Crypto trader and analyst Ben Armstrong is revealing the name of an Ethereum-based project that can potentially ignite a 500x parabolic ascent.
In a new video, the trader tells his 486,000 subscribers that investors who made huge gains off of Dogecoin’s (DOGE) meteoric ascent of 1,000% in two days are eyeing the decentralized finance (DeFi) space to find the next big mover.
“The success of Aave, [yearn.finance] (YFI), and Synthetix (SNX) shows the interest of enterprises and retail investors in decentralized finance… Aave made an insane 260x and Synthetix, an astronomical 407x in less than a year. This is DeFi ladies and gentlemen and this is only the pre-game party.”
Armstrong says he’s keeping a close watch on a little-known protocol that promises to make DeFi easy as it opens up yield farming to market participants in just a few clicks.
“It’s called APY.Finance and the ticker APY, a plug and play solution for investors which routes funds to the best yield farming strategies. One won’t have to search for options himself and worry about changing yield AKA returns. It’s all automated and is essentially an aggregator of DeFi.
What’s more, this new project, APY.Finance, is already connected to all the leading DeFi protocols such as Uniswap (UNI), SushiSwap (SUSHI), Aave, Compound (COMP), yearn, Synthetix, dYdX and more.”
According to the crypto influencer, users can deposit stablecoins such as Tether (USDT), USD Coin (USDC), and DAI and the robo advisor takes care of finding opportunities that offer the best risk-reward yield farming options. Armstrong highlights that gas fees for pool withdrawal and deposits are seven times lower than transaction costs at other leading DeFi platforms.
The trader also notes that APY.Finance, which is close to its official product launch, is founded by Will Shahda, an experienced and well-connected developer who has bagged multiple hackathons. Another member of the APY team is Chan-Ho Suh, a former quant developer for Capital One, a financial giant that specializes in credit cards, auto loans, banking and savings accounts.
Armstrong adds that he believes crypto magnate Sam Bankman-Fried’s FTX exchange will be the first to list the DeFi asset.
“FTX exchange, as it is tied to Sam, who’s behind Alameda Research, which is invested in APY.”