Ethereum Gas prices have increased steadily over the past month, causing network participants to look for other alternatives. While the gas fee was $1.5 on October 15, it rose to $6.35 on November 17. According to CryptoQuant, users even paid up to $6.9 million in ETH gas fees in a single day. ChatGPT has compiled the best altcoin alternatives against rising gas prices.
BNB Chain
ChatGPT’s first choice was BNB Chain (BNB), a layer-1 blockchain created by cryptocurrency exchange Binance. Interestingly, the price of BNB has increased by 14.66% in the last month since Ethereum gas fees started increasing.
Binance Smart Chain is also known for its low transaction fees and fast confirmation times. It works in parallel with Binance Chain but adds smart contract functionality. BNB is the native cryptocurrency of Binance Smart Chain and can be used to pay transaction fees and participate in various decentralized applications (DApps). Binance Smart Chain’s architecture, which prioritizes high efficiency and low fees, makes it an attractive option for users looking for an alternative to Ethereum.
NEWS CONTINUES BELOW-ChatGPT
Solana (LEFT)
Solana (SOL) managed to become one of the best-performing cryptocurrencies of the year and garnered attention as ChatGPT’s second pick for more efficient gas fees. Its native token, SOL, was trading at $56.13 at press time, with a meteoric monthly gain of 136%.
Solana continues to attract attention with its high transaction volume and low transaction costs. It uses a unique consensus mechanism called Proof of History (PoH) to increase scalability and reduce transaction confirmation times. Solana aims to provide a fast and cost-effective platform for decentralized applications. Its growing ecosystem includes various projects and decentralized exchanges (DEXs) that enjoy performance advantages over Ethereum.
– ChatGPT
Cardano (ADA)
As Koinfinans.com reported, ChatGPT’s third pick, Cardano (ADA), was the second-best performing asset among the three low-fee “Ethereum killers”. Native token ADA is trading at $0.36, up 46% in the last 30 days.
When evaluating each of these projects, other factors such as security, scalability, decentralization and adoption need to be examined frequently. In addition, it is important to keep in mind that although ChatGPT takes different factors into consideration, its recommendations will be accurate.