A widely followed crypto analyst is identifying five altcoin projects that he believes have the potential for massive growth.
In a new video update, Coin Bureau host Guy Turner says he is bullish on the lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE).
“The fact that Aave has been around for a while now is one of the reasons I’m bullish on the project. DeFi is a highly competitive niche and Aave is one of the biggest and most successful protocols out there.
Now, I’m also bullish on Aave for a number of other reasons. For starters, it’s currently working on its own decentralized stablecoin, GHO. The need for a truly decentralized stablecoin that actually works gets greater every day and I think Aave has a good chance of pulling this off.”
Aave is trading for $70.88 at time of writing.
Next, Turner sets his sights on the decentralized data storage protocol Arweave (AR).
“Arweave has one of the strongest use cases in crypto. It is hard to think of a more appropriate use for a blockchain than to store data immutably and permanently, especially in an age when censorship is increasing, free speech is under threat in many, many countries and deep fake technology means that we will soon have to question every single damn thing we see on the internet.”
Turner cites some concerns about Arweave, including competition from Filecoin (FIL).
Arweave is worth $8.08 at time of writing.
Turner’s third pick is Axelar (AXL), a cross-chain communication protocol.
“I am a big fan of blockchain interoperability and the idea of a multi-chain future… Axelar naturally has me interested… I’m impressed by the use case and the development going on…The token also has surprisingly good exchange support.”
Axelar is trading for $0.64 at time of writing.
Turner’s second to last pick is Lido Finance (LDO), a liquid staking service, which he says is currently being used to stake about 30% of all staked Ethereum (ETH).
“I think there’s potential here for Lido in the long term because staking on Ethereum is going to be big business, especially by institutions. Liquid staking offers a whole new angle to this. And Lido is obviously the market leader here.”
Lido is worth $2.36 at time of writing.
Lastly, Turner picks the decentralized cross-chain liquidity protocol THORChain (RUNE).
“Over half of RUNE’s supply is now in circulation… Its exchange support has improved a lot since I last covered it…
I think it could play a central role in the crypto economy of the future, but only if regulations are drawn up that allow it and other DeFi projects to flourish.”
At time of writing, THORChain is swapping hands at $1.44.
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