Welcome back to the eighth edition of 'Gem Hunters' in this newsletter I wanted to cover a few of the hottest projects that I am currently building long positions in. The DeFi ecosystem right now is continuing to explode and I am personally very bullish on the growth we will continue to see over the coming few months and years.
In this eighth official Gem Hunters edition, I wanted to share three projects that I think could see some pretty major upside over the next few weeks. Projects that I am personally investing in and will be looking at entering positions once at solid accumulation levels and/or in any public sale or exchange listing.
If you are happy this series is back, let me know as have other projects that I think would be worth being featured and talked about over the next few weeks.
So let's dive straight into this eighth gem hunters edition and look at the picks...
1) Prometeus - https://prometeus.io
Prometeus Network fuels people-owned data markets, introducing new ways to interact with data and profit from it. They use a peer-to-peer approach to operate beyond any border or jurisdiction and make sure that data is transparently, openly and freely given back to users. The end goal for PROM is to return control over data back to its owners and grant freedom of expression to everyone.
Our blockchain-based infrastructure is designed to communicate worldwide and free, without any censorship. It allows to buy and sell any data in a secure and decentralized way.
There are four main areas that make PROM something special, the first one of these is Transparency; Using a public and transparent open ledger on the blockchain, smart contracts distributes all the value across the network sustainably and transparently. Immutable is the second major feature of the network, which allows data in the Prometeus network to be stored forever on a distributed data storage. The third feature is Privacy and Security, this means that no KYC or any personal identification required for users of the network, and all data is encrypted when being uploaded. The fourth major component of the network is Censorship Resistance, the Prometeus Network cannot be censored: any censorship is impossible by design.
PROM is making huge strides in this space right now, with some huge partnerships such as Matic, Ankr, NGC, BitTorrent, Binance Smart Chain and so so many more. They have seen some incredible growth over the past few months and weeks and honestly seeing the network grow with users adoption and product transactions is amazing and over the coming few months I am super excited to see how they continue to grow. PROM is listed on Binance which is a major development and the 24h volume and price action from both Binance and uniswap has been great for a long time now, I have been building a position since around 3-4 weeks ago and will likely to continue to do so if we see a nice pullback in terms of price action.
I am very excited to continue to watch and build a position in PROM over the coming few weeks, expecting some major developments with news and partnerships and I think there is some major potential to increase the overall marketcap, I’m bullish.
Special Mention - DAFI
Dafi creates synthetics to reward networks, for long term users and is a project that caught my attention over the past couple of days while doing some research into some project that where up and coming over the next couple of weeks. One thing that I find really intetesting about DAFI is that it solves a very big issue within decentralized space, this being that DAI rewards users later, instead of earlier.
Every decentralized economy since Bitcoin, is forced to distribute large amounts of tokens to their network and this incentive model creates an excess supply. It simply devalues the economy, without supporting early-users. Dafi protocol enables networks to create a synthetic in a reduced quantity. As demand rises, the synthetics (dToken) increase in quantity. This incentivizes early-users and alllows DAFI to maintain a network in bearish markets, without issuing large quantities of tokens.
The DAFI token sale will be happen very shortly as they have just a few days ago announced that they closed a 0.9m private sale by some major VC’s in the blockchain space. I am personally going to be taking part in the sale and have signed up to the waiting list on their website. Raising such a small amount and mixing both synthetics and DeFi is something super interesting! I am very excited to see this project grow and I thought I would mention is here as a special mention before publishing.
2) Kylin Network - https://kylin.network
Kylin Network might be one of the biggest launches of the year in my personal opinion. I know a lot of people say hyped sentences like that a lot at the moment especially in this market but honestly, I have a very strong feeling that Kylin will be on of the backbones of the Polkadot ecosystem and have a huge impact on blockchain over the coming years. Kylin Oracle is an advanced decentralized data feeding protocol powered by Polkadot that will have an impact on many of the major projects that you know and have heard of in the space right now.
Kylin Network offers any applications and blockchains (such as parachains and parathreads) instantaneous but reliable and valid on/off-chain market data and social data sources by leveraging the power of Polkadot/Substrate Framework on open networks.
There are four main elements of the Kylin Ecosystem, these consist of; Data Analytics, which provides a query engine and RESTful API for third-party applications and external analytics tools for backend data pulling and analytics. Data Marketplace, a marketplace for data exchange. Dapps built on Polkadot can easily and efficiently collect off-chain and on-chain data at a very competitive rate. Data Oracle is a decentralized data feeding protocol powered by Polkadot/Substrate. Then you also have the $KYL token, the native token of Kylin Network which will play the role of governance and other utilities.
There is so much demand to get into the private sale and IDO for Kylin is crazy right now, the tokenomics are extremely strong and honestly speaking hand on heart I think trying to get some good entry price when the token is live is going to be a huge win in the longterm and something I will be looking to achieve. This is one of those projects that comes around every few years and has a major impact on the space. Excited!!
3) CTASK - https://about.cryptotask.org
CryptoTask is the newest project that caught my attention from an idea, design, and fundamental standpoint. They are pretty new and unique in their field, and I think it will be an interesting project to watch over the coming months…
CryptoTask is committed to revolutionizing the freelancing industry. They help freelancers and companies rethink how to do business, especially now in the post-pandemic shift to remote work. They are offering a smart contract-powered solution for reducing fees and legal overhead for freelancers and businesses. AKA unbanking the banked once again!
CryptoTask is also stepping into the Defi space and making major moves;
We are scaling network opportunities by introducing decentralized P2P affiliate marketing. Freelancers can offer in advance a certain percentage of task value to a middleman who brings in a client. CRYPTOTASK DEFI ENABLES USERS TO:
Providing liquidity and driving token price up
Rewarding CTASK-LP farmersEarn 20% of task value as a middle man
Earn high yield monthly rewards for providing liquidity
Earn higher rewards when staking longer and entering sooner
The platform has been seeing pretty strong growth over the past few weeks. They are currently showing 11.5% month-over-month growth with 30 000 users and a sign-up rate of 3000 users monthly, 100+ daily transactions. They have also acquired the biggest central EU freelance job market.
I will be keeping a close eye on this project over the coming weeks. It is a very interesting selling point as a product and something I have not seen successfully done in the past. They seem to have a very good understanding of the freelance market and from what I am seeing they are building up some really strong momentum.
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Thanks. I really appreciate this series!