The nature of the cryptocurrency market is cyclical, as is the case with all markets. Right now, all eyes are on the looming new all-time high for Bitcoin (BTC), after the first US crypto ETF began trading on Tuesday.
Nevertheless, Some DeFi (decentralized finance) protocols have recently posted expressive valuations, indicating that they could present even higher earning potential when the “altseason” rolls around. and the profits made with Bitcoin begin to be redistributed among the most promising protocols on the market.
As second in the global market capitalization ranking, Ethereum should absorb much of this rotating capital. And cryptocurrencies based on your network should benefit from it.
Perhaps for this reason, the three best performing DeFi cryptocurrencies in the past seven days are based on the Ethereum network, according to data from CoinGecko.
88mph
88mph (MPH) obtained the best weekly performance, accumulating a revaluation of 155.8%. On October 12, the coin was trading at USD 42.20 and at the time of writing, it was reaching USD 112.96.
Weekly performance of the MPH / USD pair. Source: CoinGecko
MPH currently has a market capitalization of USD 42.7 million and is ranked 671st in the general classification of cryptocurrencies according to this criterion.
88mph rolled out its v3 on September 7 at a time of widespread market downturn. The asset price also fell and only started its recovery exactly one week ago.
The protocol acts as an intermediary between its users and the protocols that offer variable rates of return in order to always guarantee the best fixed return to investors. Thus, 88mph offers protection against market volatility by distributing a generous fixed rate for short-term deposits and a more conservative rate for long-term deposits. At the same time, MPH users can benefit from the 0.05% withdrawal commission income that is generated with each transaction.
In 88mph v3 the old floating rate values of the protocol have been converted into Yield Tokens (YT), a new system in which users can speculate on future floating rate returns by buying these tokens, while strengthening the solvency of the protocol. When purchasing a YT, the user funds a fraction of the promised fixed rate of return to each individual deposit.
For the hour, 88mph trades with DAI, USDC, USDT, LINK, UNI, and CRV: RENWBTC to provide leverage on loan protocols such as Compound and Aave.
Proton (XPR)
For the second week in a row, Proton (XPR) made the list of the 3 most profitable protocols in the DeFi ecosystem. On October 12, XPR was worth $ 0.0257. Currently, it is trading at USD 0.0468, which represents an accumulated profitability of 109% in the last seven days. Its market capitalization has gone from USD 145 million to about USD 397 million. XPR is ranked 186th in the overall cryptocurrency ranking.
Weekly performance of the XPR / USD pair. Source: CoinGecko
Proton is a blockchain developed by cryptocurrency payment solutions company Metal Pay. It allows the transfer of fiat currency and digital assets through various channels. “It is a blockchain integrated with your bank, a universal payment network”, said the CEO of Metal Pay, Marshall Hayner, to Cointelegraph.
Proton’s goal is to provide a secure and verified identity account integrated with a financial settlement layer, allowing users to directly link that identity to trust accounts from which they can redeem funds and use them to buy crypto assets, for example.
Users of platforms that integrate with the Proton blockchain can make a wallet with a verified name instead of the typical addresses of blockchain protocols, based on long sequences of numbers and letters. In other words, Proton offers the convenience of creating a username as an identity.
What’s more, Proton is capable of managing more than 40 million daily transactions, and does not require the use of Chrome plugins, Dapps or any other device to perform operations.
KeeperDAO (ROOK)
The third on the list, KeeperDAO (ROOK) has posted 89% gains in the past seven days, jumping from $ 128.67 on October 12 to $ 252.43 at the time of this story’s publication. Its market capitalization amounts to $ 172.8 million, which places it 320 in the general ranking of cryptocurrencies.
Performance ROOK / USD weekly performance. Source: CoinGecko
The recent revaluation of KeeperDAO was driven by the implementation of governance features of the protocol, the increasing total value of assets locked in the protocol, and a new token buyback mechanism that could help reduce the supply of ROOK in circulation, according to Cointelegraph contributor Jordan Finneseth.
Governance mechanisms have gained importance in the DeFi ecosystem, since community participation is considered a key point for the operation of a truly decentralized network, freeing it from the control of a small group of developers or entities.
Another reason for ROOK’s bullish rally is the growth of the protocol’s treasury, which is once again approaching the all-time highs reached in the first half of the year. According to data from Dune Analytics, the total value of KeeperDAO’s treasury currently stands at $ 122.2 million, while the total value of the assets locked in the protocol is USD 390 million.
In addition, the reduction of the circulating supply of ROOK was put to a vote by reducing the issuance of new tokens and the repurchase of tokens in the market to later burn them.
With this, It is estimated that the value of $ 800,000 from ROOK would be eliminated each month, which would contribute to a reduction in the available supply, which in theory should contribute to the revaluation of the remaining tokens, according to Finneseth.
KeeperDAO is a DeFi protocol that allows users to trade, borrow and bet assets with the protection of Miner Value Extraction (MEV) bots, which carry out the transactions. MEV is a term that refers to the extraction of maximum value from transactions by Ethereum users by reordering, inserting, and censoring transactions during the block validation process.
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