2017’s forgotten altcoins ZRX, OMG, and BAT are booming on a DeFi promise

Some much-hyped altcoins from 2017 are seeing a surge in prices as the DeFi market picks up steam and becomes a formidable sector in the broader crypto space.

Altcoins ZRX and OMG surge

0x protocol, which raised millions in an ICO in 2017, was one of the first decentralized exchanges (DEX) to hit the crypto space at the time. However, a lack in demand and the superior user experience provided by centralized exchanges like Binance proved difficult for the protocol, gaining little traction and hype.

But the tables have turned. DeFi is back in vogue and it is lifting altcoin projects upwards. An example is Chainlink, the decentralized oracle services provider, which remained undervalued for most of 2018-19 but saw a 700% increase in prices this year.

At press time, ZRX, the native token of 0x can boast a similar narrative. It went up by 71% earlier today backed by solid fundamentals.

The ZRX altcoin surged 71%. Image: ZRXUSD Chart on TradingView

0x notes that over 30 projects now use its tech to build their own applications, which have together processed over 713,000 transactions and handled over $750 million in altcoin trading volume. It’s first consumer product, Matcha DEX, has been a hit as well.

Basic Attention Token (BAT), has surged in the past week by 30%, charts show:

BAT has surged over 30%. Image: BATUSD Chart on TradingView

Another project, OMG Network, which rebranded from OmiseGo earlier this year, also saw a huge increase in its token, OMG’s, prices this week. The network was chosen by Tether, the stablecoin backed 1:1 with the US dollar and the world’s fourth-largest crypto network, as the latter looked to scale up and move away from the current high fees on the Ethereum network.

At press time, altcoin OMG surged over 475% since the start of August from $1.65 to over $9.50 today, on the back of the Tether news.

The altcoin OMG has surged over 475%. Image: OMGUSD Chart on TradingView

The DeFi “ripple” effect

Meanwhile, Andrew Kang, a prominent crypto figurehead and investor, pointed out that crypto “Ponzis” alike are enjoying growth as a result of DeFi.

Kang noted Based Protocol, a meme project that “yield farmers” have their eyes on since last week, is actually “increasing the value of $SNX for as long as Based continues to lock up capital.”

He stated that SNX holders gain benefits because they now get more interest-free leverage. Meanwhile, another side effect, he noted, was the launch of CRV from Curve Finance which greatly increased the yield of sCRV.

For crypto fanatics, the DeFi explosion led to a border explosion in altcoins and the so-called “altseason.

The post 2017’s forgotten altcoins ZRX, OMG, and BAT are booming on a DeFi promise appeared first on CryptoSlate.


By: Shaurya Malwa
Title: 2017’s forgotten altcoins ZRX, OMG, and BAT are booming on a DeFi promise
Sourced From: cryptoslate.com/2017s-altcoin-zrx-and-omg-are-booming-on-a-defi-promise/
Published Date: Sun, 23 Aug 2020 10:00:53 +0000

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