Crypto trader and analyst Ivan Liljeqvist names three altcoin gems that he believes can skyrocket in the next month.
In a new episode of The Moon starring Carl Martin, the trader, also known as Ivan on Tech, says he personally holds PancakeSwap (CAKE), a decentralized exchange (DEX) that runs on Binance Chain.
“I think PancakeSwap will soon have more volume than Uniswap (UNI). Why is that? Because at the ETH (Ethereum) there are currently very high fees, and the reason for this is that people who use the ETH usually carry out large transactions. Look, if you’ve made 10x in your trade with Uniswap, you don’t care if the fee is $ 10 or $ 100, even $ 500, you agree because you just made 10x …
Now Binance Chain, what they do now is they create that niche, they carve out the niche for the community doing a little less transactions, and that’s where you can have lower fees too … people know it’s more central is, but they don’t care. Why? Because it’s the same functionality but lower fees. ”
In the past 24 hours, PancakeSwap’s trading volume was $ 1.04 billion versus Uniswap’s $ 905 million.
The second coin on Liljeqvist’s radar is the 1 inch DEX aggregator. According to Ivan on Tech, 1inch has seen strong growth as it is among the top three most used DeFi (decentralized finance) apps in the world.
“Why is 1 inch used? Well, because they aggregate DEXs. So if I want to do a big job, I don’t want to go straight to Uniswap. Why? Because it may not be fluid enough. If I go to 1 inch, 1 inch will aggregate the liquidity of Uniswap, SushiSwap (SUSHI), all sorts of other DEXs and I will get a much better execution price …
The use case here is for people doing large transactions. When you’re doing a large transaction, it doesn’t matter if you’re paying $ 100, $ 400, or $ 600. If your execution price is better and you can win $ 6,000 for better execution, that’s fine. This is why so many users use 1 inch. ”
The last coin on Liljeqvist’s list is the second-tier blockchain scalability platform Matic, which is now being renamed Polygon.
“It’s shift two and it’s accepted now. Many, many projects that I know of are being expanded to include Polygon, ex-Matic. A second layer is the next frontier for this entire Ethereum space as the fees are very high. It is good that we have Matic or Polygon, for example, that solve that now. “
The crypto trader also points out that Polygon is one of those Layer Two solutions that are actually being adopted.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are at your own risk and that any losses incurred are your responsibility. The Daily Hodl does not recommend buying or selling 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 / Zelenov Iurii