Coin agency names Aave, THORChain and three additional cryptoassets on Altcoin watchlist
A widely followed cryptoanalyst identifies five altcoin projects that he believes have the potential for massive growth.
In a new video update, Coin Bureau host Guy Turner says he is positive about the lending and borrowing protocol Aave (AAVE).
– The fact that Aave has existed for a while now is one of the reasons why I am positive about the project. DeFi is a very competitive niche and Aave is one of the biggest and most successful protocols out there.
Now I’m also bullish on Aave for a number of other reasons. First, it is currently working on its own decentralized stablecoin, GHO. The need for a truly decentralized stablecoin that actually works is growing every day, and I think Aave has a good chance to make it.”
Aave is trading at $70.88 at the time of writing.
Next, Turner sets his sights on the decentralized data storage protocol Arweave (AR).
“Arweave has one of the strongest use cases in crypto. It’s hard to think of a more appropriate use of a blockchain than to store data immutably and permanently, especially at a time when censorship is increasing, free speech is threatened in many, many countries and deep fake technology means we’ll soon have to question every damn thing we see on the internet.”
Turner cites some concerns about Arweave, including competition from Filecoin (FIL).
Arweave is worth $8.08 at the time of writing.
Turner’s third choice is Axelar (AXL), a cross-chain communication protocol.
“I’m a big fan of blockchain interoperability and the idea of a multi-chain future… Axelar has naturally interested me… I’m impressed with the use case and the development going on… The token also has surprisingly good exchange support.”
Axelar is trading at $0.64 at the time of writing.
Turner’s penultimate choice is Lido Finance (LDO), a floating staking service, which he says is currently used to stake around 30% of all Ethereum (ETH) staked.
“I think there is potential here for Lido in the long term because betting on Ethereum is going to be big business, especially by institutions. Liquid staking offers a completely new angle on this. And Lido is obviously the market leader here.”
Lido is worth $2.36 at the time of writing.
Finally, Turner chooses the decentralized cross-chain liquidity protocol THORChain (RUNE).
“Over half of RUNE’s supply is now in circulation… Exchange support has improved a lot since I last covered it…
I think it can play a central role in the future crypto-economy, but only if regulations are drawn up that allow it and other DeFi projects to flourish.”
At the time of writing, THORChain is changing hands for $1.44.
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