According to Altcoin Daily, this gem has the potential to topple both ETH and SOL.
Altcoin Daily analyst and moderator Aaron Arnold has his eye on a popular layer 1 smart contract platform that could explode in 2022. Video Recently, a trader commented that AVAX poses a major challenge for competitor SOL as Solana slowly recovers from network congestion issues over the past month.
“I think AVAX has the potential to topple SOL in the short, medium or long term. It has a potentially strong future.”
According to him, AVAX can also overtake ETH in trading volume.
“Evidently, Ethereum is the leading open-source Layer 1 platform for decentralized applications (DApp), but the daily transaction count of ETH and AVAX currently differs by only 3% or 33,000.
Next, Arnold pointed out the diversity of sectors in the crypto space that Avalanche currently operates in.
“The Avalanche ecosystem is one of the largest in space. The huge DeFi sector is attracting a crowd of Ethereum DeFi users.
The NFT and Games section. We have a tool DApp, a private wallet…
AVAX is definitely one of the coins to watch.”
He also mentioned how Avalanche learned from Ethereum’s successful token burning mechanism.
“This mechanism works great on Ethereum. Avalanche does this with its own version.
AVAX supply will decrease as transaction fee coins are burned, assets are created, blockchains are created and subnets are created.
The bullish driver for Avalanche is that, like Bitcoin, it has a hard cap supply. While not decentralized like Bitcoin, its (tokenomic) economy is similar in that unlike ETH, it is fixed and finite.”
Arnold then refers to a post from Avalanche’s official Twitter account, noting that over 700,000 AVAXs including all transaction fees were burned before concluding:
“I want you to put AVAX on your radar as a potential gem of 2022. I think we will continue to see momentum.”
AVAX is up an impressive 15% in the last 24 hours and is now trading at $78.45 at press time versus a monthly low of less than $60 2 weeks ago. This token starts the year at $110.7.
AVAX 4 hour chart | Source: Trade View
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