The 2021-2022 period was a big event for the entire crypto industry. As bitcoin rallied, it took its ensemble cast of altcoins along for the ride, and several of them ended up hitting record highs. Among these record-breakers were some of the newest members of the crypto industry, Terra and Tezos.
Well, the euphoria was short-lived, as the crash that followed wiped out over 85% of Tezos value. Terra, which would later be called Terra Classic after the fork, was wiped off the map. However, it would eventually show some signs of recovery. That is until Snowfall hit the ground running.
Today, Snowfallprotocol.io’s (SNW) meteoric rise is marked by an equally swift reduction in activity on Terra Classic and Tezos platforms. Is this just another momentary slump for these two DeFi tokens, or is it the end for them?
Terra is a decentralized token in name only. At this point, calling it DeFi is a euphemism. 97% of the LUNC, the governing token of Terra Classic, was minted in a single day. At the moment, there are a total of 6.5 trillion LUNC in circulation. Yet, only 250 million LUNC are staked.
The signs are clear. Over two-thirds of the total LUNC in circulation is held by either a single person, a group, or a small group of entities. With that kind of numbers, these entities can hijack the decision-making of the entire platform for their own vested interests.
By choosing Snowfallprotocol.io (SNW) over Terra Classic, users have demonstrated that they want a truly decentralized platform for staking their stablecoins.
Pointless and Untrustworthy
Unlike Snowfallprotocol.io (SNW) which has robust real-world applications, Tezos is facing an existential crisis. It does not solve any global financial problems in ways others aren’t already doing. Ethereum has had a huge head start and consolidated its authority in the smart contracts space. There’s just not enough room for Tezos to maneuver.
Secondly, the problem facing Tezos is very much similar to the one facing Terra Classic. Tezos has an extremely high concentration of wealth in the hands of a small number of players. After the Terra fiasco, which cost the token over 99% of its value, crypto users are fresh out of trust in behind-the-scenes players.
Modern Problems Require Modern Solutions
The problems currently facing Terra Classic and Tezos are similar in nature. The arrival of Snowfallprotocol.io (SNW) offers crypto users the ability to stake, yield, swap, and move NFT assets across different cryptocurrencies. Most notably, it allows users to enjoy a truly decentralized financial system in the Metaverse. Moreover, Snowfallprotocol.io’s (SNW) offers a highly trustworthy platform for its users without the threat of wealth concentration. These are some things that Terra Classic and Tezos cannot address anytime soon, so their nose-dive in popularity and relevance will not stop.
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