Looking at the new DeFi Trends (Terra, Solana...)
Hello HODLers,
This morning I was checking out on the different DeFi Chains and could not help to notice that the 2 new darlings of the DeFi Space are getting some traction.
I am talking about Solana and Terra. The latter has been gaining momentu, through its decentralized stable coin UST which is backed by burned Terra. Making the Terra asset under strong pressure, therefore speculators and investors have been piling up on this trade. There might be some upside but I am thinking of my "get out" plan as we speak.
Ethereum and the overall DeFi Space has increased thanks to Uptober being great so far !
Terra and Solana are performing very well
One ratio that I would hightlight is on the right side: TVL/Mkt Cap. Even if you should not just take this ratio, it can help to get a sense of over/undervalued protocols.
Not everything is comparable though as when youhave a BNB you have the BSC, the DeFi space but also the centralized exchange. Ethereum has many other dapps not using DeFi (dapps, games, etc...).
Nevertheless, it seems there might still be an opportunity to jump on the Terra train as it is sitting at a 1.83x TVL/Mkt Cap ratio.
Polygon also sits at a similar number BUT it has been losing DeFi market share lately and therefore is not in a growth mode.
Terra (LUNA) Price Chart
Terra did perform very well for the past 14 days (+60%). I plan to continue to read more about it in order to decide if I will build a long term position hoping it might develop into THE decentralized stablecoin.
That is all for today.
I wish you all a great Tuesday and stay safe out there ;)
Latest Analysis
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Infact I noticed LUNA took a strong g jump from 34$ to 48$ ...it is backed by terra as well.
Many coins are doing well. For Solana I have not invested on it but I know Ethereum is doing well. For BTC it may get to it peak this year maybe it will reach upto 70k or more this year.
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Many coins are doing well. For Solana I have not invested on it but I know Ethereum is doing well. For BTC it may get to it peak this year maybe it will reach upto 70k or more this year.
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I love this.
Can I just ask where is this screen and chart from?
You've got me thinking and I want to look deeper into the Market cap/TVL stats myself.
Just a few thoughts of mine to add on each:
Terra:
The way that Terra have positioned themselves using UST is extremely smart.
As we have our own algorithmic stablecoin here on Hive (in HBD), I can't help but wonder why we aren't riding on their coattails and trying to take advantage of some of the hype!
Solana:
After this weird Solana-based-NFT hype dies down, I can see these numbers following Polygon down.
I just can't picture a world where Solana removes large chunks of market share from Ethereum within the DeFi space.
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Hello @forexbrokr,
Indeed, you should check out this website, it has tons of VERY interesting Cross-chain datas.
This chart is from DefiLlama, I wrote about it a few days ago if you want to check it out: DeFi Llama: Access DeFi datas across multiple chains
The website is there: https://defillama.com/home
I completely agree. We lacked a stable coin backed by non-fiat money which would be able to keep its PEG.
Hive Backed Dollar should indeed be marketed but would our Hive Blockchain and HBD system work if hundreds of thousands of people transact with it daily?
We already have issues to go back to the $1 peg with just our people using it.
I do not know yet about Solana but it could surely slowly fade away as Polygon seems to be doing. It does not provide something different in my humbe opinion.
Thanks a lot for your comment,
Crypto Lemon
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Excelente trabajo
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Thank you ! I appreciate it
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Hi There, I noticed you have joined leofinance today, and have starting using the platform, keep it up, I have upvoted your comment to get you started and hopefully can can earn more coins., by posting and commenting.
@notak Developing the ecosystem one user at a time ! You rock dude (I assumed you were with your profile pic).
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I don't understand Solana at all, but I bought some and it's sure made me smile the past couple months.
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Well, I wouldn't recomment this style of investing but I am glad you benefited from this uptrend ;)
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I call it the "Helen Keller Method." Sometimes it works really well. I did buy $BUBO once though, and that didn't work out at all.
I believe in SOL even after its "blackout", but LUNA though i bought some time ago at very low price, i still can't believe its growth...!
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