Cryptocurrencies are becoming a popular investment option. Many people want to start it. Although there are several encryption projects available in the market, one project in particular stands out from the rest: Protocol Snowfall (SNW). So how is it a better alternative to Solana (SOL) and TrueUSD (TUSD)? We stock in this article.
Solana (SOL) hit hard by FTX drop
Solana (SOL) was an early adopter of the Proof of History (PoH) protocol, which allows the blockchain to run quickly while maintaining security and decentralization. The Solana (SOL) blockchain, powered by the PoH algorithm, can handle 2,000 transactions per second, making it a potential rival to Ethereum (ETH).
However, the price of Solana (SOL) fell exponentially in less than a day after news of the possible purchase of the FTX platform by Binance. Solana (SOL) kept falling when Binance decided to retreat.
Then, the situation worsened further when Binance declared that it would no longer accept deposits of USDC or Tether (USDT) stables on the Solana (SOL) blockchain. The latter also revealed that he has $1 million in FTX assets that were lost when the platform collapsed. Solana (SOL) is no longer trusted by many investors, which makes it so a risky investment according to analysts.
TrueUSD (TUSD) struggles to make headway
The US dollar is backed by TrueUSD (TUSD), one of the most liquid stablecoins. The popularity of TrueUSD (TUSD) can be largely attributed to the fact that it charges low transaction costs and offers better interest rates on deposits. TrueUSD (TUSD) is an Ethereum-based stablecoin aimed at maintaining the value of $1.
The supply of TrueUSD (TUSD) is backed by US dollar currency, which is held in accounts. It is not clear what will happen to US dollar-backed stablecoins, such as TrueUSD (TUSD), if the conditions are stable completely banned in the United States. The current price of TrueUSD (TUSD) is $0.998759.
TrueUSD (TUSD) is 26.56% lower than the all-time high of $1.36. Binance recently said it will exchange all holdings into TrueUSD (TUSD) against BUSD and that it would stop trading of spot, futures and stablecoin margins.
The price of Snow Protocol (SNW) is increasing with the growing demand
Snowfall Protocol (SNW) is the world’s first, and only enabling, interoperability protocol transactions between blockchains. Thus, Snowfall Protocol (SNW) will facilitate the movement of multi-chain NFTs across all blockchains.
The project could contribute significantly to the market due to these advantages. Since its introduction, Snowfall Protocol (SNW) has grown in popularity. The first phase of the SNW pre-sale was up more than 140%.
Whereas phase 2 of the pre-sale has begun, more and more investors want to buy SNW. Therefore, everything indicates that the price of SNW tokens will increase with the popularity of the platform. By the time of its release, some analysts believe that Snowfall Protocol (SNW) will have grown in popularity by 5,000%.
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