These low-cap altcoins will explode 100x, according to KOL Lark Davis
Popular analyst Lark Davis discusses low-cap altcoins in the Polkadot (DOT) and Kusama (KSM) ecosystems, which he believes have the potential to grow 100x.
In one Video Davis reiterated that Polkadot and Kusama (KSM), the test network for Polkadot, are launching their Parachain.
Parachain on both platforms is a custom form of blockchain that is application specific and communicates with the main network called the relay chain. Parachain offers Smart contract function for applications based on Polkadot and Kusama.
Davis notes that this is important for Polkadot and Kusama-based projects and that “people are really interested in becoming part of the Polkadot ecosystem”.
Source: Messari / Mint Office
The first asset in the ecosystem Davis mentioned was Karura’s Decentralized Financial Network (DeFi), which raised $ 100 million in crowd loans ahead of the Parachain auction in Kusama. Karura increased the amount in the form of KSM, which will then work on the Kusama network to secure a parachain position.
Another asset that is likely to perform well during its crowdfunding phase is the Moonbeam network, which forms the bridge from Polkadot to Ethereum. Moonriver is the Kusama version of the project and serves as a bridge between Kusama and Ethereum.
This is followed by the KILT protocol, a blockchain protocol that issues its own, anonymous, verifiable and decentralized proof of identity. The platform recently partnered with Polkadex and Fractal to create a decentralized KYC system for retail clients.
Davist then mentioned Polkadot-based assets that already have tokens and can go live thanks to good news from Kusama and Polkadot.
The Bridge Mutual Insurance (BMI) decentralized insurance project is one of Davis’ long-term prospects. The analyst noted that BMI is moving towards interoperability and is in a very undervalued sector of the crypto market. Additionally, BMI is about to launch its main project and “it could be the next big insurance company,” said Davis.
Next up is the cross-chain automated market maker Demodyfi (DMOD), which has just launched on Uniswap (UNI). It’s a Uniswap-like protocol, but based on Moonbeam, a polkadot-based bridge.
According to Davis, Demodyfi is able to capture most of the liquidity in the market as it aims to access both Ethereum and Polkadot-based liquidity.
Next up is Kylin Network (KLY), a “Polkadot-specific oracle solution,” Davis said.
“Decentralized finance can’t work without an oracle… Kylin received a grant from the Web 3 Foundation, a large organization in the polkadot world. Chainlink is clearly a leader when it comes to the oracle space, but that doesn’t mean other projects run out of space to build their weapons and gain market share.
Splyt (SHOPX) is another coin Davis keeps an eye on as the polkadot ecosystem heats up. Splyt seeks to integrate NFT into the global supply chain and expand the use case of the emerging field.
Finally, Davis is referring to the Konomi Network (KONO), which is a decentralized currency market. Davis compares the project to the DeFi protocol Aave, which has a market capitalization of several billion dollars, as Konomi also allows users to borrow or lend.
“As an investor you want to get the next Aave before it becomes the next Aave and Konomi is the right choice.”
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Dailyhodl