- DeFiance Capital CEO Arthur Cheong is bullish on three altcoins: Synthetix (SNX), Aave, and Axie Infinity (AXS).
- Cheong believes these altcoins align with crypto’s evolving narratives, with DeFi and crypto gaming at the forefront.
In a recent interview with the When Shift Happens YouTube channel, DeFiance Capital CEO Arthur Cheong provided insights into his cryptocurrency investment strategy and identified three altcoins he believes are poised for success in the evolving crypto landscape. Cheong’s analysis focuses on how these altcoins align with the narratives shaping the cryptocurrency market.
Altcoins on Cheong’s Radar
Arthur Cheong shared his bullish outlook on three specific altcoins that align with his vision of innovation and potential in the cryptocurrency industry.
1. Synthetix (SNX)
Arthur Cheong’s bullish stance on Synthetix (SNX) stems from his belief that decentralized finance (DeFi) represents a fundamental shift in the financial sector’s organization. DeFi presents an innovative approach in contrast to traditional fintech, which might no longer bring ground-breaking advances. DeFi protocols like Synthetix allow users to create and trade synthetic assets directly on the blockchain by eliminating intermediaries.
Synthetix has become well-known as a DeFi protocol that makes it easier to create and exchange synthetic assets with values similar to those of real assets. With this creative solution, customers can experience a range of assets without buying them outright. Cheong was so confident in Synthetix’s ability to change the financial landscape that he invested early in the company. As of the time of writing, SNX is currently trading at $3.59, with a 24-hour decline of 3%.
2. Aave (AAVE)
Another project that captures Arthur Cheong’s attention is Aave, a DeFi platform for lending and borrowing services. By depositing money into liquidity pools, users can earn interest or borrow money while putting up collateral, thanks to the Aave protocol. Aave has become a dominant DeFi market due to its innovative lending and borrowing strategies.
Cheong’s early investment in Aave demonstrates his belief that the project can upend established banking institutions. Aave has garnered popularity in the DeFi community by providing decentralized and permissionless lending and borrowing, showcasing its value proposition to investors. In the last 24-hour period, Aave has been trading at $101.35, with a decrease of 2%.
3. Axie Infinity (AXS)
Beyond traditional finance and DeFi, Arthur Cheong also sees potential in crypto gaming projects. He highlights Axie Infinity (AXS) as an example of crypto-based gaming that makes sense within the cryptocurrency space. While traditional gaming has always existed independently of cryptocurrency, blockchain technology introduces unique opportunities for in-game assets and ownership.
Using an inventive strategy, Axie Infinity creates exclusive in-game items called Axies that players can possess, exchange, and use in combat. Because it blends the excitement of gaming with the possibility of asset ownership and value growth, this idea has attracted much interest from investors and gamers. Axie is currently trading at $7.89, registering a 24-hour decrease of 2.50%.
Crypto and Blockchain: Meeting the Fintech Needs
In the interview, Cheong emphasized the potential of crypto and blockchain technology to address the financial needs that the fintech industry once exclusively catered to. He believes these emerging technologies are well-positioned to abstract complexities and inefficiencies, providing an innovative approach to finance.
Cheong expressed his view that DeFi (decentralized finance) represents a more promising form of fintech. He says traditional fintech no longer introduces anything substantially new to the financial sector. Many technological advancements in finance can be adopted by banks themselves, even if they may lag. This perspective underscores Cheong’s enthusiasm for the DeFi space and his belief in its potential to revolutionize finance.
