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Crypto analyst Aaron Arnold thinks Ethereum (ETH), Solana (SOL) and three other altcoins will be “explosive” this year.

The co-host of Altcoin Daily tells his 1.2 million YouTube subscribers that surging interest in non-fungible tokens (NFTs) and decentralized finance (DeFi) is driving his bullishness on a handful of crypto assets.

“[I’m] talking about quality L1s and quality L2s. I’m talking about projects that have real activity going on on the protocol.

These cryptocurrency projects are going to be explosive this year. Why do I say that?

It is because the amount of activity we are seeing in the NFT space, the DeFi space, just continues to go parabolic.”

Leading smart contract platform Ethereum is trading at $3,129.40 at time of writing, down 0.9% in the past 24 hours, while competing smart contract platform Solana is currently trading at $136.58.

Arnold is also bullish on layer-2 scaling solution Polygon (MATIC), which is trading at $2.04 at time of writing, down 2.57% in the past 24 hours.

Next on Arnold’s list is Immutable X (IMX), a scaling solution for NFTs aiming to enable near-instant, zero gas fee transactions. IMX is trading at $3.57 at time of writing, down 4.67% in the past 24 hours.

Arnold also mentions Metis Token (METIS), another layer-2 scaling solution. The 154th-ranked crypto asset by market cap is trading at $282.99 at time of writing.

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One under-the-radar altcoin that’s designed to solve several of Ethereum’s biggest challenges is stacking up massive gains as ETH and Bitcoin (BTC) consolidate into the new year.

The layer-2 scaling solution Metis Token (METIS) offers lower fees and faster transaction times than Ethereum, while still retaining the security of the leading smart contract platform.

According to the project website,

“Offloading data and execution to a second layer allows Metis to provide a more scalable and cost-efficient environment for building and interacting with Web3 applications.”

The protocol employs optimistic rollup technology to achieve its functional goals on a layer above the layer-1 blockchain but relies on this underlying layer for both security and settlements.

METIS, its native token, can be used for staking and internal payments, but also serves an important function within the Metis Virtual Machine (MVM) during the creation of a decentralized autonomous company (DAC).

The project explains,

“METIS tokens also play a role in reducing spam and ensure trust between developers and users alike. Users must stake some amount of METIS to start a collaboration with others on the platform, such as the founding of a DAC.

These tokens will be returned to the initial users if the collaboration is successful. Unsuccessful collaborations can lead to users losing their stake (akin to slashing penalties). Collaborators will also be paid and rewarded in METIS for the contributions.”

The price of METIS surged 122% from December 22th to the 27th, working its way up from $73.68 to an all-time high (ATH) of $164.23.

After some choppy corrective action took the altcoin as low as $133.42 earlier this week, it’s back up another 18.3% today and touched a fresh ATH of $175.60. It is now up 134% in the last seven days.

By contrast, Ethereum has been trading flat all week and at $3,762 is down 18.8% from its monthly high of $4,631.

Bitcoin remains below $50,000 and is currently priced at $47,648.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin.News

Tag: Metis Token

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