CVX, MOVR, and 3 other altcoins are prepared to rally, says analyst Lark Davis
Prominent trader Lark Davis shares with his subscribers the top 5 altcoins with strong fundamentals and is expected to take off their rally soon.
Convex Finance (CVX)
First on the list is Convex Finance (CVX), a yield aggregating platform. Convex allows Curve.fi (CRV) liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort.
According to the trader, Convex has no withdrawal fees and minimal performance fees which are used to pay for gas and distributed to CVX stakers.
At the time of the video, Convex Finance currently has 7.29 billion dollars staked in its platform. Yet, its market cap is only at around $300M.
“There’s potentially a lot more room to grow here. If this can turn itself into becoming a sort of a household name, a DeFi bluechip. then we would expect it to get up to a billion-dollar market cap.”
Moonriver is a smart-contract parachain on Kusama that provides compatibility with the existing Ethereum developer toolchain and network. It is intended to be a companion network to Moonbeam, where it will provide a permanently incentivized canary network.
“This is one of those opportunities, potentially very interesting to be keeping an eye on
and still undervalued at the current market cap. Although it has gone basically a hundred percent in the last week, Kusama in Polkadot the whole ecosystem is taking off. I think Moonriver is one of the most promising projects within the Kusama ecosystem right now,”
Third on the analyst’s radar is dYdX (DYDX). dYdX is a decentralized margin trading protocol built on the Ethereum blockchain.
The protocol allows users to lend, borrow and make bets on the future price of crypto assets through its decentralized exchange, and its ultimate goal is to bring trading tools normally found in traditional markets, such as forex and stocks, to the blockchain environment.
“Through its in-house Layer-2 scaling solution, dYdX enables platform users to execute trades with zero gas costs, lower trading fees, and reduced minimum trade sizes. This represents a major advancement in DEX perpetual trading and will most definitely accompany dYdX on its journey of becoming the ‘numero 1’ decentralized trading protocol in the space.”
At the time of the video, dYdx has already placed in the top 20 derivated exchanges worldwide.
SushiSwap (SUSHI) is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges that use smart contracts to create markets for any given pair of tokens.
Sitting at a $2B market cap, Davis still believes that this coin is extremely undervalued as there is an upcoming price catalyst coming for SUSHI. According to the trader, Sushiswap is bringing in an NFT platform that works across a dozen different chains.
Port Finance (PORT)
Port Finance is a decentralized Money Market protocol on Solana, aiming to provide a full suite of lending products including but not limited to variable-rate lending, fixed-rate lending, and interest rate swaps.
Providing a full suite of money market products starting with variable rate lending. Utilizing Solana’s high throughput and low latency, users will be able to borrow more money with the same amount of collateral compared to the Ethereum alternatives as the platform will be able to liquidate users a lot of faster
At the time of the video, PORT was trading at $9.14 with a market cap of only $36M.