Why Solana, Polkadot, and Luna are all up this week – Nasdaq

What happened

Solana (CRYPTO: SOL), Speckle (CRYPTO: POINT), and Luna (CRYPTO: LUNA) rose 76.24%, 29.08%, and 67.36%, respectively, for the last seven days at 10:30 a.m. EDT Saturday. They are now trading at $ 76.66, $ 28.73 and $ 28.62 per token, respectively. Projects in the decentralized financial networks (DeFi) behind these tokens have been gaining momentum lately.

A mind map of possible DeFi applications on a laptop.

Image source: Getty Images.

so what

First, the total value of projects staked to Solana recently exceeded $ 2 billion. It’s also the token of choice for cryptocurrency billionaire Sam Bankman-Fried, founder of FTX, the world’s fifth largest cryptocurrency. As a result, Solana’s profits didn’t lose momentum even as the network suffered its first rug pull. Luna Yield crypto lending platform developers shut down their websites and social media pages after allegedly defrauding over $ 8 million from investors.

Second, Polkadot is evolving into a powerful Internet of Blockchain (IoB) network that enables the transfer of data and assets between multiple chains. Last month, the first decentralized cryptocurrency exchange on Polkadot’s Acala DeFi hub, valued at $ 3.4 million in total, was suspended. If the functionality is expanded, Polkadot could potentially not only compete with the smart contract functionality of ether but also decentralized cryptocurrency swap protocols like Uniswap.

In addition, on August 18, Acala integrated MetaMask, a browser extension and mobile app that allows users to access their Ethereum wallet to interact with decentralized applications on the Ethereum network to give users equal access to the Polkadot Enable network. MetaMask has over 7 million downloads on alphabet‘S Google Chrome and 1 million downloads on Google Play.

Last, Coin base Pro recently introduced Veiled Luna (CRYPTO: WLUNA) and TerraUSD (CRYPTO: TUSD) on its trading platform. Both tokens, along with Luna, are part of the Terra network ecosystem. The developers behind the Terra network had apparently solved a critical problem in the cryptocurrency space – by allowing a cryptocurrency to be both stable enough to be used as a means of payment and volatile enough to provide room for capital growth.

This is done by linking the value of the Luna tokens to the TerraUSD stable coin, which has a theoretical exchange rate of 1: 1 against the US dollar. Users can buy their Luna tokens for TerraUSD when the latter is at a discount to the US dollar, or sell their TerraUSD for Luna tokens for a premium when the latter is at a premium against the US dollar. In this way, users themselves receive rewards for the exchange rate adjustment with Luna tokens, while consumer transactions are processed in the stable TerraUSD. A recent network update opened integration with Ethereum, with $ 2.7 billion in capital already flowing into Terra’s credit and savings protocol Anchor.

What now

Remember that at some point in history all major cryptocurrencies are like today Bitcoin and Ethereum were little-known altcoins that traded at very low prices. In the past year, the total addressable market for DeFi has grown from around $ 14 billion to over $ 100 billion. So there are currently a multitude of opportunities to get rich in this sector.

10 stocks we like better than Solana
When our award-winning team of analysts have a stock tip, it can be worth listening to. After all, their newsletter, Motley Fool Stock Advisor, which has been published for over a decade, has tripled the market. *

They just revealed what they think are the top ten stocks investors can buy right now … and Solana wasn’t one of them! That’s right – they think these 10 stocks are even better buys.

See the 10 stocks

* Stock Advisor returns on August 9, 2021

Suzanne Frey, an executive at Alphabet, serves on the Board of Directors of The Motley Fool. Zhiyuan Sun owns shares of Ethereum, Polkadot, and Uniswap. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Bitcoin, and Ethereum. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

The 5 Finest Altcoins To Purchase Now For Future Income – Goodreturns Polkadot

The 5 Finest Altcoins To Purchase Now For Future Income – Goodreturns

The 5 Best Altcoins To Buy Now For Future Profits Cryptocurrency symbol Last traded...

By wpadminsonic164
Polkadot

Polka Dot Zebra Tira again within the Serengeti – The Citizen

By Paul Owere Serengeti. Two years ago, the spotted zebra Tira caught the attention...

By wpadminsonic164
Kriti Sanon in a polka dot midi costume regarded just like the prettiest princess of all time;  Sure or no?  – PINK VILLA Polkadot

Kriti Sanon in a polka dot midi costume regarded just like the prettiest princess of all time; Sure or no? – PINK VILLA

We all have this one favorite restaurant that puts us in a puzzling mood...

By wpadminsonic164
Sophie Ellis-Bextor wows in a black and white polka dot mini costume as she performs on the occasion – Each day Mail Polkadot

Sophie Ellis-Bextor wows in a black and white polka dot mini costume as she performs on the occasion – Each day Mail

She entertained the nation with her Kitchen Discos during the Covid crisis. And Sophie...

By wpadminsonic164
Rachael Leigh Prepare dinner stuns on the premiere of He is All That … the gender swap remake of She’s All That – Each day Mail Polkadot

Rachael Leigh Prepare dinner stuns on the premiere of He is All That … the gender swap remake of She’s All That – Each day Mail

Rachael Leigh Cook starred Laney Boggs, along with Freddie Prinze Jr., Zack Siler in...

By wpadminsonic164
Polkadot

The 5 greatest DeFi cash for September – BeInCrypto

A look at five tokens from the decentralized financial sector (DeFi) with interesting developments...

By wpadminsonic164
Dua Lipa wears a navy polka dot pant swimsuit and lace bra to rejoice her twenty sixth birthday – HarpersBAZAAR.com Polkadot

Dua Lipa wears a navy polka dot pant swimsuit and lace bra to rejoice her twenty sixth birthday – HarpersBAZAAR.com

Dua Lipa celebrated her 26th birthday in style.The pop star shared pictures from her...

By wpadminsonic164
How you can Gown Up Like an Grownup With Shane Watson: Change Your Spots to Outsized Polka Dots – Every day Mail Polkadot

How you can Gown Up Like an Grownup With Shane Watson: Change Your Spots to Outsized Polka Dots – Every day Mail

If you come across the video of the fall / winter collection while browsing...

By wpadminsonic164

Latest Posts

Binance allegedly seeks authorities funding underneath regulatory strain, focusing on $ 200 billion valuation – Yahoo Finance Binance

Binance allegedly seeks authorities funding underneath regulatory strain, focusing on $ 200 billion valuation – Yahoo Finance

The world's leading cryptocurrency exchange Binance seeks government funding despite being in the crosshairs...

By wpadminsonic164
Monero, Stellar, AAVE Value Evaluation: August twenty second – AMBCrypto Information Stellar

Monero, Stellar, AAVE Value Evaluation: August twenty second – AMBCrypto Information

Major cryptocurrencies have shown mixed trading so far, with Bitcoin reversing its losses by...

By wpadminsonic164
BITCOIN CRASH (essential add)!! MY NEW STRATEGY, BITCOIN PRICE PREDICTION & BITCOIN NEWS TODAY!! Videos

BITCOIN CRASH (essential add)!! MY NEW STRATEGY, BITCOIN PRICE PREDICTION & BITCOIN NEWS TODAY!!

BITCOIN CRASH (important upload)!! MY NEW STRATEGY, BITCOIN PRICE PREDICTION & BITCOIN NEWS TODAY!!...

By wpadminsonic164
Bexplus lists Cardano (ADA), provides 100x leverage and 100% deposit bonus – CryptoGlobe Cardano

Bexplus lists Cardano (ADA), provides 100x leverage and 100% deposit bonus – CryptoGlobe

In order to do justice to the fast growing market for Cardano ($ ADA),...

By wpadminsonic164
Dogecoin Elliott Wave Evaluation: Appears to be Transferring Down – FXStreet Dogecoin

Dogecoin Elliott Wave Evaluation: Appears to be Transferring Down – FXStreet

If the crypto market extends its decline today, we would likely have five waves...

By wpadminsonic164
Ethereum’s EIP-1559 improve burned $ 400 million in ETH: report Ethereum

Ethereum’s EIP-1559 improve burned $ 400 million in ETH: report

Ethereum's EIP-1559 upgrade burned $ 400 million in ETH instead of handing it over...

By wpadminsonic164
Gary Gensler Says Bitcoin is Actual Bitcoin

Gary Gensler Says Bitcoin is Actual

Gary Gensler, the new chairman of the Securities and Exchange Commission (SEC), confirmed the...

By wpadminsonic164
The transition between fiat and bitcoin Bitcoin

The transition between fiat and bitcoin

One world, two systems: Why Bitcoin and Fiat have to learn to live togetherTwo...

By wpadminsonic164