Crypto investor Tyler Swope is unveiling his top altcoins as volatility rattles the overall crypto markets.
In a new video, Swope tells his 298,000 YouTube subscribers that his number one altcoin is decentralized reserve currency OlympusDAO (OHM).
“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.”
Olympus has also attracted the attention of high-profile investor Mark Cuban, who bought and staked OHM back in July.
At time of writing, OHM is down 8.23% on the day and trading for $752.65.
Next on Swope’s list is REN, an open protocol that provides inter-blockchain liquidity access for decentralized applications (DApps). REN is an Ethereum-based token that powers a protocol enabling crypto transfers between different blockchains.
The analyst says,
“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.”
REN is currently priced at $0.89, down 6.68% for the day.
Wrapping up his analysis, Tyler looks at Energy Web Chain (EWT), an enterprise-grade blockchain platform built to serve the energy sector’s logistical demands. The platform’s native token EWT provides network security and validator compensation.
Tyler highlights two positive catalysts for EWT.
“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.”
EWT has been mostly flat on the day, trading for $9.73 at time of writing.
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/Ociacia/Sensvector