Cardano (ADA), known as its Ethereum competitor, has launched its first ERC-20 converter. Ethereum killers Polkadot (DOT), Solana (SOL), and Cardano witnessed a surge in interest and on-chain activity in 2021. DeFi projects continue to move from the Ethereum network to Solana or Avalanche for cheaper and faster transactions. Analysts are predicting a drop in Ethereum price, noting red flags for altcoins in the current cycle. For details cryptocoin.com keep reading.
ADA, SOL and DOT can outperform Ethereum (ETH)
As the leading altcoin moves towards ‘merger’ or the transition from Proof of Work (PoW) to Proof Of Stake (PoS), experts believe Cardano, Solana and Polkadot could outperform ETH. Experts believe that Ethereum’s PoS transition could allow the altcoin project to attract millions of new users. However, by 2021, layer-1 solutions witnessed an increase in on-chain activity and transactions. Avalanche and Polygon (MATIC) recorded 435% and 125% growth in daily active addresses from September 2021 to the end of the year.
The increase in daily active addresses indicates increased investor interest in tier-1 scaling solutions. Experts predict that the merger will increase active users and transaction volume on the Ethereum network. The fundamental improvements implemented by the consolidation are expected to reduce the transaction cost in the network. However, it is unclear whether the move from one consensus mechanism to another will help the ETH network compete with emerging layer-1 scaling solutions.
Popular as an Ethereum killer, Cardano recently released its ERC-20 converter. The community will now have the ability to bring ERC-20 tokens from Ethereum to the Cardano network. Cardano has renewed its network to broadcast contracts at higher capacity. FeraSY1, a crypto analyst and educator, believes that the drop in ETH prices is a red flag. The analyst states that the current cycle’s falling altcoin prices are a red flag for cryptocurrencies.
however, would I do the same with my main account? just buy few Strong Ecosystems/Protocols related coins and just forget them? of course NOTE
Anyone who experienced previous Bear Markets knows how #ETH went down from 1500$ to 80$, others did much worse👇🏻
— Crypto Feras (@FeraSY1) December 30, 2021
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