Altcoin Daily host and Bitcoin bull Austin Arnold announced the best altcoin choices for 2021.
Arnold told Altcoin Daily’s 332,000 followers that it ranked sixth on Ethereum’s list. The crypto trader says that while the leading smart contract platform is often compared to Bitcoin (BTC), the two projects offer unique use cases.
“Ethereum is trying to be something else. It has no fixed supply. It’s not the hardest form of money we have. But think of it as a global supercomputer that anyone can build on anywhere without the consent of an intermediary … Bitcoin offers you the option to become your own bank for the first time in human history, while Ethereum gives you the option for banking-type services such as lending and lending without the need for intermediaries. . “
Fifth is the decentralized finance (DeFi) lending and borrowing protocol Aave.
“We are already seeing a great benefit in the protocol. Currently more than $ 2 billion people invest their assets, lend and borrow peer-to-peer without any central intermediary… This could be too big to give the average people financial freedom. ”
Arnold also notes that Aave plans to expand into Asian markets as it aims to bring DeFi to institutions.
Polkadot (DOT) ranks fourth on Austin’s list. The crypto trader says he expects his Ethereum rival to be successful in this cycle.
“[Polkadot] aims to be the internet of blockchains. Not only does it offer interoperability so that different blockchains can connect and communicate with each other, it’s also a DApp platform where we’ve seen an ecosystem grow in Polkadot, like Ethereum. I expect this ecosystem to grow and develop further. ”
Arnold adds that 63% of DOT’s supply is locked, which is a good sign for the price of the crypto asset.
Synthetix Network Token
Ranking third, Synthetix Network Token (SNX) is a protocol that allows users to turn to assets and commodities such as gold and Bitcoin using synthetic tokens. Arnold emphasizes that the protocol aims to disrupt the highly valuable derivatives market.
“Bitcoin, for example, is now pursuing gold in the store of value market worth about $ 12 trillion, while Synthethix is aiming to revolutionize the derivatives market, currently valued at more than $ 1 quadrillion at the top.
Cardano (ADA) ranks second. Arnold says it is poised to become the seventh largest crypto asset smart contract platform alternative as Ethereum continues to suffer congestion issues.
“As Ethereum inevitably grows and congestion increases in the network, I think Ethereum users and developers will expand to Cardano as a more scalable option.”
At the top of Arnold’s list is Chainlink (LINK). Arnold emphasizes the growth of the fundamentals of the decentralized oracle network.
“Metrics tweeted by the organization itself,‘ 2020 has been a year of record growth for the Chainlink network. This is what we see when we get an overview of key metrics in DeFi, such as our adoption, applied research, and blockchain integrations. ‘There are huge data and partnerships to support Chainlink as the most widely adopted oracle and on-chain data source for cryptocurrency as of now. “