Several Defi tokens have appreciated 100-200% in the past weeks. The reason?-Upcoming catalysts. These are what drive narratives and buy pressure.
As we know, a catalyst enables a chemical reaction to proceed faster. As such, in the same case, in DeFi, catalysts serve the overall encompassing incentives of tokenomics for the DeFi ecosystem buildup.
Here are five DeFi protocols/tokens with BIG upcoming catalysts you should pay attention to.
Gains Network is a decentralized perpetual exchange on Polygon with:
38 tradable tokens
22 stocks
10 forex pairs
They have seen a massive inflow of new users, and their native $GNS token has been up 200% since October.
The main upcoming catalysts include;
Gains network launching Arbitrum in just a few weeks
New DAI-vault enables you to earn actual yield while using your $DAI elsewhere in DeFi.
Both catalysts are pretty significant and seem quite bullish for adoption long term.
The $GNS token market cap is currently $120m, around 1/4 of the $GMX market cap. An increase in trading volume from new users on Arbitrum could impact the price positively at some point. NFA! $GNS stakers further receive 32.5% of all fees generated from gTrade traders.
GMD protocol is a new Arbitrum native protocol that builds on top of GMX's $GLP and allows users to earn a yield on USDC, ETH or BTC separately. They have teased a new product on top of the Gains Network DAI-vault once it has launched on Arbitrum.
$GMD is a low-cap token ($4.4m MC) and has been up 400%+ the past month. I recommend being more careful with small market cap tokens. However, this is a product to keep an eye on.
$LINK staking has been anticipated for a long time, and v0.1 will open for early access in just a few hours. General access for $LINK holders will be a few days later. While we could see a 'sell the news' move, this is quite bullish for $LINK long term.
Chainlink has a broad reach in every sector of the crypto industry. The implementation of staking will give the $LINK token a whole new purpose, as holders will receive a part of the revenue generated from oracles.
4. GMX
For a long time, GMX has been building its new synths model. This will allow for many tradable crypto and non-crypto assets via Chainlink oracle utilization. This is estimated to be released sometime in Q1 2023; however, nothing is confirmed.
The main limitation of GMX is the number of tradable assets. With synths implemented, volume & users could increase significantly. Another catalyst could be a potential launch on Polygon, which was proposed a few days ago.
5. Rage Trade
Rage trade is a recently launched Arbitrum-native protocol. They have their own ETH-perp and a unique liquidity system called '80-20 vaults'. This lets users deposit their liquidity positions, such as tricrypto, into Rage to earn additional yield.
The Rage trade team is building two new vaults on top of GMX's $GLP. One lets users earn a stable yield on $USDC, and one lets users earn delta neutral yield from $GLP—risk-off and risk-on vaults.
It was just announced that the vaults would go live December 12th for people with the 'OG' role in their discord and the 13th for everyone else. While Rage Trade does not have a token, they have confirmed a $RAGE token in the future.
Final Thoughts
With last year's happenings, centralized options are no longer a favorite for investors. The tune for every crypto user is decentralized finance.
Some of these protocols having catalysts mean the prospect is here to stay. We are bullish on such tokens.
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