours. You will be able to trade hundreds of stocks, forex and selected cryptos on xDai without time restriction.“
Swope rounded out his top selections with the DeFi platform Non-Fungible Yearn (NFY). The NFY team says that by using NFT tokens they “allow stakes to be more dynamic,” meaning that “instead of a stake being tied to a user’s account it is linked to a transferable NFT.”
Here is what Swope had to say about NFY:
“They are the first DeFi protocol to utilize NFTs to make yield farming more secure and flexible by protecting the wallet and allowing the first transferable stake. What this does is create an ecosystem where instead of wallet addresses that represent the right to stake, an NFT will represent the right to the staked funds and the yield they generate. You will be able to trade your staked tokens and future yield via an NFT.“
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.