- BAO Finance added was added to the platform FTX with plans to integrate into the Sushi ecosystem.
- DEUS Finance launches a platform to trade synthetic assets as ERC-20 tokens.
- Non-Fungible Yearn (NFY) records a 3,635.6% growth in one week.
YouTuber Chico Crypto has released a new video recommending to his audience some of the altcoins projects with great potential and a market cap of less than $50 million. The YouTuber believes that these projects are “doing something different” by combining DeFi protocols, NFT, and second layer solutions.
The first project on Chico Crypto’s list is the decentralized finance platform Bao Finance (BAO). The YouTuber stated:
The xDai pools are deployed, a few minor bugs, but as we can see from the Baoman’s mouth: ‘Block rewards were pushed back one more day but the farms are working and stable. User deposits can start now.’ Yes, the crops are ready to be farmed on xDai. They are moving exactly as planned.
BAO Finance is part of the SushiSwap ecosystem as a secured project to be deployed within its roadmap for the current year. Thus, the platform has received the attention of important personalities within the crypto industry such as FTX exchange CEO Sam Bankman. As such, BAO has been added to their platform alongside BADGER, BAND, APLHA, and others.
A bunch more coins were just added as collateral and to spot margin!
BAND, ALPHA, BADGER, BAO, REN, RRAY, BNT, ZRRX, FTM, and KIN are now all usable as collateral on FTX.
— SBF (@SBF_Alameda) March 3, 2021
The YouTuber’s next choice is Deus Finance which allows its users to trade stocks, commodities, and other synthesized assets as dAssets. These are “virtual copies” of those assets to which their price, represented by an ERC-20 token. The project’s platform DEUS Swap was launched less than 48 hours ago. Chico Crypto stated:
You will be able to trade hundreds of stocks, forex and selected cryptos on xDai without time restriction.
Decentralized Finance (DeFi) meet NFTs
The last project is Non-Fungible Yearn (NFY). According to Coingecko, the platform’s native token has seen a growth of over 3,635.6% in the last week with a market cap of $14 million, still low for its upside potential. The protocol combines the two most important crypto market trends in 2021, DeFi and NFTs, as Chico Crypto said:
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They are the first DeFi protocol to utilize NFTs to make yield farming more secure and flexible by protecting the wallet and allowing the first transferable stake. What this does is create an ecosystem where instead of wallet addresses that represent the right to stake, an NFT will represent the right to the staked funds and the yield they generate. You will be able to trade your staked tokens and future yield via an NFT.