Analyst Cheeky Crypto has shocked the crypto community with his latest revelation. Let's take a look away from Bitcoin and Ethereum and focus on three hidden gem altcoins poised for explosive growth in 2024.
Analysts first highlighted the pivotal role of exchange-traded funds (ETFs) in the cryptocurrency space, particularly with regard to Ethereum. With the approval of the Ethereum ETF on the horizon, Cheeky Crypto expects demand for the cryptocurrency to surge and its value to rise. However, he cautioned against overlooking the challenges associated with Ethereum's scalability limitations and exorbitant gas prices.
Introducing Hidden Gem: Optimism, Metis, and Polygon's Matic
To tackle these obstacles head-on, Cheeky Crypto introduced three altcoins: Optimism, Metis, and Polygon’s Matic, which flourished amid the rise of Ethereum.
Optimism, a layer 2 scaling solution tailored for the Ethereum chain, promises to enhance transaction throughput and reduce fees, making it essential for Ethereum-based decentralized applications (DApps) .
Similarly, Metis and Polygon's Matic provide layer 2 solutions that enhance the scalability and ease of use of the Ethereum network.
Here's why the above altcoins are important:
Optimism: Optimism is a layer 2 scaling solution designed specifically for the Ethereum blockchain. Its main purpose is to alleviate Ethereum's congestion and high gas fees by enabling faster and cheaper transactions. Optimism accomplishes this by processing transactions off-chain and periodically settling them on the Ethereum mainnet.
Metis: Metis is another layer 2 scaling solution that addresses Ethereum's scalability challenges. Similar to Optimism, Metis works off-chain to process transactions more efficiently before settling them on the Ethereum mainnet.
Matic by Polygon: Polygon, formerly known as Matic Network, is a multi-chain scaling solution for Ethereum. It provides 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 such as transaction fees and governance.
