The bear has ended!!
Bulls have returned…Altseason is back baby…I wouldn’t get our hopes up that quick, but
that doesn’t mean Chico Crypto can’t do a based altcoin video.
As there are still some killer deals out there on some extremely undervalued altcoins.
So let’s get it…because it’s time for Chico Crypto!!
Yup Altcoins…they are back & back in a big way.
Checking out the top 100 coins, many of them are up and up big.
LidoDAO up nearly 170 percent over 7 days, ETH Classic up nearly 80 percent, Polygon
up 69, Ethereum, Avalanche, Convex and apecoin up over 50 percent.
Shoot, if we scroll down we can see, over 50 percent of the coins in the top 100 are
performing better than Bitcoin who is stil up a respectable 24.7 percent over 7 days.
Obviously altcoins are wanting to pop after an extremely bearish downtrend…so the next
question is, which altcoins will HODL these gains and POP even more if we do turn into
a bullish market??
Well #1, I have to talk about my favorite DEX coin who has been making BIG waves lately.
That is GMX…
So first what is GMX??
Well GMX is a decentralized perpetual exchange where you can trade Ethereum, Bitcoin, Chainlink,
Uniswap and Avalanche with up to 30x leverage directly from your wallet.
GMX sits on Ethereum Layer 2 Arbitrum and on Avalanche…so you can trade on your favorite
Layer.
Now the beauty of GMX, is the way to earn!!
For staking GMX the governance token, and for staking GLP, their liquidity pool token…you
can earn big rewards, in the native chain you are trading on.
Yup you earn in Ethereum or Avalanche and 100% of the exchange fees are distributed
to the stakers. 30 percent to the GMX stakers and 70 percent to GLP stakers.
And those Fees are starting to stack up.
GMX has recently been listed on the fee tracking website cryptofees.info & it’s been surging
up the rankings.
As we can see it’s now the 6th largest in terms of fees paid by users, ranked above
AAVE, ENS, Sushiswap & more.
Yesterday over 330 thousand dollars was paid out to the stakers of GMX and GLP
And People are finally starting to catch onto this.
Since last month, GMX has gone from a bottom of 11.71 cents to as of yesterday near 30
dollars.
This is an increase of over 150 percent in just a month.
And guess who covered it over a month ago at the bottom?
I did, I posted this video June 9th…and I dove into GMX and a certain person buying
them…Arthur Hayes!!
And Arthur isn’t stopping his buying spree my friends.
Checking out Arthur’s known wallet we can see, July 5th he bought 100 ETH worth of GMX
and immediately staked.
July 6th two separate purchases of 100 ETH of GMX, which were also immediately staked.
July 8th again two separate purchases of 10O ETH worth of GMX…July 9th he trades 100
ETH, July 12th 100 ETH again, and finally on July 13th his last so far 100 ETH of GMX.
If you didn’t know since early June, Arthur has traded over 1000 Ethereum into GMX.
Someone knows something….and so does Chico!!
If you wanna get involved with GMX, check out my referral link…it’s in the description
as well as the comments of this video.
Now I know some of you will be like…but Tyler GMX is already in the top 150 coins.
It’s grown so much already…what about something that is lower cap??
Well I got something for you…Now, if we look at GMX and its rewards for staking, we
can see last week the highest APR was through GLP staking on Avalanche, which gave a 29
percent APR.
That’s actually really fucking good…but there is an exchange which is giving even
better…
That is Lyra Finance, a decentralized options protocol built on Optimism.
As of right now you can trade options with Lyra with only one asset and that is Ethereum…but
they have plans on bringing many more assets to the platform, which will only boost volume
and the rewards.
So how much are the rewards?
Well a Muir on Twitter let us know.
They tweeted “30%+ unincentivized APY.
Where else can you find that in DeFi?”
Well not many places…
But what is unincentivized APY?
Well it means there is no token inflation that is the backing behind that APY…Nick
a builder at Lyra explained it well.
He tweeted 2 days ago “3 weeks in and Lyra LPs generating 38% annualized market-neutral
returns with 0 token incentives (and 0 trading incentives) been a quiet few weeks as I've
been in heavy RnD mode, about to get much louder over here.
fundamentals have never been stronger.”
Now this tweet from the popular DeFi analyst, DeFi Dad, gets my point across with Lyra.
He said this on Saturday last week “DeFi options protocols including Lyra.
It’s all way ahead of the times.
Mark my words, DeFi options will be a huge catalyst in the next crypto bull run.”
Now out of the protocols DeFi dad listed that have a token, Lyra is towards the bottom.
Checking out coingecko and searching by Lyra we can see it’s ranked number 998, and clicking
into it, has a market cap of just 7.5 million.
Can you say undervalued much??
But what about getting in on the ground floor of a blossoming new project!?
One whose token isn’t trading just yet??
Now if you know anything about Curve and Convex finance, this token will be right up your
alley.
Convex is a way to boost your CRV.
With Convex you deposit your Curve LP tokens to earn Curve trading fees, boosted CRV and
CVX tokens.
And both Curve and Convex are in the top 100 on Coingecko and rightfully so..
But here is a way to earn even more yield.
This is through Concentrator and it’s the first and only autocompounder for Convex LP
positions.
If you LP on ConvexFinance it's totally worth doing Concentrator as you will earn bonus
yield on your LP…
Which many people are catching on to.
Over the past 30 days, Concentrator has been the platform with the highest growth in TVL,
total value locked up.
It’s up 140 percent over the past 30 days, and it’s crossed it’s first 100 million.
A big reason for this?
They are doing their IFO, initial farming opportunity for CTR tokens.
You can Deposit your Curve LPs to Concentrator’s IFO vaults just like a regular Concentrator
vault, except your yields are automatically exchanged for CTR tokens. 1 aCRV yield harvested
= 1 CTR reward…
So why give up your aCRV yield for the CTR??
Well from the FAQ on their website, they explain saying “CTR is Concentrator’s token, and
it is designed to be a cash(flow) cow.
CTR uses the Curve ve-lock mechanism, and veCTR holders will vote to allocate/receive
up to 50% of the platform’s revenue denominated in aCRV (auto-compounding cvxCRV).
veCTR holders also, of course, receive governance rights.
CTR has a very favourable emission schedule.
There will be no CTR emissions after the end of the IFO (no liquidity mining, no new minting),
so no inflation.”
And guess how many tokens there are?
Just 5 million CTR will ever be created.
Chico likes low supply Cash cow monsters.
So I’ll definitely be a humble farmer…tending to my crops.
Cheers viewers I’ll see you next time