Cryptocurrencies crashed due to the results of FTX, the world’s second largest cryptocurrency exchange. Therefore, there is a fear of contamination in the sector. Still, some analysts believe DeFi networks will benefit from the collapse of FTX and other centralized companies such as Voyager Digital and BlockFi. In this context, analysts share five of the best DeFi altcoin projects to buy in the long run.
First DeFi altcoin project: Uniswap (UNI)
Uniswap is a leading DeFi ecosystem built on Ethereum, Polygon, Avalanche and Celo. In other words, a leading decentralized exchange (DEX) that makes it possible for people to buy and sell cryptocurrencies. Uniswap processes more than $1 billion in transactions daily. cryptocoin.com Indeed, Ethereum volume has surpassed Coinbase. Analysts believe Uniswap is a good investment due to its leading market share in the DEX industry. While its ecosystem is also growing rapidly, the amount of fees it generates is the third largest in the industry after Ethereum and Lido. Its fees in the last 24 hours were $1.43 million compared to Ethereum’s $3.1 million. Also, its reputation makes it one of the best DEXs in the industry.
Lido DAO (LDO) comes in second place
Lido is one of the largest DeFi platforms in the liquid staking industry. Its total locked value (TVL) is more than $33 billion. This makes it the third largest player in the DeFi industry. It has over $5.7 billion in staked assets and paid over $212 million in fees. Most of these assets reside in Ethereum’s over $5 billion network. This is followed by Polygon, Solana, and Polkadot. According to analysts, LDO will likely do well in the long run.
Third place is PancakeSwap (CAKE)
PancakeSwap is the world’s third largest DEX by volume, after Uniswap and dYdX. That is, a DEX that makes it possible for people to buy and sell cryptocurrencies. It has features that allow people to trade Non-Fungible Token (NFT) and participate in decentralized lotteries. Like FTX, PancakeSwap offers investors a platform for futures trading. PancakeSwap has a TVL of over $3.8 billion and processes over $600 million daily. According to experts, CAKE will likely evolve in the coming months as more investors and users move to DEXs.
Two explosive altcoins: DYDX and SNX
A crypto analyst alias Cantering Clark believes tokens belonging to two DeFi altcoin projects are poised for explosions. The analyst says that DYDX, the native asset of decentralized exchange (DEX) dYdX, is trading above a key support level near $2.84 and may prepare to break through the diagonal resistance. In this context, the analyst says, “If this level is just a pit-stop before it continues, I would like to see DYDX really start pushing here.”
Source: Cantering Clark/YouTubeThe analyst says that DYDX’s market structure looks really good as many altcoins are starting to show signs of weakness. He expresses his views on this matter as follows:
I’m thinking more about how this structure is holding the top of a much larger structure… I would focus more on the fact that this could possibly be a much bigger break. Also, I’d just like to highlight it here ($2.84). As long as $2.84 is kept, I think it looks really good.
DYDX is trading at $2.94 at the time of this writing and is still above the investor support area. Another altcoin on the analyst’s radar is Synthetix Network (SNX), a DeFi platform that allows users to trade synthetic assets. SNX is another token that is ‘showing signs of strength’ as it continues to gain acceptance above the $2.54 support, according to Cantering Clark. “There really is no rejection. First refusal, somehow we’re going back to the present. There seems to be a bit of an upward pull.”
Source: Cantering Clark/YouTubeAt the time of writing, SNX is valued at $2.83, well above the analyst’s key level. The crypto analyst also says that DYDX or SNX could ‘perform very well’ in the next market cycle. He explains his views as follows:
Both SNX and DYDX are outperforming last week, catching more than the rest of the market in this latest bounce. My gut tells me that at least one of these will perform very well in the next cycle.
