Altcoins are on the rise, with many of the top 100 coins performing better than Bitcoin. Decentralized perpetual exchange GMX has been making waves as users earn big rewards for staking, and has been listed as the 6th largest in terms of fees paid by users. Arthur Hayes has also been buying heavily into GMX. Meanwhile, Lyra Finance, a decentralized options protocol on Optimism, offers even better rewards for staking with unincentivized APY. Lastly, Concentrator offers a chance to earn even more yield by depositing Curve LPs and participating in their IFO for CTR tokens with a favorable emission schedule and only 5 million tokens to ever be created.
The Return of Altseason: Bulls Are Back in Town
The crypto market has seen a significant shift as of late, with many altcoins making a comeback. LidoDAO, ETH Classic, Polygon, Ethereum, Avalanche, Convex, and Apecoin are just a few of the altcoins that have seen a rise in performance by over 50%. In fact, over 50% of the coins in the top 100 are currently outperforming Bitcoin, which is up by a respectable 24.7% over the last 7 days.
GMX: The Decentralized Perpetual Exchange
GMX, a decentralized perpetual exchange, has been making waves in the altcoin market recently. The exchange allows users to trade Ethereum, Bitcoin, Chainlink, Uniswap, and Avalanche with up to 30x leverage directly from their wallets. Not only that, GMX offers lucrative incentives to stakers, including governance token staking rewards and GLP (liquidity pool token) staking rewards. These rewards are paid in the native chain in which users are trading, with 30% going to GMX stakers and 70% going to GLP stakers. One can earn Ethereum or Avalanche through staking, and 100% of the exchange fees are distributed back to stakers. Furthermore, since early June, Arthur Hayes has traded over 1000 Ethereum into GMX. That’s a major sign of potential for the coin.
Lyra: The Decentralized Options Protocol
Lyra Finance, a decentralized options protocol built on Optimism, is another altcoin that’s worth considering. Currently, it provides options trading with Ethereum, and its developers plan to add more assets to the platform to increase volume and rewards. A Twitter user recently disclosed that Lyra has generated 30%+ unincentivized APR, which is impressive. An analyst named DeFi Dad, believes DeFi options protocols, including Lyra, will be a huge catalyst in the next crypto bull run. Despite its potential, the coin is currently ranked 998 on Coingecko and has a market cap of only 7.5 million, making it a highly undervalued investment.
Concentrator: The Autocompounder For Convex LP Positions
Finally, Concentrator is an excellent investment opportunity for those who want to earn more yield. The platform boasts the highest growth in TVL (total value locked) and is up 140% over the last 30 days, with the IFO (initial farming opportunity) for CTR tokens being a significant factor. Concentrator’s IFO vault allows users to deposit their Curve LPs and earn CTR tokens. These tokens use Curve ve-lock mechanism, and veCTR holders will vote to allocate/receive up to 50% of the platform’s revenue denominated in aCRV (auto-compounding cvxCRV). The platform’s cash cow potential lies in its favourable emission schedule of only five million CTR tokens and no inflation after the IFO.
To sum up, the altcoin market is back in full swing, and it’s a great time to invest in top-performing coins such as GMX, Lyra, and Concentrator. These coins offer lucrative returns, and their potential for growth cannot be ignored.