Well-known crypto trader and influencer Tyler Swope says he is selling Bitcoin to invest in two low-cap altcoins that are flying under the radar.
Swope says he believes there is potential in Kleros (PNK), an online dispute resolution protocol that relies on crowdsourcing to settle disputes. He emphasizes a key hire which he says extends the scope of Kleros into decentralized finance (DeFi), prediction markets, public goods funding, and more:
“So Kleros, I’ve brought them up and am a holder of their token, bullish on their decentralized dispute resolution layer. Well, Kleros just brought on the big player: Jimmy Ragosa, former product lead and manager at ConsenSys. Coming from the wide ConsenSys net and now he’s lead of product integrations at Kleros? Me thinks big plans.
Jimmy tweeted some of their current integrations just recently, yesterday, including Uniswap (UNI), Omen (OMEN), Gnosis (GNO) and more, including a picture of the cross-DeFi applications Kleros plays in. But also he said, ‘Among many others (integrations) now and tomorrow that I will detail in dedicated threads soon.’ Tomorrow as in future product integrations and more.”
Moreover, Swope is bullish on OctoFi (OCTO), which is a new protocol that aggregates DeFi opportunities and enables interchain lending.
“Deep DeFi integrations are a good thing. Kleros is one but they have many more. The Aquafarm DApp is a deep dashboard and tool that aggregates the thousands of DeFi opportunities. It tracks them. Allows you to invest, swap, and govern with them, and shows you your performance all in one place.
And the dashboard in OctoFi DApp, it’s DAO governed. They are currently using Snapshot to run voting, which is from Aragon and Balancer.”
The crypto analyst also believes that OctoFi is making a strong effort to ensure that the team behind the DeFi project will not suddenly unload their holdings and take profits.
“Going back to their October blog post about Kleros, below it says this, ‘OctoFi has been rug-pull proofed. We locked approximately $2.3 million with our friends at Team Finance following their audit. 200,000 OCTO from Project Reserve locked for one year with 25,000 streamed back in real time to the project over six months. Approximately $300,000 OCTO-USDC and OCTO-ETH Uniswap liquidity locked for one year.’
So this is a good sign. They’re locking up the team’s tokens and integrating with DeFi to eventually pay the team.”
While he is bullish on Kleros and OctoFi and he is selling Bitcoin for these altcoins, he says he only invests an “extremely small amount” of his portfolio in these assets.