Crypto Trader Tyler Swope Is Bullish on Several Altcoin Projects As End of 2021 Approaches

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.

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Olympus DAO chases a new ATH after fresh bond offerings and partnerships

The rapidly evolving world of blockchain technology offers a wide range of approaches and tokenomic models aimed at solving the blockchain trilemma of creating a decentralized, stable and secure network.

One tokenomic model that has seen several varients over the past year is the ‘rebase’ model, which is designed in a way so that token balances can fluctuate over time depending on changes in token price and circulating supply.

Olympus (OHM) is a rebase project that has caught the attention of many in the crypto space over the past six months in large part thanks to the high yield offered to OHM stakers which is currently above 7,000%.

Olympus staking dashboard. Source: Olympus DAO

What sets Olympus apart from other protocols in the market, including other rebase projects like Ampleforth (AMPL), is that rather than having its main token fluctuate around the stablecoin price of $1 USD, each OHM is an algorithmic reserve currency backed by a basket of assets such as DAI or FRAX that are held in the Olympus treasury and give OHM an intrinsic value to that it cannot fall below.

Staking and bonding game theory

The main way Olympus users increase the value of their portfolios is through staking OHM on the protocol to earn rebase rewards.

Rebase rewards are paid for by the proceeds from bond sales on the network and can fluctuate depending on the number of bonds sold, the reward rate set by monetary policy and the number of OHM staked.

The long term strategy behind staking on the network involves locking OHM on the protocol long enough so that even if the market price of the token drops below the initial purchase price, the increase in the balance of staked OHM should eventually outpace the fall in price and could potentially lead to an increase in total value.

Bonding on Olympus is essentially a cross between a fixed income product, a futures contract and an option. Bonders are quoted with terms for a trade at a future date, which include a predefined amount of OHM the bonder will receive once vesting is complete.

These bonding capabilities make it possible for the Olympus DAO to accumulate its own liquidity, referred to as POL, which is an important part of its overall design as more POL ensures that there is always locked exit liquidity in trading pools that helps to facilitate market operations and protect token holders.

Initially the project launced via a $500 initial Discord offering (IDO) and within a month of listing the price quickly rose to $1,487 before the market-wide crash in the second week of April pushed the price back to its listing price near $163. Even with the price scrapping a swing low, OHM stakers continued to stack coins over the following month.

Recently, members of the Olympus DAO team pointed out that IDO participants who never unstaked their initial holdings would be sitting on a OHM war chest with a value of over $1 million.

Related: Treasury plots stablecoin crackdown even as Tether’s dominance wanes

Growing treasury and future plans

As the Olympus market grows, the protocol also accrues revenue from liquidity provider rewards which are deposited into the project’s treasury.

According to data provided by the protocol, the Olympus DAO treasury now holds more than $100 million in treasury assets and is the second largest treasury in DeFi behind Uniswap.

Olympus has also shown that it is keeping up with the latest developments in the crypto space as it recently hosted office hours to discuss two proposals facing the community including a discussion on the prospect of adding LUSD to the treasury and whether or not Olympus should deploy to the recently released Ethereum (ETH) layer-two solution Arbitrum. Recently, members of the TokeMAK community voted to include Olympus DAO in its reactor network and within the next month a OHM/TOKE staking pools is expected to launch.

OHM/DAI daily chart. Source: TradingView

It remains to be seen how rebase projects like Olympus and Ampleforth will perform over time, but a quick glance at the daily chart shows that OHM price is trading at $1,286 and on the verge of printing a new all-time high.

While the concept is one of the newer models to emerge in the crypto ecosystem, it is a development that is garnering attention as the global financial system appears to be in the process of shifting to a new currency standard.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.