Recently, crypto analyst and influencer Tyler Swope commented on what he will believes will be the next hot sector in the crypto space.
Swope made his comments during a YouTube video published on May 5, where he told viewers that decentralized autonomous organization (DAO) projects are the next altcoins to take off after decentralised finance (DeFi) and non-fungible tokens (NFTs).
He says that a DAO is “an organization is that is run, managed, and governed by its peers.” This is “all made anonymous through smart contracts.”
He went on to say:
First DeFi coins had the hype. Then it was NFT cryptos. DAO altcoins are the next hype and are going to surge… As of last August, DAOs TVL was just over $55 million. Through the nine months to today, DAO TVL has been growing and is now settling at just under $1 Billion.
He also said:
DeFi and DAOs go hand in hand. Thus in my opinion, TVL in DAOs is going to have its breakout this year. Because almost every DeFi protocol is moving towards the DAO model.
One of his DAO-based projects is Habitat ($HBT), which he also talked about in a video he released on May 3. Swope says that Habitat is “a community organization layer built on top of an optimistic rollup.”