Popular cryptocurrency trader and influencer Elliot Wainman has revealed he is bullish on a little-known altcoin that he believes could surge in the near future as it combines the advantages of decentralized finance (DeFi) with non-fungible tokens (NFTs).
In a YouTube video pushed to his 260,000 subscribers, Wainman pointed to the KIRA Network (KEX), a little-known altcoin he says has the potential to surge in the near future. KIRA is a network that allows users to earn block and fee rewards staking any digital asset across numerous blockchains at the same time.
Per the project’s website, while these digital assets are staked and earning rewards, users will still access their full liquidity and have custody over the funds. Its team claims KIRA makes it possible to generate a passive income from staking any digital asset, including NFTs, without locking them up.
In his video, Wainman explained that users don’t have to sell their assets to unlocked more value with them while using them on leverage, pointing to the potential value to be capture on the derivatives market. Leverage, however, also implies significantly higher risks.
As the Daily Hodl reports, the analysts pointed out that the project is working to deploy a method of maintaining security on the network, and uses a unique consensus model called “multi-bonded proof-of-stake (PoS)” which helps secure the KIRA network.
Per the analyst, the project is already integrated with multiple blockchains, helping it compete with similar projects attempting to free up liquidity through staking. Projects like RAPM and Stafi have a larger market capitalization than KIRA, which is available on Ethereum, Polkadot, Binance Smart Chain, and Cosmos.
One of the core things you should know here is that KIRA is integrated with Ethereum, Polkadot, Binance Smart Chain and Cosmos. This… really says a lot about the aggressiveness in which they’re pushing the cross-chain integration of their liquid staking.
The price of KEX has moved from about $0.022 earlier this year to a $2.1 all-time high earlier this month, before enduring a correction that saw it drop back to $1.87, according to data from decentralized trading platform Uniswap.
Featured image via Unsplash.