This booming altcoin is poised to rise higher, says crypto trader Lark Davis

[ad_1]

A popular crypto-trader believes that a particular cryptocurrency is poised for further major ascent.

In a new YouTube video, crypto-trader and market analyst Lark Davis tells his 417,000 subscribers that he sees the Terra smart contract platform (LUNA) as a major competitor for the next stage of the bull race.

Lark says the platform has come a long way in the rankings by simply staying focused on highly desirable applications.

“The important thing is to build things that people want, and that’s what Terra has been able to do.

Now that’s actually very, very impressive because the Terra asset, LUNA… at the time of recording this video, was number 22 on CoinGecko. Now it has managed to become … a top 22 coin, with actually only three apps on the entire blockchain.

The three apps that Davis refers to are the Ankr Crypto Lending Protocol (ANKR), the Mirror Protocol (MIR) of the Synthetic Equity Trading Platform, and the Chai mobile payment app.

Davis also highlights a unique feature of LUNA’s algorithmically indexed native stablecoin, UST. The feature requires LUNA tokens to be burned from the provisioning when new USTs are created.

What happens when we have dozens of apps, all these DeFi protocols hungry for that UST stablecoin, and people keep burning LUNA in order to get more UST.

In a Twitter thread, Davis concludes his bullish thesis by covering the upcoming Terra ecosystem update, dubbed “Columbus 5”.

Now let’s talk about Columbus 5, an ongoing major update that:

– Burn all the seigniorage (no more burning Luna)

– Pay more to the biters

– Cosmos IBC integrations

The Terra Wormhole Upgrade will link Terra to Ethereum, Solana, and Binance Smart Chain. 3 of the 5 best TVL channels [total value locked].

Assuming this and more of the same from Terra and I think the price will go much higher.

At the time of writing, Terra is trading at $ 29.40 and has a market cap of 15 on CoinGecko.

Source: Lark Davis

Don’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix

Check out the latest news. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / alexmonge

[ad_2]