Here Are the 6 Most Explosive Crypto Assets on Coinbase, According to Trader Austin Arnold
Crypto trader and analyst Austin Arnold is picking six of the most explosive crypto assets to buy on Coinbase before the US-based crypto exchange goes public.
In a new video, the host of Altcoin Daily says the sixth coin on his list is Chainlink (LINK), citing the release of a new substrate module that will bring its oracles to the Polkadot (DOT) network.
“While it has been dominating in the Ethereum ecosystem, it’s about to dominate in the Polkadot ecosystem as well.”
The next explosive coin on Arnold’s watchlist is Cardano (ADA). The trader’s bullish on the fact that developers will be able to write in multiple languages on Cardano, as opposed to just one on Ethereum.
“It’s pretty clear, the value proposition of Cardano. It’s aiming to be a more scalable, cheaper, faster, less congested version of Ethereum. We get that, but will developers choose to build on Cardano? Well, most people aren’t talking about this, but you will be able to write smart contracts on Cardano in a multitude of languages within 6 months… Do you get it? Ethereum offers one coding language, Cardano offers them all.”
Coming in at number four is UMA (Universal Market Access). UMA is a protocol built on Ethereum that allows users to create custom collateralized synthetic cryptocurrency tokens that can track virtually anything.
“[UMA] is looking to disrupt the derivatives market in a decentralized way… This is just automating and decentralizing something that the traditional market already has. Only now there’s no gatekeeping.”
Number three is virtual real estate network Decentraland (MANA), which he thinks is going to be “super hot” this altcoin cycle. He adds that so far, it’s the only coin in the virtual real estate space available on Coinbase.
“Either way, Decentraland is gearing up to be a major player out of the coins on Coinbase.”
The trader lists automated yield farming protocol yearn.finance (YFI) as number two on his radar. Based on the total value locked up compared to priced action, Arnold posits that YFI is considerably undervalued.
“Are people actually using/finding value in the protocol? The answer is yes. Actually, value locked by vault type is at an all-time high, even bigger than what we saw at the end of 2020. And while the value locked up is peaking, the price of the YFI token has not yet returned to all-time highs.”
Arnold’s number one most explosive digital asset to be found on Coinbase is Uniswap (UNI). The analyst cites the recent unveiling of the UNI v3 update as a bullish factor that gives UNI massive upside potential.
“Uniswap the decentralized exchange (DEX) is going to become way more efficient, way cheaper as an automated market maker, in fact, they say, ‘It’ll be the most flexible and efficient automated market maker ever designed’ with the release of UNI v3. But this something we didn’t go over, and this is interesting. It is going to be 4,000 times more capital efficient, so what does that mean? With something called concentrated liquidity, which is the positions of liquidity providers (LPs) become aggregated into a single pool, meaning LPs can supply liquidity with up to 4,000x more capital efficiency relative to what we have now.”
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Author: Daily Hodl Staff