The cryptocurrency market is preparing to leave behind a turbulent week with the collapse of Terra (LUNA). According to the cryptocurrency-focused Youtube channel Cheeky Cyrpto, several protocols associated with Terra could collapse and reset their price just like Terra. As Kriptokoin.com, we convey the views of the analyst and the 7 altcoin projects he drew attention to.
Here are 7 altcoins associated with Terra to watch out for:
Pylon Protocol (MINE)
The first altcoin to make the list is Pylon Protocol (MINE). Pylon Protocol is a DeFi framework for principal-protected, throughput-based products and services. Built on the Terra blockchain, Pylon offers a new mechanism for long-term incentive alignment between users and service providers, where payment is made through cash flow rather than upfront expenses.
The project with the most obvious Terra province connections: Anchor Protocol (ANC)
Another project we should be concerned about, according to the analyst, is Anchor Protocol (ANC). Anchor Protocol is a lending and borrowing protocol that offers up to 19.5 percent returns on stablecoin deposits. Lenders can invest their USTs and earn attractive rates on their investments while taking advantage of low volatility. Borrowers can convert their LUNA collateral into productive assets without giving up control. ANC is at the top of the analyst’s list as its ties to Terra (LUNA) are one of the most obvious projects. This altcoin has rebounded after seeing bottoms.
Synapse (SYN)
Another altcoin project on the analyst’s list is Synapse (SYN). Synapse powers integrated blockchain activities such as asset transfers, exchanges, and generalized messaging with cross-chain functionality. According to the analyst, Synapse, a universal liquidity network chain, is another project to watch out for.
Mirror Protocol (MIR)
Next altcoin, Mirror Protocol (MIR). Mirror is the management token of Mirror Protocol, a synthetic asset protocol created by Terraform Labs (TFL) on the Terra blockchain. Too many USTs may be locked on the Mirror Protocol. That’s why MIR is on the list as a project to watch out for, according to the analyst.
Mars Protocol (MARS)
Another altcoin project on the analyst’s list that needs attention is Mars Protocol (MARS). Mars is a fully automated, on-chain loan protocol built on Terra and managed by a decentralized community of users and developers. MARS is experiencing a major rebound after the fall and collapse of LUNA.
Astroport (ASTRO)
The next project is Astroport (ASTRO). Astroport combines the best parts of six years of development on the Ethereum blockchain and presents it on Terra. According to the analyst, ASTRO is another altcoin that should definitely be known and paid attention to.
The last altcoin to watch out for and associated with Terra:
Spectrum Token (SPEC)
The last one on the list is project Spectrum Token (SPEC). This is the first and innovative yield optimizer in the Terra ecosystem. Terra automatically combines and automatically shares your LPs and single token rewards. According to the analyst, SPEC is another protocol to know and pay attention to.
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