Why Prometeus (PROM) Surged 1200% Amid Bitcoin’s Weakness; Venus, OKB, CAKE, Huobi Token Remain Up


PROM/USD Daily Chart

Prometeus (PROM) was supposedly created for the Influencer Marketing, Medical, and Insurance data market industries. although PROM recently announced some latest partnerships and network updates, this latest rally seems to be technically backed with few fundamentals. Technically, PROM made a strong breakout from a two-month-long consolidation.

Venus (XVS), an algorithmic money market and synthetic Stablecoin protocol that provides a lending and borrowing solution for the decentralized finance (DeFi) ecosystem is one of the top choices to earn a yield on the Binance Smart Chain (BSC).

Binance Smart Chain (BSC) has rapidly risen to prominence in 2021 as high transaction costs and congestion on the Ethereum (ETH) network led smaller-size investors to search for cheaper alternatives. Presently, two of the largest projects on BSC are Venus (XVS) and PancakeSwap (CAKE) which explains the growth seen on the two tokens.

Venus may be poised for more gains as people increasingly flee the legacy financial system in search of higher yields and effortless capital mobility seen in decentralized finance (DeFi). Exchange tokens have been rising generally which explains the growth seen for Huobi Token (HT) and Okex exchange token, OKB. Huobi launched crypto loans at the start of the year which enabled traders to use leverage and borrowed money to trade.

OKEx (OKB) also started real-time settlements for all perpetual swaps, futures, and options contracts in a phased manner from the end of December last year. On April 28, OKB announced ”Matic Polygon USDT-Margined Perpetual Swaps (Up to 75x Leverage) available now @OKEx!”

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