Sunday, July 3

Coinbase Sees Growth in Solana, Avalanche, and Other Layer 1 Altcoins

New year and many predictions emerge in the financial markets. One of them is the one that has made Surojit Chatterjee, Product Manager, Exchange Coinbase, noting that he sees growth in Solana, Avalanche and other layer 1 altcoins by 2022 according to Dailyhodl.

Chatterjee Says Ethereum Competitors Avalanche and Solana Should See One significant improvement this year and new Layer 1 solutions will emerge.

“As we welcome the next 100 million users to cryptocurrencies and Web3, the scalability challenges for ETH are likely to grow. The pull of Solana, Avalanche, and other Layer 1 chains shows that we will live in a multi-chain world in the future. We will also see new L1 chains emerge that focus on specific use cases, such as gaming or social media, “Chatterjee noted.

Chatterjee also says that he believes decentralized finance protocols (DeFi) will start adopt regulations And that large institutions will start to play a bigger role in DeFi because of that. He notes that DeFi platforms that welcome regulations alongside Know Your Customer (KYC) verification standards would attract hesitant frontline investors.

“Institutions are still hesitant to participate in DeFi. They want to confirm that they are only transacting with known counterparties who have completed a KYC process. The growth of on-chain KYC and regulated DeFi certification will help institutions gain confidence in DeFi, “Chatterjee noted.

It also predicts that prominent brands will follow in the footsteps of Coca-Cola and Charmin by participating in the metaverso and use tokens no fungibles (NFT).

“We are likely to see more interesting brand marketing initiatives using NFT. The NFTs and the metaverse will become the new Instagram of the brands. And just like on Instagram, many brands can start out as NFT natives. We will also see many more celebrities jump on the bandwagon and use NFT to enhance their personal brand “concluded the expert.

Solana is trading at $ 170 and Avalanche is trading at $ 108.

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