Cryptocurrency trader and influencer Tyler Swope is naming three small-cap altcoins that he believes can go against the flow while the broader crypto market corrects.
In a new video, Swope tells his 201,000 YouTube subscribers that he’s looking at decentralized finance (DeFi) platform Bao Finance (BAO).
He says the altcoin is worthy of investor consideration as it continues to make progress while settling down from its initial hype phase.
“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.”
Swope adds that BAO can now be used as collateral for spot trading on cryptocurrency derivatives exchange FTX.
The second altcoin on Swope’s list is Deus Finance (DEUS), which is an asset tokenization platform that allows users to trade real-world assets and derivatives such as equities and commodities directly on Ethereum.
“Deus is officially launching its decentralized trading platform in the next 48 hours. You will be able to trade hundreds of stocks, forex and selected cryptos on xDai without time restriction.”
Swope believes that the current total value locked within the platform of $39 million will grow as the project launches a scalable synthetics platform.
The last altcoin on Swope’s radar is DeFi platform Non-Fungible Yearn (NFY). According to the crypto influencer, the platform is expanding the possibilities and opportunities in the non-fungible tokens (NFTs) subsector by “taking NFTs and applying it to DeFi.”
“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.”
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Featured Image: Shutterstock/Tithi Luadthong
