Polkadot, Terra, ‘Most Promising’ for 2022, Pantera’s Morehead Says
Smart contract protocol Polkadot’s DOT token and payments protocol Terra’s LUNA are the “most promising” tokens as we enter 2022, according to crypto investment fund Pantera Capital CEO & founder Dan Morehead.
Speaking in an interview on CNBC this week, Morehead said that he is a strong believer in a multi-blockchain future, and that this is one of the reasons why he is so bullish on Terra.
“I think we’re all coming to the conclusion that there won’t be only one blockchain in the future, there will be maybe 10 or 20 very important blockchains,” Morehead said.
He added that this is where Polkadot’s strength is, as it “will help move value from one [blockchain] to another,” noting that the protocol’s first decentralized finance (DeFi) projects should go live in the first quarter of 2022.
“We see a huge amount of momentum there,” Morehead said about the Polkadot ecosystem.
Commenting on Terra, Pantera’s founder said that many people are just discovering LUNA.
“It has a [USD] 31 billion market cap right now, so it still has plenty of room it can grow,” Morehead said.
Also, he added that the protocol now has the third-largest stablecoin, UST, built on it, and that it is growing at “a very, very rapid rate.”
UST, ranked 20th by market capitalization (on Coingecko), reached USD 10bn capitalization this month, compared with less than USD 200m in January this year.
Lastly in the interview, the Pantera boss also pointed to one coin from the insurance niche within DeFi, saying he is “very excited” about Risk Harbor, a decentralized marketplace for risk management.
“All of these different types of insurances that we need in the real world, and in particular right now for the DeFi ecosystem, can all be done in a decentralized way on Risk Harbor,” Morehead said.
He added that while the marketplace is focused on DeFi for now, “it could broaden out to all kinds of insurance products in the future.”