In this post, we’ll take a look at five cryptocurrencies in the decentralized finance (DeFi) industry.
These DeFi tokens have interesting developments planned for May, and these developments are expected to have a positive impact on their prices.
Swipe is a platform that aims to connect the fiat and cryptocurrency worlds. It does this by offering three products:
Swipe Wallet: It allows users to store their assets with an easy-to-use interface.
Swipe Debit Card: A practical way for Swipe users that allows them to spend their assets.
Local Token: SXP Token is used for transactions within the network.
On April 29, more than $ 200 million SXP burned, the largest “burn” in history. This was done to benefit SXP token holders by making the token a more limited asset. Therefore, this burn operation eliminated approximately 17.5% of the supply, approaching the final target of “100 million SXP in circulation”.
The SXP has just emerged from a decreasing resistance line that has existed since April 10. In addition, it retraced the $ 4.20 area, which is currently expected to act as support. As a result, in the long run, it is expected to gradually increase to $ 10.
Uniswap is one of the main exchanges where DeFi tokens are traded. UNI is the native token of this exchange.
1 Billion UNI was issued on the start date and these will be allocated over a four-year period. As a result, UNI owners have various management benefits based on the percentage of the total UNI supply they have.
Uniswap v3 will be released on May 5th and will introduce a number of new features, including:
It is multiple fee tiers.
Concentrated liquidity; will allow providers to provide liquidity at a specific price range of their choice. In turn, the development will allow them to earn the same amount of wages with significantly less capital.
Multiple fee tiers; It will allow users to choose between 5, 30 and 100 bps.
UNI has been increasing since April 18th. It managed to reach an all-time high price of $ 44 on April 27. In addition, the technical indicators show the upward trend and support the continuation of the upward movement.
The next resistance levels are located at $ 47.3 and $ 60.
REN is an open protocol that aims to provide liquidity between separate blockchain platforms. It launched its main network, RenVM, in May 2020. The local token, REN, powers the nodes running RenVM.
RenVM is a network of virtual computers that assist decentralized applications in a number of ways. It does this by offering cross-chain lending, collateral and exchange. The upgrade of RenVM to version 0.4.0 will continue from May 3rd to May 9th.
As for the price action, the Rhine is trading at the bottom of a descending parallel channel. This is usually a corrective action. However, despite the bullish divergence in the MACD, it did not show any clear bullish signs of reversal.
Currently, the REN is trying to recover the 0.618 Fib retracement level at $ 0.82.
Orion Protocol (ORN)
Orion is a protocol that aims to incorporate each centralized and decentralized exchange, along with clearing pools, into a single decentralized platform. The native DeFi token is powered by ORN.
The protocol shared the Main Net pre-staking announcement to increase rewards for stakers.
There will be two main forms of staking:
Multi-Asset Staking: It will be made with liquidity and will be provided at a ratio of 1: 1 with a selected asset.
Easy Staking: This will be done by governance stakers and will provide higher annual rewards than those currently offered on central exchanges.
ORN has bounced off the $ 11.20 support area and is showing some signs of upturn. This is evidenced by the upward trend in the Stochastic oscillator.
However, from a descending resistance line that has existed since February highs, it has not broken off yet.
TrustSwap is a distributed platform that seeks to revolutionize the DeFi industry. It aims to do this by providing a variety of functions such as:
SmartLock that allows users to lock ERC-20 tokens.
SmartMint that allows users to print their own cryptocurrencies.
Swappable, which allows users to exchange immutable tokens (NFTs).
Next month, it will launch six new launchpads aimed at early-stage access to SWAP stakers.
SWAP is currently making its fifth breakout attempt above the all-time high resistance area of $ 4.65. If successful, it is likely to rise to a new all-time high of $ 6.67.