2022 and its bearish market condition have undoubtedly wreaked havoc on many investors. The fall of FTX made things more dramatic as it toppled many renowned blockchain projects like Domino.
Fortunately, newer solutions like Snowfall Protocol (SNW) have also risen to prominence, and gas gained investors’ attention with its ingenious real-world application. Snowfall Protocol (SNW) aims to prevent FTX debacle recurrence by improving cross-chain interoperability and seamless asset transfer.
Other protocols like Polkadot have also promised invincibility and more scalability to developers and investors. However, can Polkadot replace Ethereum? Is Snowfall Protocol (SNW) the next blue chip investment for traders and investors? Read on to learn more.
Solana and Ethereum Suffer Hugely to FTX Debacle
Solana is one of the most promising crypto projects that boast an eco-friendlier approach to scalable networks. However, things went awry for Solana after the sudden collapse of FTX in a liquidity scandal. As a result, the exchange went bankrupt. Unfortunately, FTX CEO Sam-Bankman Fried also owns Alameda research, one of the companies that invested almost half a billion in Solana.
Consequently, Solana’s market cap collapsed from $55 billion to barely $3 billion before the end of the year. Investors sold off their positions and bailed on Solana to the tune of $8 billion. Also, two of the biggest NFT projects on Solana are planning to migrate to other chains. So far, Solana has declined by more than 92% from the all-time high price of $258.
Ethereum was not left out, as the event had a rippling effect that shook the value of ETH. Ethereum’s value dropped 40% to a key support zone at $1,100. The steam of the event is cooling off, and many cryptocurrencies are finding a foothold to support their value. Newer projects like Snowfall Protocol are raising the dust with their disruptive use cases.
Is Polkadot the Ethereum Killer?
Despite the importance and resilience of Ethereum, the FTX debacle shows that the chain is not invincible from external market forces. Therefore, the need for the development of a better alternative to Ethereum. Many blockchain networks like Polkadot and Solana that emerged to unseat Ethereum with better advantageous use cases have been dubbed “Ethereum Killer.”
With Solana’s failure, is Polkadot up to the task? Polkadot has established itself as an excellent contender to replace Ethereum due to its scalability, interoperability, and cross-chain communication ability. Polkadot features a growing network of specialized sovereign blockchains called Parachains.
At its core, Polkadot’s approach to scalability is far more exceptional than Ethereum. However, Ethereum’s smart contract compatibility, expansive ecosystem, and developers are more robust. Therefore, it is preferred for building dApps and protocols despite struggling with scalability and interoperability.
In summary, Polkadot and Ethereum have their pros and cons. Still, cross-chain solutions like Snowfall Protocol can help bridge the gap between both chains. This way, both chains can coexist so developers can enjoy unbeatable services and smart contract capabilities. Thus, only time can tell how far Polkadot can go.
Snowfall Protocol Raises $5 Million in Presale, Set to Make 1000x
Since the drama around FTX and Solana unfolded, Snowfall Protocol (SNW) has become investors’ favorite as a new project with limitless use cases. The protocol has garnered mainstream attention and gained the spotlight as the next unicorn project.
Widely regarded as the greener pasture for investors, Snowfall Protocol (SNW) is a multichain bridging solution that allows anyone to securely transfer their funds or NFTs to and from more than 200 chains. It allows for impeccable communication between networks and, thus, improves their interoperability and flexibility.
The importance of Snowfall Protocol (SNW) in promoting an interconnected blockchain technology has further boosted the demand for its token in the presale stage. It uses a canonical token bridge and wrap/swap system to facilitate a transparent, secure, accessible, and easy movement of assets. Users and investors could swiftly move their assets and enjoy more staking rewards or interest at a low fee.
Aside from its DEX and dApp services, Snowfall Protocol (SNW) offers a DeFi product via staking, and investors can’t get enough of it. Due to its unbeatable use cases, the Snowfall Protocol (SNW)token is regarded as the best investment of 2023. The token is seeing huge demand in presale and is trading for $0.191, about an 800% increase from the launch price. Experts are confident that the token will still rise by 1000x. Therefore, now is the best time to ape in on the project.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.