The altcoin market has lost its glory of $1 trillion market cap in the recent crash. Currently, the market leader Bitcoin has been extremely oversold since March 2020. Hence, relief bounce could be somewhere around the corner. However, the bounce could become a trap for the flagship asset and blue-chip cryptocurrencies if volume fails to sustain.
Especially, altcoins such as Terra (LUNA), Polkadot (DOT), and Harmony (ONE) have been indicating a potential resurgence. Terra is creating new milestones in terms of TVL, Polkadot is running to lead the L1 ecosystem. And Harmony is all set to make its expansion in DAOs, NFTs, and Web 3 space.
Terra (LUNA) has seen phenomenal growth in Total Value Locked in recent times. Its stablecoin UST has been making good business since its launch. In order to prevent its stablecoins from volatility and to support the Terra network, the ecosystem has launched Luna foundation guard.
The foundation will act as a bridge to develop driving engagement and acceptance of Terraform Lab’s evolving stablecoin, UST. Acceptance of the stable coin continued to increase as the protocol, was seen broadly as one of the most decentralized mainstream stablecoin options available.
As the Terra ecosystem is taking solid steps to integrate the fundamentals, once the market turns bullish it has vast chances of bouncing to newer highs.
The launch of para-chain auctions and Ethereum’s lack of interoperability might have improvised DOT’s competitiveness amongst the L1 protocols. The platform was specially created to support multi-chain support as a layer-zero meta protocol, and there was no major release of a bridge that interconnected to DOT
Moonbeam network is boosting up Polkadot’s network with new integrations, more than 100k wallets, over 700+ ERC-20 tokens, and 1 million GLMR tokens locked with collators. As the platform is achieving new milestones each passing day, it could be a major player for 2022 which has all the potential to enter the top 5.
Harmony has been creating a sensation in different sections of the crypto-verse including DAOs. NFTs and Web 3. The platform has achieved over one million wallets for one million users. Moreover, the wallet will not need email, password, SMS or KYC for verification, making the process fast and hassle-free.
Harmony ecosystem thrives to $300 million to fund 100 DAOs for the future of work, of which 20+ DAOs have already been funded to ensure development.
Collectively, Terra, Polkadot, and Harmony have the solid potential to rise and glitter once the market turns bullish. As US Fed is likely to taper the interest rates by winter, the aforementioned altcoins have plausibility to remain invulnerable to market fluctuations.