Analyst Cheeky Crypto has rattled the cryptocurrency community with his latest revelation: turn your attention away from Bitcoin and Ethereum and focus on three hidden gem altcoins poised for explosive growth in 2024.
The analyst commenced by shedding light on the pivotal role of Exchange Traded Funds (ETFs) in the crypto arena, especially concerning Ethereum. With the impending approval of Ethereum’s ETF, Cheeky Crypto anticipates a surge in demand for the cryptocurrency, propelling its value upwards. However, he warned against overlooking the challenges associated with Ethereum’s scalability limitations and exorbitant gas fees.
To tackle these obstacles head-on, Cheeky Crypto introduced three altcoins to flourish amidst Ethereum’s ascension: Optimism, Metis, and Polygon’s Matic.
Optimism, a layer 2 scaling solution tailored for the Ethereum chain, vows to bolster transaction throughput and slash fees, making it indispensable for Ethereum-based decentralized applications (DApps).
Similarly, Metis and Polygon’s Matic offer layer 2 solutions to enhance scalability and user-friendliness on the Ethereum network.
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Optimism: Optimism is a layer 2 scaling solution designed specifically for the Ethereum blockchain. Its primary objective is to alleviate Ethereum’s congestion and high gas fees by enabling faster and cheaper transactions. Optimism achieves this by processing transactions off-chain and periodically settling them on the Ethereum mainnet.
Metis: Metis is another layer 2 scaling solution addressing Ethereum’s scalability challenges. Like Optimism, Metis operates off-chain to process transactions more efficiently before settling them on the Ethereum mainnet.
Polygon’s Matic: Polygon, formerly known as Matic Network, is a multi-chain scaling solution for Ethereum. It offers a framework for building and connecting Ethereum-compatible blockchain networks, known as sidechains, to enhance scalability and interoperability. Polygon’s Matic token serves as the network’s native cryptocurrency and is used for various purposes, including transaction fees and governance.
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