April 3, 2021 · 4 min read
Weekly Momentum Pairs - 31 Mar 2021
Momentum Pairs is a Uniswap liquidity pair tracker. Novum Insights’ analyst team reviews the best performing pairs on Uniswap over a 7-day, 30-day and 90-day periods. These pairs are a useful part of a diversified portfolio, but also some of the highest risk, but also the highest return. Novum is providing information on how to help people increase their odds of picking the higher returners, and minimize exposure to the biggest risks.
🎉 We are excited to announce that we now track Momentum Pairs that are also on major exchanges - Binance, Coinbase, Kraken and FTX!
The growth of the DeFi Market 📊
The size of the DeFi sector is now a billion dollar industry worth $95 billion. With Uniswap Version 3 expected to launch in May, the AMM (automated market maker) market is regaining its crown that had been ceded to the ever hot NFT market this year.
Source - CoinGecko up to 31st March 2021
Pairs to watch 📈
The table below shows interesting pairs to watch sorted by 7 day HODL performance. The upper and lower performances of each pair indicates the performance of liquidity provision strategy and buy and hold strategy by 7 days.
Token spotlight 💡
Along with the ever hot NFT projects, yield farming protocols have steadily been featured in our Momentum Pairs. This week, we look at Curve and APY Finance.
7d price change: +40.8%
About: Curve is a stablecoin DEX where users can trade between stablecoins such as DAI, USDT, USDC, PAX, sUSD, TUSD. Curve allows users to deposit their stablecoins into pools and earn passive income. The fee on all pools is 0.04%, with half of them going to LPs. Providing liquidity in lending pools allows users to generate interest from lending on top of earning trading fees. The lending pools include Compound and Y. The biggest pool in Curve is 3pool that consists of the three biggest stablecoins DAI, USDC and USDT.
APY Finance (APY)
7d price change: +28.6%
About: APY Finance is a yield optimizer that aggregates different DeFi lending protocols such as Curve mentioned above, Compound, dY/dX, Uniswap, Sushiswap, 1inch and more. APY Finance pools user liquidity and saves gas fees.
Best Performing Tokens in the last week 🚀
BoringDAO, Trust Swap and Vesper Finance have been ranked in the top 5 tokens since last week.
BoringDAO, a project that aims to bridge all blockchains and different crypto assets is showing a steady growth with the price increase of 73.20% following last week’s 76.2%.
PancakeSwap is a DEX built on Binance Smart Chain, one of the Ethereum challenger networks. The DEX’s native token CAKE has risen the most in the past week by 57.4%. PancakeSwap holds liquidity of $2.2 billion and over 6000 pairs are listed on the exchange.
Venus is a decentralized lending protocol built on Binance Smart Chain. Users can also post collaterals in Venus and mint VAI, an overcollateralized stablecoin pegged against USD. The protocol’s governance token XVS has increased by 54.3% in the past week.
Trust Swap, which started out as a crypto transaction platform now offers escrow services, a time-locked payment system and Launchpad which allows anyone to gain access to early-stage startups without needing a lot of capital. The SWAP token has increased by 52% in the past week and 57.5% in the previous period.
Vesper Finance, a yield protocol, surpassed $1 billion in TVL in 6 weeks of launching and has recently crossed $1.5 billion in TVL. The project’s first product Vesper Growth Pools put deposited assets (currently offering ETH, WBTC, USDC) to work in other DeFi protocols with the goal of accumulating and growing those deposited assets. VSP token has risen by 50% this week.
The table below summarises the best performing tokens last week.
Yield farming has been a key growth factor in the DeFi market since DeFi summer in 2020 and boosted the DeFi market cap by 15x in the past 3 quarters. Yield farming incentivized users to bring in more liquidity to the market, and with accelerated the growth of financial instruments and services such as derivatives, insurances and staking within the DeFi sector. We don’t know what the next technical breakthrough will look like, but DeFi definitely is to stay and evolve.
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