ADVERTISEMENT

Cardano, SushiSwap and NEO could skyrocket in February, says Austin Arnold

  • The deployment of decentralized finance components could give Cardano’s (ADA) price a huge momentum.
  • Ethereum’s DeFi protocol SushiSwap will become more interoperable to gain greater adoption.

Crypto trader and YouTuber Austin Arnold shared his ranking of cryptocurrencies with the highest upside potential in February. The trader believes that decentralized finance will continue to be an important trend in 2021.

In that sense, he focused on projects that offer a feature that Ethereum DeFi main protocols lack: interoperability with other blockchains. Thus, in the first position of his ranking is Cardano (ADA). After Shelley’s deployment, ADA has seen significant gains and during the last 30 days, it has registered uptrend of 94%.

In December, Cardano launched the hard fork “Allegra” as a first step in the deployment of its decentralized finance components. In February, the platform will deploy the “Mary” hard fork to add more features that will offer users the ability to create DeFi protocols with smart contracts, support for multiple assets, and the creation of native assets that are interoperable with an ERC-20 token converter, as Arnold said:

(…) assets are coming to Cardano. When? Well, that date is approaching closer and closer and while much of the Cardano community is thinking that we’re probably ramping up for a late January event slash support of native assets, from my research, it seems like the current plan is for (it) to be released in the middle of February.

Cardano’s new features will make it a strong competitor for the decentralized finance protocols that dominate on Ethereum’s DeFi. However, within that ecosystem, SushiSwap (SUSHI) seeks to extend its adoption. Therefore, the protocol will give more power to its community.

Arnold noted that the SushiSwap team has revealed a roadmap for building a decentralized governance structure capable of supporting multiple assets that are interoperable with Polkadot. In that way, SushiSwap could expand the number of its users. Furthermore, the protocol will also launch a lending solution to diversify its product range into lending and borrowing services:

(…) That means they’re trending towards more decentralized, which to me is bullish. Also bullish, implementing a cross-chain DEX with the help of Polkadot. That’s huge. That means they’ll be able to work with everybody.

defi guide

NEO, rise of the Ethereum killer?

Known as a China-based alternative to Ethereum, the Neo platform will migrate to a new blockchain in the coming months. Thus, the platform will add new features that will offer an interoperable ecosystem with DeFi capabilities, oracles, decentralized storage, among others. The trader said:

Neo, where do they fit in in this cryptocurrency world? (…) as of today, in 2021, we have value storage protocols by Bitcoin, high-performance public blockchains represented by Ethereum, homegenous cross-chain networks represented by Polkadot, storage protocols represented by Filecoin, Oracle solutions represented by cryptocurrencies such as Chainlink.

With a total of $21.34 billion in Total Value Locked (TVL), according to DeFi Pulse data, the DeFi sector of Ethereum has had a massive growth over the past year. In 2021, the referred projects could break into the landscape and take over a share of the domain held by Uniswap, MakerDAO, Aave, and Compound.

httpss://www.youtube.com/watch?v=yCnnDS78UD8

About Author

Reynaldo

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

Comments are closed.