October is shaping up to be a special month within the crypto industry. First, Bankman-Fried’s trial is nothing but the spectacle we expected it to be. We will most likely get more controversies from this case throughout the month.
But let’s not get distracted. The real reason we are in crypto is to find ourselves the right investment opportunities. So amidst all the drama, our focus remains on finding our “October hot coins.” And by that, we mean finding suitable projects to invest in this month. Are you thinking about drawing up your list? This article will show you a couple of projects we think should be on your list and why.
1) PENDLE
The first on our list for October is PENDLE. And there’s nothing strange about Pendle because the project has shown real potential over the last couple of months. Pendle is the only DeFi protocol that has maintained an impressive TVL despite the market movement.
In addition, Pendle runs on sustainable economics and has a team that has shown its dedication to growth over the last couple of months.
ICYMI: The chads at @pendle_fi introduced a Leaderboard to track the most profitable traders!
This is a step-by-step guide on how to outperform and maximize your yield. 🤯 pic.twitter.com/gOXCFu4pyi
— Emperor Osmo🧪 (@Flowslikeosmo) October 5, 2023
Furthermore, Pendle’s recent RWA integration has made the protocol a must-watch.
2) MKR
Maker (MKR) is another project that has captured the attention of the cryptocurrency community, largely because of its recent surge. Maker’s outstanding financial success has been impressive. Maker is one of the largest revenue-generating DeFi protocols, with an annualized revenue of $193 million.
The main source of this income is interest earned from DAI minters, with Real World Assets (RWAs) accounting for a sizeable amount of it.
It seems like $ARB whales are bullish with $MKR.
We spot 2 whales that keep selling $MKR while having a large balance of $MKR.
1/ Whale 0x509
14 hours ago, he sold 1.7M $ARB for 906 $ETH($1.48M), earning $73K profit.
Then, he quickly bought 872 $MKR ($1.24M) at $1422.
2/… pic.twitter.com/g6mE0KB1NA
— The Data Nerd (@OnchainDataNerd) October 5, 2023
Maker saw a large number of transactions in September, shortly after the US Fed announced a rate pause. Interestingly, Maker recorded a 6-month peak on October 2.
The 8% DAI savings rate has been of huge appeal to institutional investors. And we expect Maker to remain a hot topic throughout October.
3) GMX
We might be seeing a lot of liquidity on GMX pretty soon. And that’s because GMX recently applied to Arbitrum for a grant. The application focuses on building diversified perpetual and spot pools with capital efficiency and increased liquidity.
GMX has successfully integrated Chainlink’s new low-latency oracles, Data Streams, for the full launch of GMX V2 on Arbitrum mainnet. On-chain trading continues to evolve, and just became a lot faster! 🫐
Try it out here: https://t.co/Gey8jmzfwr https://t.co/YdJ8CVoEYG
— GMX 🫐 (@GMX_IO) October 2, 2023
We recently listed GMX as one of the tokens whales are interested in. And whales’ interest in GMX doesn’t come as a surprise. GMX has everything it needs to succeed, and we could be seeing high numbers pretty soon.
4) Synthetix (SNX)
Synthetix is one of the tokens that has the stage set for a performance this month. Synthetix V3 is getting closer. Also, there’s likely to be an expansion to Base with ETH as the collateral asset against synthetic debt.
It's claim day at Synthetix! Not sure how to get your staking rewards?
1️⃣ Click "Claim your rewards"
2️⃣ Confirm the transaction
📌 Remember: sUSD rewards auto-burn every Wed.C-Ratio below target? Burn sUSD or stake more SNX.
Learn more & claim today 👇 https://t.co/QGj7isKvRz pic.twitter.com/tuNALqhC5O
— Synthetix ⚔️ (@synthetix_io) October 4, 2023
5) FRAX (FXS)
FRAX is one of the cryptos billed to perform strongly during the next bull run. But a poor FRAX supply has badly affected its performance in recent times. However, all that could change soon as FRAX V3 will introduce RWA collateral and yield distribution.
FRAX is the All-Weather Stablecoin for Every Financial Climate ☔️☀️
FRAX v1: Protocol regulates CR based internal conditions
FRAX v2: Protocol regulates CR utilized DeFi primitives on-chain
FRAX v3: Protocol at 100% CR captures best yield opportunities on and off-chain pic.twitter.com/o6qAsDOkCc
— Decentralized Finance David (¤,¤) 🌸 (@DeFiDave22) October 5, 2023
These are our coins for this list. The month is already set. We have another list containing some “hot coins” that’ll make October a good month crypto-wise. But remember, these are merely suggestions and not investment advice.
