Substitutes for Ethereum (ETH) Following the Merge Delay – Polygon (MATIC) & Parody Coin (PARO)
Ethereum (ETH) can be turned into a multichain system or a blockchain internet using Polygon (MATIC).
As Ethereum (ETH) transitions from Proof-of-Work to Proof-of-Stake, a Merge is a much-anticipated event among Ethereum (ETH) holders. The Ethereum (ETH) development team renamed the update “consensus layer” instead of “ETH2” in January 2022, hinting at progress.
An Ethereum (ETH) core developer, Tim Bieko, confirmed that the protocol’s anticipated switch to Proof-of-Stake is set for Q3 2022. While the reason for the delay is unknown, Bieko confirmed that this is the “final chapter of Proof-of-Work”.
According to Parit Hosh, a Validator Whisperer at the Ethereum (ETH) Foundation, the final testnet period could last three months. The testnet’s timely completion is critical for the mainnet’s launch of the consensus layer. The launch is expected to improve the platform’s scalability and is also likely to raise the value of ETH.
While waiting for the consensus layer to launch, Ethereum (ETH) enthusiasts should be aware that there are other platforms with bridges that facilitate speedy transactions at low rates. Two of these platforms include Polygon (MATIC) and Parody Coin (PARO), which have recently gone into presale.
Ethereum (ETH) can be turned into a multichain system or a blockchain internet using Polygon (MATIC). The Polygon (MATIC) platform has been used to create over 7000 Web 3.0 applications. Because of the lower gas fees and faster transactions, many Web 3.0 projects built on Ethereum (ETH) are migrating to Polygon (MATIC).
Developers find it simple to migrate to Polygon (MATIC) because of its complete compatibility with the Ethereum Virtual Machine (EVM). Polygon (MATIC) is used by some of the most well-known business dApps, including Dolce and Gabbana and the popular NFT marketplace OpenSea.
Polygon (MATIC) is known as a layer 2 aggregator because it is creating an ecosystem of blockchains that can easily connect to one another on top of Ethereum (ETH). Polygon (MATIC) provides many technological components that help to build scalable architecture by increasing throughput without compromising security.
Polygon (MATIC) frequently outnumbers Ethereum (ETH) in terms of daily active users. Yet the platform isn’t an Ethereum (ETH) competitor; rather, its interoperability makes it easier to extract more value from the Ethereum (ETH) network.
Parody Coin (PARO)
Parody Coin (PARO) is the latest deflationary utility token based on the Binance Smart Chain (BEP20).
As Parody Coin (PARO) is deflationary, the total number of tokens in circulation decreases over time because a portion of the user fees is automatically burned. Consequently, as PARO tokens are all pre-mined and there is no perpetual emission, the value of the tokens could continue to grow over time if HODLed.
Despite only entering presale 2 weeks ago, the platform first caught the attention of the crypto community due to its innovative concept. By incentivizing people to create ‘parodies’ of popular NFTs that sell for millions of dollars, access to the NFT market could be widened.
Parody Coin (PARO) has also been praised for its practicality. Implementing a variety of state-of-the-art features, PARO could bring a lot of utility to the evolving crypto space. For example, Parody Swap is the platform’s multichain swap which enables users to swap any crypto on any blockchain for an equivalent number of PARO tokens. Moreover, the Parody Bridge lets users transfer their PARO across different blockchains.
Holders also benefit from Parody Coin’s (PARO) numerous rewards. These rewards consist of gains from the reflection process (half of every transaction fee goes directly into their wallets), staking opportunities and “ParoRewards”.
In the White Paper, the ParoRewards system is designed to lend out funds for a return on money markets on the BNB Chain. Those with PARO can thus earn up to 30% APY on various BEP 20 tokens as a result of this.
Considering that Parody Coin (PARO) has only just entered its first stage of presale, PARO can be purchased at its lowest ever price, which is currently at $0.002. The price is expected to incline as it nears closer to its launch date.
Learn more about Parody Coin (PARO) here:
Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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