Altcoin Daily host and crypto analyst Aaron Arnold is spotlighting a new under-the-radar altcoin, as the crypto markets continue to correct and Bitcoin trades around $35,000.
In a new video, Arnold tells his 848,000 subscribers that he is investing in decentralized finance (DeFi) protocol Formation Finance (FORM). Formation FI is a cross-chain DeFi platform that is optimizing the search for favorable risk-reward ratios in yield-farming opportunities across the crypto space.
The crypto influencer notes that Formation FI, while entering a sector of the crypto space that is quite popular, had an impressive launch on the DAOMaker launchpad and is backed by top layer 2 scaling solution Polygon (MATIC).
“Formation Finance, (FORM)… Smart farming 2.0… Even if you don’t like DeFi, even if you don’t think DeFi is anything to write home about, I hope you can understand that everybody else is really interested in DeFi and yield chasing, or yield farming.
They broke some records on DAOMaker’s Strong Holder Offering and besides that – really why I found them interesting is because they’re backed by some big names, Polygon, a lot of venture capital firms…”
Arnold says Formation FI, with its attempt to automate the yield chasing process, is exactly the type of crypto project that he’s interested in investing in right now.
“In a world where there’s so much yield chasing, everybody is trying to find the best yield, they’re taking a mathematical approach and really making it a one-stop shop bringing the front end to DeFi blocks…
This is a new project that I just invested in… I’m just saying this is the type of stuff I’m looking at.”
As for projects Arnold is interested in for the long haul, he references a recent Altcoin Daily tweet in which the traders spotlight the three coins they’re confident in holding for this bull cycle and longer.
What more could you need? 🤔
— Altcoin Daily (@AltcoinDailyio) June 18, 2021
Formation FI debuted on the market this past week and is trading at around $0.30 at time of writing, 27.70% off its all-time high of $0.41.