Tyler Swope Looks Into OHM, REN And EWT Amid Market Correction
Tyler Swope, a cryptocurrency analyst and trader looks into his favorite altcoins as the overall crypto market is going through the latest correction.
OlympusDAO (OHM)
In a recent video, the analyst shares with his 298K subscribers on YouTube that his top altcoin right now is decentralized reserve currency OlympusDAO (OHM).
“In a short amount of time, it’s become one of the most diversified, non-protocol token treasuries in crypto… Purchasers of OHM are incentivized to HODL and stake as the APYs [annual percentage yields] for staking are insane. Currently over 7,300%!
Olympus has started a DeFi revolution, which is apparent from the amount of forks created based on the protocol… OHM is the most-forked protocol of the year, and the amount of forks based on its code is reaching levels only seen by three [other] projects: Bitcoin, Ethereum, and Uniswap. This is pure validation that OHM has created something special.”
OHM is trading at $733 with 10% loss on a weekly chart, at the time of writing.
Ren (REN)
The second altcoin on the traders list is REN, is an open protocol built to provide interoperability and liquidity between different blockchain platforms.
“This token has slid, and in my opinion, is ready for a pump… I have a feeling REN is going to recapture the top 100 cryptos and possibly even capture its old March rank and even further. Why? REN announced that Host-to-Host was coming to their protocol.
[REN ecosystem advocate] Maximilian Roszko put out a tweet explaining it. Max said, ‘H2H means RenVM will be able to bridge native coins and tokens between the chains it supports, becoming a full-scale bridge… RenVM will go from supporting seven assets, mostly legacy coins such as BTC and DOGE, to being also able to support most of the tokens in the crypto space, which is in the thousands.’
Major interoperability is coming.”
At the time of writing, REN is trading at $0.92, with 10% gains on a weekly chart.
Energy Web Token (EWT)
Finally Tyler looks into Energy Web Chain (EWT), a blockchain-based virtual machine designed to support and further application development for the energy sector. The platform’s native token EWT provides network security and validator compensation.
“Energy Web recently updated their validator code of conduct, and in it, they have a section on obvious rent-seeking…
‘Rent-seeking is defined as validators liquidating greater than 10% of their block reward balance within any given 30-day period.’
Validators who have been rent-seeking are no more. Those who have been dumping a lot when the price goes up.
You should also know that something big is coming for Energy Web by the end of the year: staking. Last week, they announced a booster period for early stakers, over 21% APY.”
At the time of writing, EWT is trading for $9.39 with 1.5% loss on a daily chart.
