Crypto analyst and co-host of Altcoin Daily, Aaron Arnold, believes that 2022 will be the launch year of a popular tier-1 smart contract platform, and is watching it closely.
The trader, who is closely followed by the crypto community, told his 1.21 million subscribers in a new video; because he couldn’t handle the overload problems in the platform network Avalanche (AVAX) other Ethereum (ETH) competitor to Solana (LEFT) He said he could handle it.
“Whether in the short term, the medium term or the long term, for me [Avalanche]He has the potential to take down Solana.
I believe he has a bright future.
The Altcoin Daily host says that AVAX can even outperform Ethereum in terms of trading volume.
“Ethereum, tier-1, open source DApp [merkezi olmayan uygulama] It is by far the leader in their platform, but… If we look at the daily transactions of Ethereum and AVAX, the difference here is currently only 3%, or 33,000 transactions.
AVAX looks set to displace Ethereum in transactions; which is a pretty big deal, a pretty big metric.”
Arnold then highlights that Avalanche currently serves a wide variety of niches in the service crypto space:
“The AVAX ecosystem is one of the largest in space. A massive DeFi pulling tens of thousands of people from Ethereum’s DeFi sector [merkezi olmayan finans] sector.
A big NFT [non-fungible token] and the gaming industry… Our rendering DApps, privacy wallet etc. there are things…
AVAX is definitely a platform to consider.”
The YouTuber also talks about how Avalanche modeled itself on Ethereum’s successful token burning mechanism.
“It [Ethereum için] it has been so successful that AVAX is also making its own version with its own combustion mechanism.
AVAX supply is dwindling as AVAX is burned as a result of transaction fees, asset creation, blockchain creation and subnetting.
The fact that Avalanche, like Bitcoin, has a stable supply is a bullish sign for him. Although not as decentralized as Bitcoin, unlike Ethereum [Avalanche’ın] their tokenomics are similar in that they are fixed and limited.
Before concluding his analysis, Arnold cites a tweet from the official Avalanche Twitter account and states that more than 700,000 AVAX have been burned to date, including all transaction fees.
🔥 Over 700K $AVAX burned 🔥
All tx fees on #avalanche are burned and removed from circulation–benefitting the entire community!
Tracked burned fees to date ➡️ https://t.co/SqXgJearM8 pic.twitter.com/B5VSVFhAn7
— Avalanche 🔺 (@avalancheavax) January 26, 2022
“Today I ask you to put AVAX on your radar as a possible 2022 jewel.
I believe the momentum of AVAX will continue.”
The cryptocurrency, which started an impressive rally from its monthly low of $60 two weeks ago, is trading at $76.64, up over 15 percent at the time of writing. Starting the year at $110.70, AVAX is still far from its all-time high despite its massive recovery.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.