Crypto Around The World: May 7 Review
Cryptocurrency Weekly Picks: FARM, ALPHA, & DAOFI
The cryptocurrency market has been trading with positive momentum over the last week with Bitcoin (BTC) and more importantly altcoins pushing the overall crypto market cap above $1.9 trillion.
The altcoin space has bustling with many cryptocurrencies hitting their new all-time highs. Ethereum (ETH) has touched its new all-time high above $2100 while altcoins like Polkadot (DOT), Chainlink (LINK), Filecoin (FIL) showed a strong upswing.
However, our crypto picks for this week are from the DeFi crypto space. Over the last week, the crypto DeFi space has surged 15% with its total market cap reaching $64 billion. Today we will take a look at three major interesting DeFi coins: FARM, ALPHA, and DAOFI.
Harvest Finance (FARM)
With the surge of the DeFi market this week, DeFi platform Harvest Finance has been in the news. Harvest Finance is an automated Yield Farming protocol offering insights to user to put their assets/capital to high producing farming opportunities.
Harvest Finance brings users the ultimate peace-of-mind from managing DeFi positions 24 x 7. The process of manually moving funds through different protocols in DeFi takes time. Also deriving different DeFi investment strategies and constantly monitoring positions is not an easy job for an average retail investor.
Harvest Finance mitigates all these worries and automatically searches out the best DeFi platform with the highest yield. Then, by using the latest farm techniques, Harvest Finance will optimize the yield.
FARM is the native cryptocurrency of the Harvest Finance protocol. FARM also serves as the governance token giving its holders the right to vote on proposals of the FARM treasury and also receive 5% fee from different Harvesting operations.
Alpha Finance Lab (ALPHA)
Alpha Finance is a cross-chain DeFi platform that caters to users across the different blockchain networks. The platform aims to produce an ecosystem of DeFi products.
The first product from Alpha Finance Lab is Alpha Lending, which is a decentralized lending protocol having algorithmically adjusted interest rates. Alpha Hamora, a yield-farming platform is its second product.
The native cryptocurrency of the Alpha Finance Lab is ALPHA. ALPHA token holders can earn part of the network fees by staking ALPHA coins. Governance voting and liquidity mining are also among the other use cases of ALPHA.
Alpha Finance Lab has implemented governance using decentralized autonomous organization (DAO). This will allow ALPHA users to vote on specifics of the future Alpha products.
DeFi toke ALPHA has seen a phenomenal rally this year in 2021. The price of ALPHA has skyrocketed over 10 times since the beginning of 2021. Currently, ALPHA is trading at a price of $1.97 with a market cap of $491 million.
Decentralized Exchange (DEX) DAOfi
DAOfi is a scalable decentralized exchange built for community use-cases and governed with the DAO principle. The token economy formed for the DAOfi protocol employs an experimental strategy of creating a self-sustaining ecosystem.
The native DeFi toke DAOfi serves as the primitive token to reward contributors to the network and govern the protocol. DAOfi’s goal is to provide flexible and lightweight infrastructure for healthy token economics.
The native DeFi token DAOFI gained significantly earlier this year unto February hitting its all-time high at $1.73. However, it has corrected significantly since then. At press time, DAOFI is trading at $0.49.
Meet Edmund the mastermind behind Dchained
- $51 + 2.4%
- $51 + 2.4%