Recently, crypto analyst and influencer Tyler Swope talked about several cryptoassets that he expects to have “a very bullish end to this year.”
In a YouTube video released on November 24, the host of the “Chico Crypto” YouTube channel, told the over 298K subscribers about five assets that he feels are great buys right now: $OHM, $KLIMA, $REN, $KILT, and $EWT.
In this article, we highlight what he said (according to a report by The Daily Hodl) about three of his picks: Olympus ($OHM), Ren ($REN), and Energy Web Token ($EWT).
The Olympus team say they “building a community-owned decentralized financial infrastructure to bring more stability and transparency for the world.”
According to Olympus, the problem with dollar-pegged stablecoins is that if the dollar depreciates, they will too.Here is their solution: OlympusDAO tries to solve this problem by “creating a free-floating reserve currency, OHM, that is backed by a basket of assets.” The hope is that will allow $OHM to operate as “a currency that is able to hold its purchasing power regardless of market volatility.”
They point out that $OHM is not a stable coin:
“OHM aspires to become an algorithmic reserve currency backed by other decentralized assets. Similar to the idea of the gold standard, OHM provides free floating value its users can always fall back on, simply because of the fractional treasury reserves OHM draws its intrinsic value from.”
“In a short amount of time, it’s become one of the most diversified, non-protocol token treasuries in crypto… Purchasers of OHM are incentivized to HODL and stake as the APYs [annual percentage yields] for staking are insane. Currently over 7,300%!
“Olympus has started a DeFi revolution, which is apparent from the amount of forks created based on the protocol… OHM is the most-forked protocol of the year, and the amount of forks based on its code is reaching levels only seen by three [other] projects: Bitcoin, Ethereum, and Uniswap. This is pure validation that OHM has created something special.“
The Ren team says RenVM is “an open protocol providing access to inter-blockchain liquidity for all decentralized applications.” More specifically, they explain that RenVM is “a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.”
“This token has slid, and in my opinion, is ready for a pump… I have a feeling REN is going to recapture the top 100 cryptos and possibly even capture its old March rank and even further. Why? REN announced that Host-to-Host was coming to their protocol...
“[REN ecosystem advocate] Maximilian Roszko put out a tweet explaining it. Max said, ‘H2H means RenVM will be able to bridge native coins and tokens between the chains it supports, becoming a full-scale bridge… RenVM will go from supporting seven assets, mostly legacy coins such as BTC and DOGE, to being also able to support most of the tokens in the crypto space, which is in the thousands.’ Major interoperability is coming.“
Energy Web Token ($EWT)
Energy Web Chain claims to be “the world’s first open-source, enterprise blockchain platform tailored to the energy sector.”
Energy Web Chain was launched in 2019 by Energy Web (EW), which is “a global nonprofit organization accelerating a low-carbon, customer-centric electricity system by unleashing the potential of open-source, decentralized technologies.” EW is focused on “building core infrastructure and shared technology, speeding adoption of commercial solutions, and fostering a community of practice.”
Here is how EW introduces EW Chain:
“The EW Chain is a public blockchain network open to all utilities, users, and devices. With a virtual machine identical to public Ethereum, developers can begin writing smart contracts and dApps with little to no additional learning curve. The enterprise-grade EW Chain boasts high scalability, low transaction costs, and lean energy consumption, thanks to its permissioned Proof-of-Authority consensus.“
The Energy Web Token ($EWT) is the native utility token of EW Chain. EW says that $EWT “protects the network against misbehavior, compensates validators via transaction fees and block validation awards, and can be used to pay for middleware services that streamline and enhance dApps.”
“Energy Web recently updated their validator code of conduct, and in it, they have a section on obvious rent-seeking…
‘Rent-seeking is defined as validators liquidating greater than 10% of their block reward balance within any given 30-day period.’
“Validators who have been rent-seeking are no more. Those who have been dumping a lot when the price goes up. You should also know that something big is coming for Energy Web by the end of the year: staking. Last week, they announced a booster period for early stakers, over 21% APY.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “Maklay62” via Pixabay