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Ethereum’s run as the decentralized cryptocurrency of choice appears to be ending.
Key points
- High gas fees are forcing Ethereum users to find new ways to transact.
- Avalanche and Chainlink bring alternative approaches to the table.
Ethereum’s run as the decentralized cryptocurrency of choice may be ending. The rise in popularity of decentralized assets exposed a flaw in Ethereum’s system: It becomes more expensive to use the Ethereum blockchain simply because of how many people are making transactions. When the number of users increases, gas fees follow suit.
This is also a problem with non-fungible tokens (NFTs), by far Ethereum’s most popular use. Not only is it becoming more expensive to buy, sell, and trade NFTs on Ethereum, it is also more expensive to mint new projects. As interest in NFTs grows, creators and investors are looking for less expensive options. Here are two cryptocurrencies set to crush Ethereum in 2022.
Avalanche
Avalanche (AVAX) is one of the most popular blockchains challenging Ethereum’s supremacy with smart contract technology. The key difference is that Avalanche has a much higher transaction capacity (around 6,500 transactions per second). It also has a unique, three-chain structure that can aid in developing decentralized apps (DApps) and in other decentralized finance (DeFi) use cases.
According to Avax-projects.com, there are more than 400 NFT projects listed on Avalanche. This puts the blockchain in a solid position to capitalize on recent growth in NFT transaction volume, which nonfungible.com said grew from around $82.5 million to $17.7 billion last year.
Investors have flocked to Avalanche as well. The asset’s price has grown by more than 32%, and its market capitalization by more than $7 billion since late January. For comparison, Ethereum’s price grew by just 8%, and its market cap by $24 billion over the same period, according to data from CoinMarketCap.
Chainlink
Chainlink is a blockchain abstraction layer enabling universally connected smart contracts. This means it can connect its smart contracts to off-network databases without compromising security or reliability.
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Chainlink is also developing more real-world applications for its technology. For example, Chainlink partnered with AccuWeather to explore better ways to measure crop resiliency. The company also recently hired former Google CEO Eric Schmidt as a strategic advisor, harnessing his expertise in growing tech companies.
Chainlink has seen its price rise only slightly over the last week and is trading near $15 per unit as of this writing. However, the asset saw a large influx of trading activity in just the last 24 hours, with more than $550 million worth of Chainlink exchanging hands, according to data from CoinMarketCap.
As with any cryptocurrencies, investors should do their own research and understand the risks of digital assets before spending their first dollar.
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