With Ethereum scaling and consuming a significant amount of electricity, Proof of Stake approval mechanisms came to the agenda after the Proof of Work system. Along with this, serious valuations took place on AVALANCHE, POLKADOT platforms. AVAX was valued at 10 times, while Polkadot experienced close annual valuations. When investors noticed this transition, they started looking for the next PoS platform. In fact, although these platforms have many features other than PoS, they get their main popularity from the definition of “Next Ethereum” . This is very popular and there is a platform that has been tried with this discourse many times before. Most of them failed to live up to that expectation. In fact, the problem was not in the technology, but in the intensity of use or the lack of apps built on it. This may be because the technologies are not good and developers do not prefer it, but the Avalanche platform may have been the choice of developers because it allows all the projects that can be developed on Ethereum to be developed very easily.
AVALANCHE (AVAX)
With the opening of the Pangolin decentralized exchange and the use of Ethereum tokens on it, AWAX has unleashed its value and shown that it can be an ambitious candidate to become the next Ethereum. So is there a chance that Algorand will get a stake in Ethereum, Avalanche or Polkadot in this ecosystem? Currently, Polkadot has a valuation of around $ 38 billion, AVAX has a valuation of around $ 22 billion, while ALGO with locked cryptos has a valuation of around $ 11.5 billion. Due to the fact that many coins are not released at the moment, ALGO , which has a valuation of $ 2.5 billion, seems to have a way ahead of other platforms with higher popularity.
ALGORAND (ALGO)
Let’s talk a little bit about what can be done with ALGO’s market comparison. The Algorand platform has an important difference from other platforms: token transfer. You can’t ship to a random address like Ethereum. If you have an Ethereum wallet, you have seen tokens coming from addresses you don’t know yet. With this not being a problem, this transfer is not so easy in Algorand. We can abbreviate it to say that you need to get the approval of both addresses in order to transfer tokens on Algorand.
Algorand A platform developed by an academically oriented team. While technically safe and advanced, it may need to ramp up its efforts to spread on the market side. Algorand, who has received support for this, can say that his community is powerless, according to Avalanche. This is an important omission in terms of being noticed and used. However, we think that Algorand may be a candidate on the CBDC side in terms of an institutional interest or cooperation with countries.
POLKADOT (DOT)
The founder of Polkadot is someone who left the Ethereum team. Although it was founded 4 years ago, it started to work on the scaling problem of Ethereum at that time. Polkadot, which we have been actively talking about recently, is an important candidate to become the next Ethereum.
This competition benefits investors, and each platform continues to evolve to be better. But this is not a race with a duration. With platforms bridging Ethereum, cross-blockchain operation has increased. This shows that not one platform, but multiple platforms can be used at the same time. In the coming period, the Ethereum Dominance indicator may gain importance among these platforms.
