Forgotten Altcoins OMG, ZRX And BAT Are Booming On DeFi Promise

The forgotten altcoins from 2017 such as OMG, ZRX and BAT are seeing huge prices as the DeFi market picked up on speed and became a formidable sector for the entire crypto space as we are reading in today’s altcoin news.

The forgotten altcoins of 2017 have boomed thanks to the speeding DeFi sector. 0x protocol for example, raised millions during the 2017 ICO and became the first decentralized exchange to hit the crypto space at the time. But, the lack in demand and the superior user experience provided by the centralized exchanges such as Binance proved to be hard for the protocol and gained little traction.

So @synthetix_io had to reduce the collateralization ratio from 700% to 600% to increase the amount of sUSD in the system. $SNX holders benefit because they now get more interest-free leverage (still need to manage debt exposure)https://t.co/o7Z550o9Y4

— Andrew Kang (@Rewkang) August 21, 2020

DeFi is now back and is lifting the smaller altcoins upwards. One example is Chainlink, the decentralized oracle service. LINK remained undervalued for most of 2018 but then it saw a 700% increase in prices this year. At press time, ZRX is the native token of 0x that boasts narrative. It went up by 71% earlier today backed by solid fundamentals.

The emerging crypto ponzis are having interesting ripple effects into the rest of DeFi because of their sheer size@BasedProtocol is actually increasing the value of $SNX for as long as Based continues to lock up capital

— Andrew Kang (@Rewkang) August 21, 2020

0x noted that over 30 projects use its technology to build their own applications which have processed more than 713,000 transactions and handled more than $750 million in altcoin trading volume. The first consumer product Matcha DEX became a hit as well. Basic Attention Token surged as well over the past week by 30%. OMG network also saw a huge increase over the past week. At press time, OMG surged by 475 percent and hit $4.50. In the meantime, Andrew Kang, the popular crypto trader, and investor pointed out that crypto Ponzis alike are enjoying the growth as a result of DeFi.

Kang noted that Based Protocol, the meme project that “yield farmers” have their eyes on is actually increasing the value of SNX as long as the project continues to lock in the capital. He stated that SNX holders gain benefits because they are getting more interest-free leverage while in the meantime another side effect was the launch of CRV from Curve Finance which increased the yield of sCRV.

There are a few cryptocurrencies that are outperforming such as LINK and BAND that both increased 20 percent gains in the past day alone after the strong retracement. The fund manager in the crypto space said that the recovery is well for the decentralized finance space which bodes well for the rest of the market.