A new crypto asset is booming and the high-risk decentralized finance (DeFi) sector is on a tear.
In just three weeks, Archer DAO (ARCH) has soared 1,338% according to the latest data from CoinGecko.
The coin went vertical this month after a transaction involving Archer Dao received a shoutout from Yearn.finance (YFI) creator Andre Cronje.
This is amazing… https://t.co/uIjEZtEMhI
— Andre Cronje (@AndreCronjeTech) January 13, 2021
The platform is designed to give miners that power the Ethereum network a number of ways to boost revenue.
One way is by identifying arbitrage opportunities on decentralized exchanges. Another is by helping miners find the most profitable transactions on the ledger in order to obtain the most MEV (Miner Extractable Value) possible. To date, the team behind the project has released few details on exactly how Archer Dao accomplishes those tasks.
The token ARCH will be used for governance of the platform and can be staked to reward active participants in the network.
The popular decentalized platform SushiSwap has also revealed that it plans to work directly with Archer Dao sometime in 2021.
The team behind Archer Dao says an early version of its platform is up and running and highlights that miners can integrate the protocol with just a single line of code.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Featured Image: Shutterstock/coka
The post Crypto Newcomer Soars 1,338% After Launch, Grabs Support From One of DeFi’s Biggest Platforms appeared first on The Daily Hodl.
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