The venture capitalist Arthur Cheong is calling attention to one decentralized exchange (DEX) altcoin he thinks is primed for a bullish trajectory.
The DeFiance Capital CEO, citing data from the analytics firm Nansen, points out to his 180,800 followers on the social media platform X that Coinbase Ventures has been heavily investing in Aerodrome Finance (AERO).
“Coinbase Ventures historically do six-figure venture deals and seldom went beyond $1 million investments until recently. And now we have the largest-ever investment made on a liquid token (>$20 million) bought from the open market like every other market participant. Think about why they are so bullish and still buying more.”
Aerodrome Finance is a trading and liquidity marketplace on Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution. The project is a fork of Velodrome, a trading and liquidity marketplace originally launched on Optimism (OP), another Ethereum layer-2 scaler.
Cheong also calls attention to Aerodrome’s rising share of total DEX volume.
“Think about how this will play out in the next three to six months for Aerodrome Finance.”
Cheong and Bryan Tan, DeFiance Capital’s head of research, argue in a new analysis that Aerodrome’s total value locked (TVL) could triple and surge to $4 billion within a year, and they think monthly volumes could swell to $50 billion.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
AERO is trading at $1.31 at time of writing. The 118th-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Veteran Arthur Cheong Bullish on DEX Built on Coinbase-Backed Base Chain appeared first on The Daily Hodl.
