Victor Ugochukwu · Oct 27, 2020 . 6min read
SBF lists out Blockchain projects and their tokens he thinks are cool
SBF tweeted, giving hints on some Blockchain projects and their tokens laying out good reasons why he thinks they make a good buy.
By Victor Ugochukwu · Sep 23, 2020 . 8min read
Sam Bankman-Fried, the young and vibrant CEO of FTX and also the creator recently launched Project Serum puts out a list of Blockchain and their native tokens. SBF tweeted, giving hints on some Blockchain projects and their tokens laying out good reasons he thinks that they make a good buy. However, he made sure to insert a disclaimer that his tweets do not constitute investment advice.
Diving into SBF’s Twitter thread, the first project he listed was Solana. One would easily see the reasoning behind the pick when you consider that Project Serum, earlier mentioned was launched on the Layer 1 network. Here is the highlight of Sam’s thoughts on the project and its native token – $SOL,
Some backstory: I talked to like 30 different blockchains. Each said they were fast. Most said they had 5k TPS but actually had less, they were stretching it. @solana said they had 50k TPS, which is 10x more!
we tested it during the call, they were also stretching it, 50k was a stale number; they actually had like 100k (!!) and also it keeps growing.
A quick look on Coinmarketcap shows SOL trading at $2.89 with a $108,680,054 market cap. Interestingly, SOL circulating supply is just 37,648,570 out of the 488,617,515 total supply.
SBF is obviously bullish on SOL hence it making it first on his list. As an avid Twitter thread writer, SBF continued, and the next blockchain project token was BTMX. This is the exchange token for the Swiss-based cryptocurrency exchange. In his words, SBF says
Well I’ve referenced $BTMX before. @BitMax_Official is growing, and surprisingly large, and ambitious. Also BTMX gets 80% of their profit, which is a lot! And its market cap is low for exchange tokens.
As of writing, BTMX is trading at $0.04 with a $27 million market cap. It also has 660,615,274 circulating supply out of the 780,615,274 total supply and ATH of $0.34 and $0.01 all-time low. See BTMX’s chart below;
Avalanche makes the list. The Layer 1 protocol has successfully gone live on mainnet, and since then, it’s been an avalanche of chatters around AVAX on social media. Emin Gün Sirer, the Turkish-American computer scientist and associate professor at Cornell Univerity is the name behind Avalanche. It’s clear SBF thinks highly of the Avalanche’s team as he said,
But, like, I can say: they have a real team, and build real products, and have real thoughts that have real reasons behind them.
AVAX is listed across major exchanges even FTX Futures Exchange, where SBF oversees as the CEO. The token quickly shot up to $11 as the mainnet launched but has since corrected sharply to around $4.94. AVAX has a total supply of 720,000,000 with approximately 24,500,000 circulating supply.
Still among the list of SBF blockchain projects and their tokens are Helium, Polkadot, Near Protocol and yEarn Finance. On YFI, SBF says he is bearish but wouldn’t mind taking a bold bet on Andre Cronje, the inventor of yEarn platform.
and in particular, @AndreCronjeTech keeps building, so though I’m bearish on YFI as it exists right now, YFI might become something much more powerful over time. IDK, YFI seems much more like a bet on @AndreCronjeTech then a bet on @iearnfinance to me.
And on YFI, it’s no news that it is presently trading above Bitcoin price. As at press time, it was trading around $24,909 and ranked 27th position on Coinmarketcap. It was also among the first DeFi project tokens to reach $1 billion in market cap just a couple of weeks back.
In all, he puts in a word for Cream Finance, Swipe, Math and of course SushiSwap which SBF took over from Chef Nomi after the unfortunate incident where the SushiSwap’s super chef dumped on people which he later returned to the treasury.
Follow Cryptodose for daily updates.
Victor Ugochukwu · Oct 26, 2020 . 5min read