It’s silly season again with returns of over 100% in two months on some coins

Cryptocurrencies on the OVEX exchange have been showing (monthly) mind-blowing returns over one and two months.
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OVEX’s predominant business is an OTC exchange with close to 40 different cryptocurrencies on offer.

Below is a table of those coins listed just since September this year.

Best of the lot is Solana, which was listed on OVEX on September 1 and since then has more than doubled in price.

Solana has been billed as the “Ethereum killer” because it has been designed to handle all the chokepoints making Ethereum inefficient, such as the ability to handle massive volumes of transactions at low cost.

It is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with over 400 projects – from decentralised finance (DeFi) to non-fungible tokens and Web 3.

All these innovations represent a move towards open, trustless and permissionless networks. DeFi allows anyone with crypto to earn interest, borrow and lend using their cryptos as collateral. At no point are you asked to provide even your name. No central bank or governing authority can prevent this, hence it is permissionless.

This is where blockchain networks like Ethereum, Polkadot, Chainlink, Cardano and Solana – all of which are offered on OVEX – come in.

Solana is able to process 2 800 transactions a second at a tiny cost of $0.00025 per transaction. Ethereum can achieve nothing like this and costs average $6.74 per transaction. Upgrades to the network known as Ethereum 2.0 will increase transaction speeds to 100 000 transactions per second, though we are still some way away from this being realised.

Click here to start buying and selling cryptocurrencies on OVEX.

“We are continually expanding the range of coins we offer, but it is interesting to note how well most of the recently listed coins have performed,” says OVEX CEO Jon Ovadia. “The timing of their listings was very fortunate, and people who bought Solana just two months ago would have more than doubled their money.”

While the Shiba Inu coin shows a drop of 28.4% since November 1, it is actually up 629% since the beginning of October. It shot up 10-fold in October after Tesla CEO Elon Musk started tweeting about it, but has since given up more than 40% of its gains. It is named after a Japanese breed of hunting dog and is considered a “meme” coin like Dogecoin in that it is more of an inside joke than a serious cryptocurrency. That hasn’t stopped it achieving a market capitalisation of $35 billion, more than many S&P 500 companies.

Cardano is another “Ethereum killer”. Listed on the OVEX exchange since September 1, although it has lost 22.8% since then, it has risen 200% since February this year. Like Solana, it set out to fix some of the ‘bugs’ in Ethereum that made that network clunky and inefficient.

Fantom is a smart contract platform providing DeFi services to developers using its own consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds. The Fantom token, going under the ticker symbol FTM, has nearly doubled since the start of October.

Yearn Finance is an aggregator service for DeFi investors, using automation to allow them to maximise profits from yield farming. It was started by South African Andre Cronje, who was involved in projects like Deriswap, Keep3r Network and StableCredit. Yearn Finance (YFI) is up more than 3x since it was launched a little over a year ago.

Another coin recently launched by OVEX is Curve (CRV), which is up 69% since October 1. Curve is a decentralised exchange for stablecoins (these are coins backed by real assets, such as the US dollar or rand) that use an automated market maker to manage liquidity. Launched in January 2020, Curve is now synonymous with the DeFi phenomenon, and has seen significant growth in price over time.

Serum is a decentralised exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralised finance. It is built on Solana and is completely permissionless. The Serum (SRM) token was listed on October 1, and has slipped 12.5% in price since then.

Keep3rV1 (KP3R) serves as a job board that facilitates the interaction between job posters, such as decentralised finance protocols, and job executors, known as Keepers. It was listed on OVEX on November 10, and is already up more than 15%.

Click here to start buying and selling cryptocurrencies on OVEX.

“In selecting these coins, we endeavour to find the most exciting crypto stories out there and provide our clients a way to gain quick access to them,” says Ovadia.

“Not all of these will end up being successful, but many will be and the key to sound investment is diversification. We always advise clients to spread their investments across asset classes and within the crypto space, across different cryptos.”

About OVEX: OVEX operates one of the largest over-the-counter (OTC) crypto desks in SA, allowing high net worth buyers and institutions to purchase large volumes of crypto instantly and at zero fees. It also offers a crypto arbitrage service for those seeking to profit from price difference in cryptos between local and overseas exchanges, and offers interest accounts where clients can earn up to 10% a year on certain cryptos (and more for large amounts of crypto).

Brought to you by OVEX.

Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.

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