Popular crypto researcher Lark Davis believes that a number of decentralized finance (DeFi) projects that are not based on Ethereum have significant growth potential.
He specifically points to the benefit of four little-known crypto assets that he believes could see strong growth in the near term.
“I think DeFi outside of Ethereum is likely to be a big area of growth in the coming months, although we still have some big DeFi projects launched on Ethereum .”
Davis calls Kava ( KAVA ), Band Protocol (BAND), Switcheo (SWTH) and Nash (NEX) the best choices.
Kava is a DeFi cross-channel loan platform. His token is trading at around $ 1.97 at the time of writing, and he has seen 4x gains since mid-May.
Despite its already skyrocketing value, Davis says the token still has "enormous potential for long-term price appreciation."
“The Kava team and supporters are also very, very strong. In my opinion, it has all the qualities to be as big as MakerDao of Ethereum , which at its peak had a market capitalization over $ 1 billion.
Band Protocol is a native Cosmos cross-chain oracle data network competing with Chainlink . Its token is currently trading at around $ 2.42 at the time of writing and has increased by around 120% since the start of July. Said Davis,
“BAND already has a long and growing list of top partners, people like Binance and Wanchain and Elrond and Fantom and Kava , of course.”
SWTH and NEX are both decentralized exchange tokens. Davis says they have upside potential because Switcheo is launching a new derivatives exchange and modernizing their token model, and Nash has just launched a no-cost ramp for users in the European Union.
Davis warns, however, that the two are competing with tons of other decentralized exchanges, which could have an impact on their growth.