DTC Capital exec calls Aave one of the best DeFi protocols as LEND/USDT charts all-time high
- 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
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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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
