- DTC Capital’s Spencer Noon said that Aave is one of the best DeFi protocols out there.
- Multicoin Capital’s Kyle Samani said that LEND is his first choice of digital asset preference.
DTC Capital’s Spencer Noon has recently said that Aave (LEND) is one of the best decentralized finance (DeFi) projects. Noon noted that even though Aave is not running liquidity mining schemes, there is nearly $1.25 billion worth of digital assets locked in the project.
Liquidity mining allows some protocols to reach hundreds of millions of “locked value” quickly. This is why Aave’s ability to accumulate more than $1 billion worth of interest without such schemes symbolizes a strong product-market fit.
One of the best signals of PMF in #DeFi is if a project can succeed w/o extra incentives (liquidity mining). @AaveAave doesn't have LM yet it's still one of the biggest beneficiaries of new yield farming activity. At $1.26B TVL and only $759M mcap—the fundamentals are so strong. pic.twitter.com/wlAZywY6c7
— Spencer Noon (@spencernoon) August 20, 2020
Noon is not the only one with this opinion. Multicoin Capital’s Kyle Samani responded to Noon’s tweet saying that if he had to hold only one asset for the next two years, he’d choose LEND.
If I had to hold a single Ethereum based DeFi asset for 2 years, it would be $AAVE
— Kyle Samani (@KyleSamani) August 20, 2020
By far the best combination of: product/market fit, token distribution, community, pace of innovation, and reasonable valuation with upside to go https://t.co/onqnQQyxk7
LEND/USDT daily chart
LEND/USDT bulls stayed in control of the market for the second straight day as the price went up from 0.729 to 0.756. The price is still trending above the 20-day Bollinger band, while the relative strength index (RSI) is hovering in the overbought zone. Both these indicators show that LEND/USDT is presently overvalued and may soon face bearish correction. There are two healthy support levels at 0.585 and 0.648.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?