Revisiting My Solana DeFi Pick!
In March of this year I wrote an article about Solana in which I addressed why I am so bullish on this project. Solana is crazy scalable, as well as very affordable to transact and was trading at $5.06 at the time of writing in March. Solana is currently trading at $31.18, even after the massive dump in May. Solana's all time high is at $58.03, which means that this project has done a 11x in 2 months. This is pretty decent, considering SOL was already ranked in the low 30's and has since peaked at number 15 and is currently ranked number 19 by market cap. The pattern is always the same when it comes to how these stories unfold.
Take a look at Polkadot for example, after DOT rallied, the attention shifted to Polkadot projects such as Kusama and others. These were also outlined very early on in this blog. I wrote about KSM after I picked it up at approximately $9 and has since reached an all time high of well over $600!
Shortly after my Solana post, I again posted about some projects built on Solana that I was bullish on. Raydium being my favorite, largely due to it being an AMM/DEX that has a passive income slant to it. Currently the daily volume on the Raydium DEX is approximately $29 million, while the token itself trades a daily volume of approximately $15 million. Raydium is currently ranked 177 and has a market cap of just under $250 million. This has so much room for growth in my opinion.
As Solana continues to take off, Solana based tokens will begin changing hands on Serum and Raydium. I hold both and intend to accumulate more. I see these as two holds for the long-term and it is possible that they may lag for sometime before the market gives them the respect they deserve.
Raydium was recently featured in the Solana weekly spotlight as the project of the week and I am sure that this is just the beginning of a lot more attention for this project. The Official Raydium Twitter account was only launched in February and already has in excess of 61K followers as I write this article. The community is also quite engaged and it seems as if there are those who have identified the value that Raydium offers to the Solana ecosystem.
The Solana ecosystem is growing rapidly and gaining more love as news continues to spread about this chain. Users can farm yields as well as stake RAY tokens at 33% APR. The attractive aspect of this opportunity is that market participants can pick up RAY while it is still very undervalued and see a great staking reward in time to come as the token value appreciates.
This is still speculation of course but I am prepared to take the risk on this one, especially as I can earn 33% APR and always compound my way forward in the unlikely event that things take a turn for the worse. If a project offers value it can weather the worst storm! BNB is a perfect example of this truth, considering it actually outperformed BTC in the last bear market. Where does an altcoin hold value better than BTC in a bear market? I am not saying that RAY is the next BNB but rather that if it truly offers value to the market, it will eventually perform.
RAY and SRM can both be bought and traded on FTX. This is by no means investment advice. Please do your own research and ensure you understand the risks associated with any investment you may choose to explore.
Posted Using LeoFinance Beta
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