Crypto influencer and trader Elliot Wainman is bullish on a low-cap altcoin that is combining the advantages of decentralized finance (DeFi) and non-fungible tokens (NFTs).
In a new YouTube video, the trader tells his 260,000 subscribers that KIRA Network (KEX) has the potential to grow exponentially as the DeFi and NFT sectors continue to gain traction.
KIRA allows users to earn rewards by staking digital assets while still maintaining full liquidity and custody over those funds while doing so. Users can stake cryptocurrencies, digital fiat and non-fungible tokens (NFTs).
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Explains Wainman,
“You don’t have to sell [your assets] or liquidate them to access the value of them… They’re even saying you can take out these assets, use them with leverage here. You can see that they’re really feeding into the DeFi narrative here and we all know derivatives and getting into that world is a ton of value that you can capture.”
The analyst highlights that the project is also working to deploy a unique method of maintaining security on the network.
“They have a really interesting consensus model called multi-bonded proof-of-stake (PoS) which essentially, this is what secures the KIRA network which is its own cross-chain network…”
Wainman also notes that the project aims to integrate with multiple blockchains, helping it compete with those similar projects attempting to free up staked liquidity like RAMP and Stafi, which may currently have larger market caps and awareness than KIRA.
“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.”
Although KEX was up roughly 50% on the day Wainman published his video and is now currently up 250.7% in the past seven days, Wainman says he remains interested in the project and is bullish on more than just an immediate change in the charts.
“I was always planning to do this segment, I just wanted [KEX] to cool out, but unfortunately, the quality of this project is being recognized. The cat’s a little bit out of the bag, and I figured, ‘Hey, it’s now or never.’ Because I think this thing fits into a lot of really interesting narratives.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GandeDuc
