Hello and welcome to my first weekly cryptocurrency newsletter. These newsletters will be broken into 3 main sections. First, the strongest/weakest weekly performers will be highlighted along with a brief explanation of each protocol. Second will consist of a “Project of the Week” portion which will highlight an emerging or unique network within the space. Lastly, important upcoming events will be highlighted to conclude the newsletter.
Weekly Winner and Loser: 3/4/21–3/10/21
The weekly winner in terms of percentile returns is Chiliz ($CHZ). Chiliz is a self proclaimed, “currency option for blockchain-backed products & services geared towards mainstream consumers”. The Socios platform within Chiliz allows users to purchase branded Fan Tokens (NFTs) from “from some of the biggest and most renowned sports teams in the world including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, Atlético de Madrid, OG, CAI & UFC.” Currently the Chiliz exchange is not available for U.S. based users. The token is up 283% this week and over 2300% this year.
The weekly loser is NEM ($XEM). NEM is a smart contract protocol that utilizes a “smart asset system” to allows developers to fully customize how they interact with the NEM blockchain. The protocol also offers unique functionality such as Namespace and Mosaics to offer even greater capabilities to smart contract developers. For instance, developers could utilize Mosaics to represent real world items or events on chain. Despite being down 25% this week, the asset is still up 1200% this year.
“Pick of the Week”: RAMP DeFi
My “Project of the Week” for Week 1 is Ramp DeFi ($RAMP). RAMP is a unique protocol aimed at allowing non ERC20 tokens to participate in Decentralized Finance (DeFi) by allowing users to earn staking rewards and unlock liquidity from staked assets. This allows the user to stack multiple yield streams from said assets. Seeing as a majority of the DeFi space is built on the Ethereum protocol, any protocol running their own blockchain is inherently unable to utilize many of these DeFi platforms. RAMP allows these protocols an “On-Ramp” to stake their non Ethereum based assets. This means the user can earn yield directly via the staking pool, as well as yield via appreciation of the underlying asset in the staking pool.
Currently the RAMP protocol supports IOST, TOMO, and TEZOS with plans to add more coins in the near future. RAMP token holders can also participate in the RAMP vault. This is a vault immune to impermanent loss and currently earning 14% APY. Holders who wish to assume more risk in return for more yield can participate in the RAMP-ETH liquidity pool currently earning 258% APY at time of writing. Note that you are susceptible to impermanent loss with liquidity pools.
My thoughts on RAMP: I think RAMP is a unique DeFi protocol aiming to solve an issue surrounding many assets within the space. There is a large chunk of capital sitting on the sidelines waiting to participate in the DeFi craze but cannot do so because the protocol wasn't built on the Ethereum blockchain. RAMP “unlocks” this capital and allows holders to earn interest on their holdings. Currently the token is up 95% this month and 3500% all time. My suspicion is the protocol will continue to succeed as it continues to onboard new assets into its staking protocol, especially assets that exhibit larger market caps.
RAMP Website: https://rampdefi.com/
Upcoming Events
Cardano (ADA) BitMex Listing — 3/17/21
Cardano will be launched for trading on BitMex, the popular derivatives exchange averaging roughly $4 billion a day in trading volume. Users of BitMex can trade on margin up to 100x on a number of altcoins as well as Bitcoin.
Polkadot (DOT) Polka DeFiance Event — 3/18/21
Polkadot will be hosting a virtual conference to highlight its advancements being undertaken within the DeFi sector. You can register for the online conference by following this link:
Tip Jar:
ETH: 0x5732B05f4Ee1a57a324C62f3E873a84fB8e9DCC0
BTC: 3496rfLgWBD5s5LNbj8AJJZqSVCnxeqSuc
BAT: 0x0Af0a05aF9Ad388FD44f6C56F6e618450dEC558E
Disclaimer
None of what you are about to read should be taken as financial advice. I am not a licensed financial adviser. This Newsletter is comprised of my own opinions and should be taken as such. I encourage all my readers to do their own research and come to their own conclusions. The content written here is for informational purposes only, you should not perceive any of the information or material as legal, tax, investment, financial, or other advice. Nothing contained in this Newsletter constitutes a solicitation, recommendation, or endorsement to buy or sell any securities or financial instruments in this or any jurisdiction. Investing in cryptocurrency involves risk of loss. Loss of principal is possible and you as the reader should acknowledge this possibility.
