Cryptocurrency trader Elliot Wainman says an under-the-radar altcoin is about to draw in tremendous amounts of liquidity.
In a new video, Wainman tells his 283,000 subscribers that he’s looking at decentralized savings protocol Anchor (ANCT), which he believes is set to witness a phenomenal increase in its level of deposits.
The crypto influencer highlights that Anchor’s yield on deposits is significantly higher compared to gains offered by other crypto lending and borrowing platforms.
“So 20% APY as a fixed-rate yield is extremely high. You’re looking at something like BlockFi, you’re getting 8.6% and that was pretty high when we first heard about it. MPH, I was seeing fixed rate yields around 9% or 10%.
So 20% for a fixed-rate yield that you can set it and forget it, is absolutely unheard of. And if they’re able to pull this off, which it sounds like they’re in the final stages of doing, this will attract an insane amount of liquidity.”
Wainman says that Anchor is a game-changer as it can potentially disrupt the current savings and yield system.
“In my opinion, if they’re able to successfully deliver on this 20% fixed rate yield will capture a whole lot of liquidity. And I’m talking about billions of dollars. Because people with a lot of money want to make a lot of money without doing a lot of complexity. They don’t want to work for it; they just want to be rewarded…
So this is a huge deal especially if you think about the biggest money bags in the world who for the most part park their money in U.S. treasury bills which pay a 2% yield. So if you think about this, this is a 10x over a treasury yield.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Teo Tarras/stockphoto-graf