- Analyst Josh Rager has revealed 8 projects on Ethereum’s (ETH) DeFi that have the best profit potential in the medium term.
- Total value locked (TVL) on Ethereum’s DeFi has recovered after the recent drop following the crash on the crypto market.
After the recent slump on the crypto market, some analysts declared the end of the “DeFi Fever”. However, data indicates the opposite. There are still projects that continue to attract investor attention and seem to have a bullish outlook. The data from the DeFi Pulse platform show that the DeFi sector has resumed its growth at the time of publication.
In the various Ethereum DeFi protocols, 6.7 million ETH were locked up. In addition, the number of Bitcoin allocated reached a maximum of 80,000 BTC. Among the protocols, the decentralized exchange Uniswap has the highest TVL at $1.56 billion, followed by Aave at $1.35 billion and Maker at $1.27 billion. The latter lost its dominance in this sector to Uniswap, which has a total market share of 19.42%.
Although the annual high of USD 9.51 billion was reached at the beginning of September, the chart below shows a revival of the upward trend, with a total of USD 8.1 billion having been reached at the time of writing.
8 projects on Ethereum with “high upside” potential
Trader and analyst Josh Rager gave an interpretation of the current market after the recent drop. Rager stated that there are still bullish signals for Bitcoin and Ethereum, therefore he expects a positive development in the market in the coming weeks.
Rager also indicated 8 projects on the DeFi sector with the highest “high upside” potential. The analyst named YF Link (YFL), Antiample (XAMP), Tokens of Babel (TOB), Astro (ASTRO), Sushi (SUSHI), Serum (SRM), yearn.finance (YFI), and Shroom.Finance (SHROOM).
As reported by CNF, YF LINK (YFL) is a spin-off of the Yearn contract to the yearn.finance protocol, which allows its users to provide liquidity through LINK. The team behind the protocol recently introduced LINKSWAP, one of the first products to offer protection against sudden market price fluctuations, and there are high expectations for the YFL governance token.
As there are some speculations, YFL could have similar growth to the governance token of the yearn.finance (YFI) protocol which is currently trading at $21,730. The yearn.finance protocol is the first protocol to offer products that optimize the yield farming process for its users. The protocol recently launched an Ethereum vault (yETH) and is expected to continue to attract strong investment in the short and medium term.
On the other hand, the controversial decentralized exchange SushiSwap (SUSHI) seems to have risen from the ashes. Rager expressed optimism about the project, even after its lead developer “dumped” its tokens on investors, taking a profit of about $12 million. However, the SushiSwap community remains active and the keys to the project have been passed to FTX CEO Sam Bankman-Fried.
The trader has also been sharing for days his bullish hype for Tokens of Babel (TOB) and Antiample (XAMP). Launched by anonymous developer Bill Drummond, these tokens incorporate a new approach to coin burning, law of supply as well as a new concept of demand and inflation to optimize the price performance of the token. TOB and XAMP are called a new asset class known as “adaptive commodities”.
Serum (SRM) and Shroom.Finance (SHROOM) are similar to Uniswap, as they are tokens of exchange protocols with a fully decentralized operation. Finally, Astro is a tool which allows users to “supercharge” their trades in the protocol and protect against scam projects. Despite the above, Rager continued to warn his followers about the risks of trading in a still nascent ecosystem.