Crypto trader Austin Arnold believes several altcoins are poised to make a name for themselves in 2021.
Arnold, who is also a bitcoin cop, is tracking some of the crypto assets he’s most interested in in the latest issue of Altcoin Daily. Its fifth place is a link between the decentralized financial protocols (DeFi) Yearn.finance (YFI) and Aave.
The analyst points to the news that renowned digital currency company Circle is offering high-yield business accounts for digital dollars with Yearn and Aave, with annual returns of 8.5% to 10.75%.
Circle opens high yield digital dollar accounts with 8.5-10.75% APY. Where does the high yield come from?
Funds borrow USDC at 8.5% from Circle, deposit in Sehnsucht / Aave to earn ~ 15% and capture the spread. This off-to-on chain arb will be a liquidity vortex for the DeFi protocols. Pic.twitter.com/SHxZArZuR7
– Santiago R Santos (@santiagoroel) December 15, 2020
Arnold says the support circle that gives these relatively new projects is a “big green flag” for these DeFi games.
The dealer’s next pick is the Oracle Platform Band Protocol (BAND), which cites the news that it will be the first blockchain project to join the OpenAPI initiative alongside high profile partners like Google, IBM and Microsoft.
Arnold’s third place goes to Uniswap (UNI). Arnold underscores Uniswap’s dominance in the DEX space as Uniswap reportedly exceeded an all-time volume of $ 50 billion last week.
His number two is yet another link, this time between Nervos Network (CKB) and Cardano (ADA), citing a recent announcement that both projects have worked together to improve the security of smart contracts.
We are happy to announce that we have partnered with @InputOutputHK, the developers of #Cardano
We will jointly examine # UTXO-Ledger and #smartcontracts to develop an improved framework for other UTXO-based chains
More information ? https://t.co/b1MpNkwhKD pic.twitter.com/j5HBAb0La2
– Nervos (@NervosNetwork) December 15, 2020
Arnold’s first altcoin picks, after all, are the new non-fungible tokens (NFTs) from DJ deadmau5, which have just been introduced on the Worldwide Asset eXchange (WAX) blockchain.
WAX explains in the launch announcement,
“In the past, NFT package sales on WAX sold out within 9 minutes, and demand is expected to be very high for the music legend’s first NFT sale.
Once collectors have NFTs or packs, they can sell and trade them on WAX-based marketplaces and apps. WAX NFTs have sold for over $ 5,000 in secondary markets. “
Arnold warns that anything can happen in the volatile crypto markets, and says the success of these NFTs depends heavily on the deadmau5’s ability to stay relevant, but they could end up becoming as popular as Pokémon cards or even beanie babies.
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Selected image: Shutterstock / Kunstofen