Crypto analyst Tyler Swope thinks traders should pay attention to two little-known altcoins amid soaring interest in non-fungible tokens (NFTs).
In a new YouTube video, Swope tells his 203,000 subscribers to keep a close watch on Alchemist Coin.
“Alchemist Coin is creating the next-generation staking contracts with NFTs. Instead of staking with smart contracts, you stake with an NFT. Liquidity pool tokens, for example, from Uniswap (UNI), with half Alchemist coin and half Ethereum, can be converted into their NFT Crucible also known as the Universal Vault. You can then take this NFT and potentially use it across other liquidity reward programs at the same time.”
Swope notes that the project is not yet listed on coin metric websites like CoinGecko, and it and doesn’t have a user interface for a website either. The analyst thinks both of those things could change soon, however.
He also points out that Stephane Gosselin, an experienced Ethereum researcher and developer, is involved with Alchemist Coin.
Gosselin notes on Twitter that the project could still move in multiple different directions.
The second crypto gem on Swope’s radar is Non-Fungible Yearn (NFY), which is a new breed of crypto asset that leverages the hallmark features of NFTs and decentralized finance (DeFi). The new project uses NFTs to represent the rights to a staked fund and the yields it generates. The crypto influencer explains why he’s holding onto the new crypto asset.
“Their NFTs for transferable yield-bearing stakes is pretty far along. They’ve had it live, the staking and unstaking of NFY and LP (liquidity pool) tokens for some time, transforming them into NFTs. They have had a DEX (decentralized exchange) built for the trading of the NFTs live for the same amount of time. They are ready to move to more LP tokens besides just ETH (Ethereum) and NFY.”
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/MoVille