Crypto analyst and host of Altcoin Daily, Aaron Arnold, is tracking a popular tier-1 smart contract platform for 2022 to possibly be a release year. The analyst is quite ambitious about this altcoin project and says that it is 10 times better than Solana, which made a rapid debut in 2021 but has had some problems recently. Analyst’s shares cryptocoin.com compiled for our readers.
“This altcoin has the potential to topple Solana”
The analyst says that Avalanche (AVAX) is ready to take down another Ethereum competitor, Solana (SOL):
I think Avalanche has the potential to topple Solana in the short term, medium term or long term. I think it has a strong potential future.
The Altcoin Daily host believes that AVAX can also outperform Ethereum in terms of trading volume:
Clearly, Ethereum is the leader in tier 1, open source DApp platforms. But daily transactions of Ethereum and AVAX, the difference here is now only 3% or 33,000 transactions. It looks like AVAX will beat Ethereum in transactions, which is a pretty big metric.
Aaron Arnold then highlights the diversity of niches in the crypto space that Avalanche currently serves:
The AVAX ecosystem is one of the largest in space. Ethereum has a huge DeFi sector that attracts tons of people from the DeFi sector. There is a large NFT and game industry. We have tool DApps, privacy wallet. AVAX is definitely a must watch.
According to the analyst, AVAX should be listed as a 2022 ore.
The analyst also talks about how Avalanche took a cue from Ethereum’s successful token burning mechanism:
AVAX makes their own versions where they have their own burning mechanism. As AVAX is burned, supply in AVAX is dwindling from transaction fees, creation of assets, creation of Blockchains, creation of subnets.
According to Aaron Arnold, the bullish status for Avalanche comes from having a fixed capital supply like Bitcoin. The analyst is not as decentralized as Bitcoin, but finds the tokenomics similar in that it is fixed and finite, unlike Ethereum, which is unconstrained. The analyst then cites a post from the official Avalanche Twitter account stating that more than 700,000 AVAX has been burned, including all transaction fees:
I want you to put AVAX on your radar today as a possible 2022 ore. I think we’ll see the momentum of AVAX continue.
Avalanche rebounded from a monthly low of just under $60 two weeks ago to $76.42 at the time of writing, an impressive 14.35% gain. The altcoin started the year at $110.70.
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