Gloomy predictions continue to haunt traditional financial markets. But cryptocurrencies are using this time to quietly make a comeback.
The resilience of crypto assets has become evident since the market crash in May. While blockchain platforms like LIDO DAO (LDO) and PancakeSwap (CAKE) are trying to find ways to attract new adherents, a new project, Snowfall Protocol (SNW), has quickly gained traction during the presale. Analysts believe that Snowfall Protocol (SNW) could be the next big thing in the crypto space because of its unique cross-chain capabilities. In this article, we take a look at how LIDO DAO (LDO), PancakeSwap (CAKE), and Snowfall Protocol (SNW) are performing.
LIDO DAO (LDO) demand surges
LDO, the native token of Lido DAO, has jumped over 16% in a week to $1.50. After falling below the $1 mark to $0.44 in July, Lido DAO (LDO) has seen a surge of over 240%, according to CoinmarketCap data. While the current price of Lido DAO (LDO) is 86% below the all-time high (ATH) of $11 in November 2021, the token has captured investors’ interest in the last few weeks.
Lido DAO (LDO) has been one of the go-to choices for stakers and investors. It is also the biggest Ethereum (ETH) staking service. The demand for Lido DAO (LDO) service boomed ahead of Ethereum’s transition from proof-of-work to proof-of-stake via the Merge on September 15. Reports state that ETH deposits on Lido DAO (LDO) surged by 160% from 2022 till September 14. The platform allows users to stake their ETH while participating in on-chain activities like lending and investing for compounded returns.
PancakeSwap (CAKE) holders dampened by sluggish performance
PancakeSwap (CAKE) has been fighting the crypto bears since enjoying massive success in 2021. PancakeSwap (CAKE) token touched an ATH of $44.18 on April 30, 2022. After the crypto market crash in May, PancakeSwap (CAKE) fell to $3.8 on May 13 and to $2.6 on June 19.
The PancakeSwap (CAKE) token has risen over 67% since the low in June, but its current price of $4.36 is still over 90% below the ATH.
PancakeSwap (CAKE) is a popular DeFi application that allows users to exchange tokens and provide liquidity through crypto farming and earning fees. Recently, PancakeSwap was in the news over plans to deploy its mainnet on Aptos, a new blockchain network providing a novel layer-1 chain.
Snowfall Protocol (SNW) attracts new adherents
Snowfall Protocol (SNW) has quickly become very popular among traders impacted by the poor performance of popular tokens like Pancake Swap (CAKE) and Lido DAO (LDO) following the crypto market crash. The price of Snowfall Protocol (SNW) has surged by 80% during the first phase of presale. Snowfall Protocol (SNW) tokens were initially launched at $0.005 each.
As per analysts, Snowfall Protocol (SNW) has the potential to emerge as the next 1000x crypto asset. Snowfall Protocol (SNW) provides a cross-chain bridge for the transfer of non-fungible and fungible tokens without hiccups.
Snowfall Protocol (SNW) aims to provide a simple and secure way for users to participate in the DeFi and crypto ecosystem by providing access to a variety of protocols and platforms.
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.