Coin Bureau Says DeFi Making Comeback As Uniswap, Aave, THORChain and Two Additional Altcoins Overperform
A popular crypto analyst is highlighting a handful of crypto projects as one niche defies the overall market downtrend.
In a YouTube update, pseudonymous Coin Bureau host Guy tells his 2.08 million subscribers that decentralized finance (DeFi) is making an impressive comeback.
“Starting with Convex Finance, CVX seems to be rallying because of developments on the decentralized stablecoin front…
Unfortunately, CVX’s recent rise is barely a blip on the radar, but as DeFi developer Andre Cronje once said, ‘DeFi tokens should not be bought, they should be earned.’ His words, not mine.”
At time of writing, Convex Finance (CVX) is trading for $5.20. CVX remains up 66.1% from a monthly low of $3.13 on June 18th.
The analyst also discusses interoperable blockchain Quant Network (QNT), which helps developers create decentralized applications (DApps).
“Next we have Quant Network, whose QNT token appears to be rallying because of an update to the Overledger, a platform developed by Quant Network that makes it possible to create DAapps using smart contracts from different blockchains.
Like most altcoins, QNT is well below its all-time high and the technicals suggest it won’t go much higher from here. In other words, we are overdue for a correction so think twice before apeing in.”
Quant Network is down by nearly 6% over the last 24 hours with an asking price of $80.43. A week ago, QNT was trading for around $60.
Guy next mentions lending and borrowing protocol Aave (AAVE), a project whose new overcollateralized, decentralized stablecoin GHO he recently discussed at length.
“The AAVE token is rallying specifically [because of] Aave’s decentralized stablecoin…
As amazing as Aave’s weekly rally appears to be, stepping back you can clearly see that the token remains in a long-term downtrend, though it’s possible we could test the upper limit of the descending channel it’s been in since last summer.
That could bring Aave all the way up to $120 before a rejection.”
Aave is also giving up some of its recent gains, down 7.59% on the day and valued at $68.60, but still up nicely from a weekly low of $60.15 on July 5th.
Guy next brings attention to developments by decentralized cross-chain liquidity protocol THORChain (RUNE).
“Then there’s THORChain, whose RUNE coin rallied on the news that the developers are in the process of creating a DEX [decentralized exchange] aggregator which will make it possible to swap between just about any coin or token like you would on a centralized exchange, but without KYC [Know Your Customer] or third-party custody.
It’s too bad that RUNE continues to tank, but if its past price history is anything to go by we could see another massive speculative pump in the coming weeks once DEX aggregation is rolled out, along with the other revolutionary features THORChain is working on.”
THORChain is off by 5.51% and changing hands for $1.99. RUNE flirted with the $2.50 level back on July 9th before correcting.
The Coin Bureau host concludes his chat by assessing the state of the automated market maker (AMM) and DEX Uniswap (UNI).
“Last but not least we have Uniswap, which happens to be one of the DEXs ThorChain is looking to tap. I actually couldn’t figure out why UNI is rallying, but there has been lots of trading volume on Uniswap lately so that’s probably why.
Like most other altcoins, UNI is basically back to what it was before the bull market. Note that this doesn’t mean it’s a good time to buy because again we’re still in the middle of a crypto bear market.”
Uniswap is in the red by 3.24% on the day, priced at $5.63
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