Crypto influencer Lark Davis is shining a spotlight on a hot new altcoin that is outperforming its more seasoned crypto cohorts.
In a new video, Davis gives his 251,000 subscribers the rundown on smart contract platform Avalanche (AVAX).
The analyst notes that the coin’s quick rise to prominence is rare, with AVAX exploding roughly 900% since December 31, 2020 from a low of $2.8 to its current value of $27.85, according to CoinGecko.
“Avalanche is one of the very few cryptocurrencies actually launched in 2020 that was able to shoot basically straight into the top rankings for coins which is a very very impressive thing. You don’t often see such a big move so fast for a newly launched coin.”
Davis notes that Avalanche is run by an impressive team of crypto veterans, including its founder Dr. Emin Gün Sirer who some speculate could be Bitcoin-creator Satoshi Nakomoto.
The trader says that assets on Avalanche’s blockchain can obey special covenants, making the network suitable for a wide array of use cases pertaining to traditional finance.
“The specific use cases that Avalanche is developing to accommodate for include things like private securities, initial litigation offerings… Basically allowing investors to take a cut of lawsuits – there’s actually one going on right now for like a billion dollars using Avalanche – that’s an interesting use case, as well as decentralized exchanges, synthetic assets, stablecoins, prediction markets, equities, bonds, debt, real estate, all the usual stuff… So largely we’re looking at something on the more traditional side of finance when it comes to it.”
The crypto trader also highlights that Avalanche already has 1,800 tokenized assets on its blockchain, a large number considering the project has been operational for less than a year.
“Overall, Avalanche is a very, very interesting blockchain network. They’ve done an incredible amount of building in a very short amount of time putting many other networks who have been around for a longer time basically to shame with what they’ve already been able to deliver for their blockchain ecosystem… My guess is we’re going to hear a lot about Avalanche moving forward.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/bluecrayola