The competition in the crypto industry is very stiff and projects must be able to adapt quickly. With the high amount of cryptocurrencies and projects in the market and a lot more being released with phenomenal incentives and benefits, there’s no time for complacency amongst the projects. New projects and blockchain networks are coming out with solutions to the limitations of previous blockchains and this is what has led to the concept of “Ethereum Killers”.
Ethereum (ETH) is the second most popular and valued cryptocurrency in the world. It is one of the most popular decentralised platforms for financial apps, games, and services and it has an edge over other coins and platforms having been established much earlier. However, with all this adoption comes the issue of congestion.
Ethereum’s blockchain network is occupied by a large amount and this is affecting its scalability not to mention, that the fact that it runs on the energy-consuming proof-of-work (PoW) consensus mechanism means it is less environmentally sustainable. Having all these limitations, there has been a new breed of crypto projects that have been released to solve these issues plaguing Ethereum (ETH) and possibly supersede its influence in the market hence the term “Ethereum Killers”. Several projects have been dubbed with this title, however, Parody Coin (PARO) and Avalanche (AVAX) are two with very great potential.
Parody Coin (PARO)
Parody Coin (PARO) is a deflationary BEP20 token built on Binance Smart Chain (BSC) with several avenues for rewarding the participation of users in its interactive Paroverse. The ecosystem has three key utility features which include the Parody Swap, Parody Market and Parody Bridge.
Parody Swap lets users swap any cryptocurrency within any blockchain for an equal amount of PARO tokens. It is a multi-chain swap that aggregates liquidity into one place.
Parody Market is a decentralised app (DApp) on the Binance Smart Chain that serves as an NFT marketplace. Users can mint parodies of popular NFTs and display them for sale or buy from others that have been listed. A special feature of the marketplace is that the real owners of the original NFTs can claim ownership of the parodies by locking up or burning their original NFTs.
Parody Bridge is a bridge that allows users to transfer PARO tokens to other blockchains.
According to the project’s tokenomics, PARO, the platform’s native utility token, is at the core of the ecosystem. It can be used to mint Parody NFTs, to stake to secure the network’s integrity or spend. There’s also a tax system implemented on the transaction fees charged from users with a percentage going to the wallet of token holders through an airdrop. Parody Coin is currently in its presale phase and this might be a great time to get involved in the project.
Avalanche (AVAX) is another ‘Ethereum Killer’ due to its ultra-quick transaction processing speeds. The platform with its ability to perform more transactions than Ethereum at a time makes it a great alternative for investors and crypto enthusiasts.
Avalanche’s native token, AVAX, has a market cap of over $7 billion and is one of the top 20 cryptos on CoinMarketCap. The token can be used for several DeFi (decentralised finance) functions like staking, lending, pooling, and trading among others. Besides its great speed, the network also boasts impeccable security and resistance to cyber-attacks. For investors and crypto enthusiasts, the network is an opportunity to invest in a cryptocurrency that is similar to Ethereum but cheaper and more innovative.
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