Four Crypto Assets Are ‘Nibbling Away’ at Market Share of Ethereum, Says Crypto Trader Lark Davis
Crypto trader Lark Davis is naming four assets that he says are “nibbling away” at the market cap of leading smart contract platform Ethereum.
In a new video, Davis tells his 419,000 YouTube followers that Binance Smart Chain (BSC) is one of Ethereum’s top competitors, as it enjoys the backing of global crypto exchange Binance.
“There’s lots of things happening on the Binance Smart Chain. $17.4 billion of total value locked over on the Binance Smart Chain right now. You can see also there’s been a pretty big explosion of applications on the Binance Smart Chain, so the biggest one, of course, Pancakeswap with $5.83 billion total value locked…
It’s got the users. It’s got the total value locked. Its daily number of transactions going crazy. It’s pretty easy to use. It’s no surprise you’ve seen so many people going over to BSC considering the integrations with the Binance main exchange as well as just being a pretty good user experience overall with cheap fees and fast transactions.”
Next on Davis’ list is decentralized finance payment network Terra (LUNA). According to the crypto influencer, Terra’s tokenomics could be favorable for the long-term value of LUNA.
“They’ve got some very interesting price mechanisms with their UST stablecoin, which burns the LUNA coin, which pushes the price up. We also have a major upgrade coming up with Columbus-5. We also have integration with Cosmos [ATOM] IBC, which essentially opens up Terra for more cross-chain compatibility.”
The Columbus-5 upgrade for Terra is expected to occur in the next few weeks and aims to introduce a host of projects leveraging the UST stablecoin.
Third on the trader’s list is Ethereum competitor Solana (SOL). According to Davis, Solana’s value is skyrocketing on the heels of its growing ecosystem.
“We have a lot of new applications coming to Solana, so there’s a lot of stuff in the pipes ready to come into this ecosystem. We have lots of new launches going on all the time. We have an increasing amount of adoption, I think, for this. We also have NFTs [non-fungible tokens], which are really starting to take off on Solana.”
The fourth crypto asset on Davis’ list is Avalanche (AVAX), which is billed as the “Internet of Finance.” Davis says that AVAX could be interesting, as it appears to be a relatively laggard altcoin in the smart contracts space.
“We are seeing more projects coming out. We just had Benqi, which launched a couple of days ago. They’re doing a liquidity mining program right now, so if you’re looking for, if you feel like you kind of missed some of the bigger pumps with the other ecosystems, well maybe Avalanche is a more interesting one to look at because it hasn’t had the same level of price pump, and I say that after the coin is up like 80-90% or something this week. But that being said, the ecosystem hasn’t really taken off in any very significant way yet.”
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