The ethereum-based protocol is adding a platform for initial DEX offerings for launching tokens, an NFT platform called Shoyu, and branching into lending services. Indeed, DeFi activities seem to be on the rise again as the total value unlocked in DeFi has ballooned to $95.89 billion as of September 2 from a low of $64.44 billion on July 20, according to DeFi Pulse.Īgainst such a backdrop, Outumuro views Sushiswap (SUSHI) and Aave (AAVE) as the two DeFi protocols best positioned.Ī competitor to and fork of the largest decentralized exchange Uniswap (UNI), Sushiswap aims to go beyond the regular exchange offerings. With over $2 billion spent on completed NFT sales in the past month alone, NFTs are undoubtedly the spotlight of this summer compared to the DeFi boom last summer.īut Outumuro thinks that DeFi is playing an arguably more impactful role and is likely to stage a comeback with the recent launch of Ethereum scaling solution Arbitrum, which allows for cheaper transactions costs. 2 altcoins best positioned for a DeFi comeback "We saw ETH daily issuance dropping below bitcoin's issuance for the first time, so a lot of people are excited about ethereum potentially also playing the battle for a store of value or digital gold," Outumuro said. Since EIP-1559, 170,455 ether tokens have been burned, reducing ether issuance by 44.88% as of midday Thursday, according to Watch The Burn.
#Bitcoin blockchain search upgrade
Besides serving as the blockchain network that powers lucrative DeFi and non-fungible token activities, ethereum's London upgrade in early August makes it a potentially deflationary asset that's worthy of landing on the balance sheets of corporations. On the other hand, ethereum is riding on multiple tailwinds. Indeed, $100,000 appears to be a popular price target for bitcoin in the near- to medium-term as Leavenworth Capital's chief investment officer Ranjan Grover, SkyBridge Capital founder Anthony Scaramucci, Bloomberg Intelligence senior commodity strategist Mike McGlone, and Fundstrat's head of research Tom Lee have all issued similar predictions recently.
While bitcoin and ethereum were trading at just below $50,000 and almost $3,800 respectively as of midday Thursday, the two dominant crypto assets could reach $100,000 and $10,000 by next year, he said. Having worked in the crypto space for a few years now, Outumuro is no longer surprised to see how quickly the prices of bitcoin and ethereum can go parabolic. Bitcoin to $100k, ethereum to $10k by next year He started out as an analyst and worked his way up to become the head of research, leading a growing team that covers everything from on-chain analytics and price predictions to DeFi strategies and market dynamics. When the opportunity to work for blockchain analytics firm IntoTheBlock arose, Outumuro was eager to do whatever it took to get involved. His technology-minded personality also drew him to ethereum, the second-largest crypto that powers the decentralized finance applications built on top of it. Outumuro's upbringing made it natural for him to emotionally resonate with the theory of bitcoin as a peer-to-peer, trustless, and decentralized cryptocurrency. "My grandfather was a lawyer and had quite a decent pension for a while. "A lot of my extended family started out relatively wealthy but lost a lot of their savings," he told Insider in an interview. Growing up in Caracas, Venezuela, Lucas Outumuro witnessed firsthand the damaging effect of hyperinflation. He also shares 2 altcoins for a DeFi comeback as the total value unlocked rose to $95 billion.Outumuro breaks down how bitcoin and ether could reach $100k and $10k, respectively, by next year.Lucas Outumuro is the head of research for the blockchain analytics firm IntoTheBlock.
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