Popular crypto researcher Lark Davis thinks a number of decentralized finance (DeFi) projects that are not built on Ethereum have significant growth potential.
He specifically highlights the upside of four little-known crypto assets that he believes could see big growth in the short term.
“I believe that DeFi outside of Ethereum is likely to be a big growth area in the coming months even if we still have great DeFi projects launching on Ethereum.”
Davis calls out Kava (KAVA), Band Protocol (BAND), Switcheo (SWTH) and Nash (NEX) as his top picks.
Kava is a cross-chain, DeFi lending platform. Its token is trading at about $1.97 at the time of writing, and it has seen 4x gains since mid-May.
Despite its already-skyrocketing value, Davis says the token still has “massive potential for long-term price appreciation.”
“The team and the backers of Kava are very, very strong as well. In my opinion, this has all the makings to be as big as Ethereum’s MakerDao, which at its height had a market cap over $1 billion.”
Band Protocol is a Cosmos blockchain native and cross-chain data oracle network that competes with Chainlink. Its token is currently trading at about $2.42 at time of writing and has increased about 120% in price since the beginning of July. Says Davis,
“BAND already has a big, growing list of high-profile partners, people like Binance and Wanchain and Elrond and Fantom and Kava, of course.”
SWTH and NEX are both decentralized exchange tokens. Davis says they have upside potential because Switcheo is launching a new derivatives exchange and upgrading their token model, and Nash just launched a zero-fee fiat on-ramp for users in the European Union.
Davis does warn, however, that both are competing with tons of other decentralized exchanges, which could impact their growth.
[adinserter block="1"]Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/camilkuo
