8 Coins You Should Be Keeping Your Eyes On
Hey, friends!
Crazy dip today. Did you guys buy it?
I scooped more $ETH spot. It felt very uncomfortable buying and seeing the prices go instantly lower, but I do believe in the long-term thesis.
Today I am taking a closer look at 8 coins that I think have had a strong momentum lately (ofc not today as everything is down).
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8 Coins You Should Be Keeping Your Eyes On
Over the past few months, we have seen an immense increase in price (and by extension demand) for a ton of coins. I’m sure we’ve all been starting to wonder, what coins should I be adding to my portfolio?
This is not by any means a buying recommendation, and you should always manage your own risk, no one other than you is responsible, anon :)
Manta ($MANTA)
Manta is, in essence, a blockchain protocol that aims to provide decentralized data security and anonymization solutions - they are able to integrate with various blockchains such as Ethereum, Polkadot, and more; this enables its users to securely store and share their data using data masking and anonymization tech.
Manta also offers high scalability and low transaction fees, something which Ethereum has been trying to combat over years - some may even call Manta the Swiss Army knife for data privacy and performance.
So how do they work? Well it is a platform that enables developers to build and deploy ZK apps on Ethereum with low fees. Zk-proos are used to ensure data privacy and validity. Manta has immensely strong backing, with prominent investors such as Binance, Polychain, ParaFi and Hypersphere, whilst also boasting a growing ecosystem of partners who are aiming to deploy on their scalable and secure L2 called Manta Pacific.
With institutional funds coming into crypto, and the anticipation that Ethereum will also have its ETF approved, it seems evident that privacy will be at the forefront of the upcoming cycle. Manta will not be just another crypto coin, but more so a passport to a world where dapps are accessible, efficient and secure.
Some factors to consider: the first unlock will only be in September 2024, which means there are no distribution for investors yet, given the fact that Ecosystem airdrops are in trend now, this may further bolster the value proposition of Manta.
I wrote more about Manta in the post below:
Ondo Finance ($ONDO)
Ondo Finance is an upcoming giant in the making, this real-world asset (RWA) powerhouse is backed by the likes of prominent investors such as Founders Fund, Pantera, and Coinbase.
$ONDO is leading the RWA narrative with over $200m AUM capturing a large % (40) in tokenized securities. With partnerships secured with Mantle, Solana and Polygon, they seem to be headed in the right direction to continually grow. $ONDO boasts a variety of interesting products, such as: OUSG (tokenised blackrock ETF), OMMF (tokenised Blackrock money market fund), USDY (stablecoin backed by US Treasuries), and Ondo Bridge.
It’ll be interesting to watch developments on $ONDO and the RWA narrative in the coming months. A small look at their market statistics: market cap at $370m and a FDV of $2.5b, as of current (22/01/2024) their next earliest unlock is in 12 months, with Coinbase listing and a TVL of $150m, we are definitely early.
Cartesi ($CTSI)
Cartesi is no newcomer to the crypto scene, in 2023 we saw Cartesi release numerous impressive developments and updates, but now that it’s 2024, let’s take a look into what they have accomplished and if they are bolstering their reputation of being consistent builders. ((a lot has happened))
In short Cartesi brings unique value to crypto, such as: mainstream development toolchains and computational scalability. One interesting development is that, the Cartesi team will be hosting a BUIDLathon hack containing a $15k prize pool, here developers are able to leverage off of its tech to create fully decentralised apps using familiar programming stacks and libraries.
With the L2 narrative running hot, $CTSI seems to be set to grow only bigger and better as more devs start to catch on to its tech. This is something I will be keen to keep my eye on. Special note to mention: that Cartesi also has a huge staking milestone with a ton of $CTSI staked, and a participation rate of over 40%. Staking contributes to the security and efficiency of Noether’s POS system and gives rewards on your $CTSI.
Also the main reason why I bought this coin was because the Celestia founder shilled it.
One thing that is great is that $CTSI has little to no unlocks remaining, so they have an almost 1:1 mcap to FDV, which is interesting because we can anticipate that there won’t be any sudden dumps, whilst they were continually building, we can only imagine how far they will go from this quite small market cap of $185m.
Dusk ($DUSK)
$DUSK, another project that is not new to the scene, essentially where privacy meets compliance, is a unique L1 blockchain tailored for finance. A key factor to “why dusk” - it excels with privacy via ZK-proofs, hence following the ZK narrative.
Dusk also builds from the ground up, which ensures full control over security, native compliance features, and tailored performance for finance - as an L1, Dusk does not compromise on decentralization or security which is crucial for trust in finance. The advantage Dusk has on being an L1 is that L2 solutions are reliant on another chain’s security, however, an L1 like Dusk will be self-sufficient, offering stronger integrity.
They are also the first L1 with built-in privacy, where any wallet, transaction, or smart contract will be confidential - they built a custom VM to handle confidential transactions, with a special note that they are compliant to EU regulations such as MiCa, MiFid and GDPR.
With the recent $Mina outperformance in the ZK space, the expectation that $Dusk follows suit is not out of the ordinary. $Dusk has no further big unlocks, and has in essence a 100% circulating supply.
Restake Finance ($RSTK)
Essentially $RSTK is liquid staking on steroids - acting as an LSD means users are able to stake ETH to earn POS rewards whilst having access to their staked ETH in the form of a LST (Liquid Staking Token), in $RSTK’s case, rstETH.
rstETH can also be used to secure and earn additional adjusted rewards through other protocols. Now let’s take a look at EigenLayer. A protocol that allows ETH validators to earn extra yield, acting as a software module on top of ETH.
The reason it is important to understand the EigenLayer dynamics is that the reward system of $RSTK is as such: users will earn native ETH rewards through POW mechanism, and the rstETH will earn extra yield through EigenLayer that is claimable from the dapp - this rstETH can also be used for lending, borrowing and yield earning, basically earning yield on your ETH without having a lock-up.
This is also the first project on EigenLayer with a token, the first mover in this re-staking narrative with a native reward system, even without a live product, there was huge demand and interest over the past month, but due to this exact reasoning that there was no live product, there was a sell-off. On the whole there was a huge demand for $RSTK and keep in mind, it is the first mover in an extremely high TVL space. It is expected that if the team delivers, we would see the potential for massive growth here.
OrdiSwap ($ORDS)
Whilst $SAVM has caught the bulk of the hype in January, OrdiSwap has been building in silence, shipping its mainnet AMM on native BTC, it is with strong conviction that I think there is a mispricing here.
Tech like $SAVM and $ORDS are paving the way to DeFi on BTC and for the case of $ORDS, there are many active pools, with TVL is growing fast. To make a comparison, this could be the UniSwap of BTC, this on its own stands for huge potential, not to mention a very nice UI/UX where you are able to look into top tokens, TVL and fee analytics.
OrdiSwap has the potential to be the top AMM on BTC, and is also enabling DeFi on BTC, the expectation is that it goes higher.
PYTH ($PYTH)
PYTH, a price oracle that seems to be mispriced, think $LINK competitor just at a FDV of $4b. With recent ecosystem airdrop hype, there is anticipation $PYTH stakers may be eligible for these airdrops. They are in essence a price oracle with market datas which are the best in-class. $PYTH is also used by a ton of tokenless projects, including highly popular projects at the moment like Drift Protocol, Parcl, MarginFi and Zeta.
Drift Protocol also essentially hinted at an airdrop so eventhough there has been nothing confirmed, there has been speculation that $PYTH stakers may be eligible. Now why is this a strong buy? Well, the rumours surrounding $PYTH staking and of course the fact that it is severely undervalued in comparison to its counterpart $LINK. Keep in mind that $PYTH is also $SOL native, further living off of the Solana hype.
$PYTH overall seems like an easy buy at the moment, with price targets more than 50% of its current price from credible analysts in the space. One thing worth noting is that there is a huge upcoming unlock on the 20th of May 2024, where 21.3% of the total supply will come into the market. The playbook here is to buy, stake, forget and come back in a few months :)
Sei ($SEI)
$SEI in its most condensed form is essentially an L1 that is redefining blockchain scalability and efficiency via parallel computing, hence leading the parallelized EVM narrative. $SEI has seen an insane 200% run-up in price over the last 30 days.
Parallel computing is the core concept behind these parallel EVM narrative, at its core, this involves the simultaneous use of computing resources to solve a computational problem - in layman's terms, allows multiple transactions to be processed concurrently, in a parallel manner which significantly increases the throughput of a blockchain. In standard EVMs, transactions are processed one after another which forms a single-threaded execution model, whereas parallel VMs such as $SEI are able to break down these tasks allowing multiple transactions to be processed in parallel. This enhances scalability, efficiency and optimization.
As the market continues to saturate with new roll-ups and the problem with global fee markets continues, L2-centric narratives will shift towards parallelised EVMs, $SEI appears to be looking like the beta play to $SOL’s run last cycle. Further to this, another extremely anticipated parallel VM project called $MONAD will be launching soon too! $SEI recently had $89m in unlocks on the 15th of Jan with the next one being some time from now, the dip has already come, would look to start picking up some soon, anon!
I guess that’s it for today!
I just want to end this with a good Ethereum thread that I read:
https://x.com/Evan_ss6/status/1749158472363430229?s=20
Happy trading and good luck with buying all the dips in 2024!
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