{"id":113131,"date":"2021-02-17T02:12:19","date_gmt":"2021-02-17T02:12:19","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113131"},"modified":"2021-02-17T02:12:19","modified_gmt":"2021-02-17T02:12:19","slug":"crypto-analyst-explains-how-this-ethereum-based-defi-token-could-100x","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/crypto-analyst-explains-how-this-ethereum-based-defi-token-could-100x\/","title":{"rendered":"Crypto Analyst Explains How This Ethereum-Based DeFi Token Could 100X"},"content":{"rendered":"<p>Last week, crypto analyst\/influencer Ben Armstrong talked about an exciting decentralized finance (DeFi) project, the governance token of which he calls \u201cthe next altcoin gem.\u201d<\/p>\n<p>The project in question is yield farming robo-advisor APY.Finance, which can connect with all the leading DeFi protocols (such as Uniswap, SushiSwap, Aave, Compound, Yearn.Finance, Synthetix, and dYdX).<\/p>\n<p>The team behind this project say that APY.Finance offers the following important features:<\/p>\n<ul>\n<li><strong>next-generation yield farming<\/strong> (the platform \u201cgives users a single place to deposit their liquidity\u201d and \u201chandles all the heavy lifting of yield farming by pooling user liquidity and distributing the gas cost\u201d)<\/li>\n<li><strong>risk management<\/strong> (after \u201cevery strategy is assigned a risk score\u201d, APY \u201cdistributes user liquidity across its portfolio of yield farming strategies, optimizing for risk-adjusted yields\u201d)\u2029<\/li>\n<li><strong>decentralized and fully community-owned<\/strong> (\u201cusers are incentivized with the APY governance token to keep strategy models up-to-date with the latest DeFi developments\u201d)<\/li>\n<\/ul>\n<p>In a video released last Thursday (February 11) on his YouTube channel, \u201cBitBoy Crypto\u201d (\u201c@Bitboy_Crypto\u201d on Twitter) reviewed APY.Finance and broke down \u201cits path to 500x.\u201d<\/p>\n<p>This is how Armstrong introduced APY.Finance (APY):<\/p>\n<p>\u201c<em>DeFi has been killing it in the past 12 months. New groundbreaking protocols were built in the bear market and exploded even before the market sentiment turned bullish. The most outstanding ones, of course, are Ave and Synthetix. Aave made an insane 260X and Synthetix an astronomical 407X in less than a year. This is DeFi, ladies and gentlemen, and this is only the pre-game party\u2026<\/em><\/p>\n<p>\u201c<em>A few days ago, we came across a project which turned out to be the missing puzzle piece to the Yearn and Aave DeFi kingdom\u2026 It opens up the doors to yield farming for average investors and whales in just a few clicks, promising to make DeFi easy. It\u2019s called APY Finance \u2014 the ticker [is] APY \u2014 a plug-in play solution for investors, which routes funds to the best yield farming strategies. One won\u2019t have to search for options themselves and worry about changing yield\u2026 <\/em><\/p>\n<p>\u201c<em>It\u2019s all automated, and is essentially an aggregator of DeFi\u2026 You deposit DAI, USDC, or tether stable coins, and it finds the best risk reward yield farming strategy options for you. APY even spreads out the risk by routing your funds to multiple farms. This way, smart contract risk is way lower and the yield higher and more sustainable.<\/em>\u201c<\/p>\n<p>It is important to point however that at the time that Armstrong made his video, APY, the governance token of APY.Finance, was trading at $0.90, which means that Armstrong believes that the APY price could reach as high as $450. Currently (as of 21:20 UTC on February 16), APY is trading at $4.77, down 12.80% in the past 24-hour period.<\/p>\n<p>https:\/\/youtube.com\/watch?v=ePJuNUs-JFE%3Ffeature%3Doembed<\/p>\n<p><em>Featured\u00a0Image\u00a0by\u00a0\u201celifxlite\u201d\u00a0via\u00a0Pixabay.com<\/em><\/p>\n<p><em>The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cryptoglobe.com\/latest\/2021\/02\/crypto-analyst-explains-how-this-ethereum-based-defi-token-could-100x\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, crypto analyst\/influencer Ben Armstrong talked<\/p>\n","protected":false},"author":3,"featured_media":113130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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