Alt coins go mainstreamThese smaller altcoins are joining the cool kids table as De-Fi becomes the new “It Girl”.
- The “FOAN trade” is the market’s new plaything. It’s a basket of cryptos including Fantom (FTMUSD), Harmony (ONEUSD), Cosmos (ATOM) and Near (NEARUSD), all of which are up between 16% and 35% this week so far despite (or because of?) a sell-off in major cryptos.
- It’s thanks to the rapid growth of De-Fi and a resurgence in undervalued Ethereum Layer 1 blockchains inspired by the success of Solana (SOLUSD), Avalanche (AVAXUSD) and Terra (LUNAUSD).
- They can all boast cheap and fast networks, and have been undergoing network upgrades in the past few months to set the perfect stage for De-Fi dominance.
Illustration by TradingView
Crypto choir finds its HarmonyHarmony One is hitting the perfect pitch after its blockchain gets more advanced.
- The token soared almost 15% on Tuesday. A new update on Monday means the blockchain can now accommodate over 4x as much user activity.
- Data can be easily moved across separate blockchains through Harmony's network, and this update should ultimately increase speed and boost the crypto’s utility.
- It announced a $300m ecosystem development fund on September 9 to attract developers to its ecosystem. Prices are up over 130% since then.