Four mid-cap altcoins have “insane potential” over the long term according to Austin Arnold, a crypto trader and host of the popular outlet Altcoin Daily.
First on Arnold’s list is the decentralized finance (DeFi) lending protocol Compound (COMP). The analyst cites the news that Compound Labs, the creator of Compound, has rolled out a new project called Compound Treasury.
The project is designed to give non-crypto businesses and financial institutions access to the Compound protocol.
Next on Arnold’s list is the Ethereum scaling solution Polygon (MATIC). Polygon recently announced the launch of a new general-purpose blockchain called Avail.
Explains the analyst,
“My take on this is just that Polygon offers to unload layer-2 scaling for Ethereum, with Avail. Whether you’re a sidechain on any mainchain, or just a stand-alone chain on your own, it’ll help maintain scalability, while also keeping the blockchain’s/sidechain’s security.”
The Ethereum-based indexing protocol The Graph (GRT) is next on Arnold’s list. He points to news that The Graph partnered with Optimism, an Ethereum scalability solution.
Explains The Graph in an announcement,
“The Graph will be providing indexing and querying services to developers building on the Optimistic Ethereum L2 to help Ethereum scale. The Graph will go live on the hosted service once Optimism launches publicly, and is excited to provide support to developers in the Optimism community.”
Last on the analyst’s list is the decentralized virtual reality world project Decentraland (MANA).
Arnold cites news that a digital plot of land in Decentraland recently sold for nearly $1 million worth of MANA.
He says it’s a sign that big players are buying into the virtual ecosystem.
“Even while prices are down, whales are taking out their positions, planning for the long-term future.”
IDon'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/Vadim Sadovski