The only altcoin we have to worry about in the cryptocurrency world, even though it had a major crash recently Terra (Luna) not. There are a few other cryptocurrencies that could face some troubles in light of everything that’s happening.
Cheeky Crypto, a cryptocurrency-focused Youtube Channel, has issued a number of caveats to keep the community safe and raise awareness of some coins linked to LUNA. Could these Terra-linked cryptocurrencies also go to zero following LUNA?
Anchor Protocol (ANC)
The first project we should be worried about, according to the popular analyst Anchor Protocol (ANC). Anchor Protocol is a lending and borrowing protocol that offers returns of up to 19.5 percent on stablecoin deposits. Lenders can invest their USTs and earn attractive interest rates on their investments while taking advantage of low volatility. Borrowers, on the other hand, can maintain control of their LUNA collateral and transform them into productive assets.
According to Checky Crypto, ANC is at the top of the list as it is one of the most prominent altcoins for being linked to Terra (LUNA). Currently, the cryptocurrency, which has already started to lose, is trading at $0.18, down over 30 percent.
Synapse (SYN)
If next on the list Synapse (SYN) exists. Synapse powers integrated blockchain activities such as asset transfers, exchanges and generalized messaging with cross-chain functionality, while enabling new primitives based on its cross-chain architecture.
The cryptocurrency, which has been in a downtrend since yesterday, is changing hands at $ 1.52 with a decrease of 2 percent. This is another project that really needs to be considered, according to the analyst.
“This is a swap protocol. It could be liquidity pools and things like that. So people should be careful about that.”
Mirror Protocol (MIR)
The next altcoin linked to Terra is Mirror Protocol (MIR). MIR is the management token of Mirror Protocol, a synthetic asset protocol created by Terraform Labs (TFL), the founder of the Terra blockchain.
MIR is trading at $0.29, down 6 percent at the time of writing. According to the analyst, there are probably too many USTs locked on the Mirror. That’s why Checky Crypto is adding this altcoin to its list of assets to watch out for.
Mars Protocol (MARS)
The next protocol on the analyst’s list of altcoins to watch out for 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.
Unlike other cryptocurrencies, MARS is in the green and is changing hands at $0.18 with an astonishing increase of over 40 percent. MARS is experiencing a major recovery after the collapse of LUNA.
Astroport (ASTRO)
The next project linked to LUNA is Astroport (ASTRO). Astroport is a crypto project that combines the best parts of six years of development on the Ethereum blockchain and makes it available to users on Terra.
Like Mars Protocol, ASTRO is in the greens and is trading at $0.15, up about 30 percent. Despite this positive trend, analyst says Astroport is another protocol that should definitely be considered.
Pylon Protocol (MINE)
The next altcoin mentioned on the list is Pylon Protocol (MINE). Pylon Protocol is a DeFi framework that provides capital-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 expenditure.
MINE is changing hands at $0.0027, down about 11 percent at the time of writing. This altcoin has been heavily withdrawn in the past few days
Spectrum Token (SPEC)
Altcoin, which is in the last place in the list of altcoins to be considered by the analyst, is Spectrum Token (SPEC)The first and most innovative yield-optimizer in the .Terra Ecosystem, this platform automatically pools and automatically stakes your Terra LPs and single token rewards.
SPEC, which has been in a positive trend for the past few days, is trading at $0.67, up about 17 percent at the time of writing. The analyst states that the crypto community should also be careful about this altcoin.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.