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These Little-Known Crypto Picks Can ‘Moon’ Your Portfolio, Says Trader Tyler Swope


dailyhodl.com 2020-11-19 01:50
Reading time: ~3 m

Crypto influencer and analyst Tyler Swope is naming three small-cap altcoins that he believes have the potential to give crypto portfolios a big boost.

In a new video, Swope introduces Sora Network (XOR), a project that runs on the Polkadot (DOT) ecosystem, which he says has multiple use cases with huge implications.

“So what could be coming from [Sora Network]? Well, Polkaswap is coming, the Uniswap for the Polkadot ecosystem and beyond… So what is Polkaswap exactly? Well, it will be a scalable, cross-ecosystem swapper. You will be able to swap Kusama (KSM), Polkadot, and Ethereum-based assets through their Polkaswap interface.”

On top of cross-chain interoperability, the crypto influencer says Sora Network is spearheading the charge in developing the infrastructure required to deploy central bank digital currencies (CBDCs).

“Sora Network is out from Soramitsu and out of any blockchain project out there, they are the furthest along with a CBDC, a central bank digital currency, even further along than Ethereum. Soramitsu has also created Hyperledger Iroha and going to this September Medium post about validator rewards within Polkaswap, they showed that Polkaswap would be powered by Hyperledger Iroha. So is Hyperledger Iroha already powering a CBDC? Yes, it has been and for a good while now.”

Swope emphasizes that Hyperledger Iroha is already powering Cambodia’s CBDC with the potential to facilitate millions of transactions in the future.

Number two on Swope’s list is DeFi Pulse Index (DPI), which is a capitalization-weighted index that follows the performance of various decentralized finance (DeFi) assets.

“So this set is basically a tokenized index fund, which tracks and weights itself based on the top DeFi projects. And the fund is fully transparent on token sets including the holdings with the likes of Uniswap (UNI), Aave (AAVE), yearn (yearn.finance (YFI)) and more. And this token set has been pushing up feverishly as of late… But the DPI is just a token set. It’s a basket of altcoins. It’s not really from a token project per se.”

Swope notes that DPI is only one of the many index funds that are coming. He also expects that since the indexes are ERC-20 tokens, they can be put up as collateral or used to farm yields in DeFi ecosystems.

Third on the crypto analyst’s list is Index Cooperative (INDEX), which he says is the governance token that powers index funds.

“Going to their website, they explain [how INDEX functions], ‘Index Coop creates and maintains the world’s best crypto index products. All index products are always fully collateralized.’ And their first product? If you scroll down, it’s the DPI, the DeFi Pulse Index on Token Sets.”

Swope also notes that the DPI accrues thousands of dollars worth of streaming fees and it could go to the hands of INDEX holders if they vote to go in that direction.

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Featured Image: Shutterstock/AleksandrMorrisovich

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