Cardano, Solana, and Terra reach new heights this month
Bitcoin (BTC) is going up again, but it’s not the only one. Cardano (ADA) managed to snatch third place by market capitalization from Binance Coin (BNB), with over 80 million. Of course, a new All-Time-High (ATH) comes along too: $2.58 per coin the last August 20. Like Cardano, Solana (SOL) and Terra (LUNA) reached new ATHs.
These three blockchain networks are popularly known as “Ethereum killers” since all of them offer functionalities that also can be found on Ethereum (ETH). Cardano is the oldest one, though. It was founded back in 2017, but its development has been very meticulous and with a slow scientific focus. So, it has not been until 2021 that more notorious results have been shown.
According to Nigel Hemsley, Cardano’s Head of Delivery, we’ll have the full integration of the update Alonzo on the mainnet by September 12. This smart contract feature will let the users access new Decentralized Apps (Dapps) and Decentralized Finance (DeFi) functionalities.
Along with previous updates, it’s been established that the users won’t even need to pay any fees to the network for smart contracts. This makes Cardano look like a cheaper option than Ethereum. However, is still far from surpassing Ethereum, which has a market cap of over $378 billion and it’s already trusted by millions of users.
On the other hand, Solana is specialized in DeFi solutions, while Terra offers the creation of stablecoins. The first one reached a price of around $80 per coin on August 18, with a market cap of over $22 billion. The second one got a record of over $33 per coin, and a market cap of $12.3 billion on August 19 [CoinMarketCap].
Beyond Cardano, Solana and Terra go up
Solana has been very popular lately. The total value locked in DeFi projects on this network surpasses $2.5 billion. But this blockchain is specially used in the Non-Fungible Token (NFT) market. Last June, they launched the decentralized MetaPlex Marketplace, dubbed a “Shopify” for NFTs.
This same month, the NFT project Degenerate Ape Academy premiered on this platform. Minutes later, the entire collection of 10,000 unique pictures of cartoon apes (much like Cryptopunks) was sold out, and the SOL price climbed to new heights. So far in August 2021, Solana has increased by over 207%.
For its part, the token LUNA has other reasons for its growth. In the first place, Asset Management Companies (AMCs) like Pantera Capital and Arrington XRP have committed to invest $150 million in the Terra Ecosystem. Additionally, the process of minting new stablecoins on this blockchain demands the burning of a certain amount of LUNA tokens.
Therefore, the demand and supply are affected (positively for the price). This way, LUNA has gained over 371% in the last month. So, we can say that Cardano, Solana, and Terra are trending investments for now.
Featured Image by PIRO4D / Pixabay
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Originally published at https://blog.alfa.cash/