A popular Ethereum whale who decided to join social media seemingly as an experiment has recently named a little-known cryptocurrency in the decentralized finance (DeFi) space they believe could soon surge.
The ether whale, gong by 0x_b1 on the microblogging platform Twitter, said in response to other users that yAxis (YAX) could see its value surge in the near future as it moves up to rival Yearn.Finance’s service in the decentralized space.
yAxis, according to a blog post, is a meta yield aggregator designed to help investors generate the maximum amount of passive income possible from decentralized finance protocols with little effort. Its decentralized autonomous organization (DAO), is responsible for determining the best APYs while accounting for factors that include withdrawal fees, market sentiment, and price slippage when converting assets.
As Daily Hodl reports, yAxis’ native governance token, YAX, is meant to have no value but the protocol’s DAO can vote to give YAX holders a share of the profits from the platform. The cryptocurrency is currently trading above $35 and is seemingly only available on decentralized exchange Uniswap.
0x_b1, it’s worth noting, has verified his status as an Ethereum whale with a portfolio containing millions in altcoins. The user has signed its address on the blockchain to confirm they are who they claim they are.
The whale’s address currently has 1,240.78 ETH, worth over $1.78 million, and over $429 million worth of various ERC-20 tokens. Its largest holdings include tokenized versions of BTC, ETH, and LINK earnings interest in top DeFi protocols like Aave and Compound.
Featured image via Pixabay.
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