Ethereum (ETH) may have been less fortunate throughout November, overtaken by several tier-1 networks following an exorbitant surge in transaction (gas) costs.
Avalanche (AVAX)
AVAX jumped over 120%, becoming a top tier-1 platform with a market value reaching over $ 10 billion throughout November.
AVAX was behind Crypto.com’s native coin (CRO) which recorded a three -fold increase over the same period.
AVAX hit an all -time high (ATH), $ 147 on Nov. 21 after Avalanche signed a partnership with Deloitte for the establishment of the Close As You Go (CAYG) platform.
Avalanche has also announced initiatives and incentives totaling more than $ 600 million to encourage the growth of the network.
Earth (MOON)
LUNA rose more than 40% and reached a new ATH, $ 60.18 yesterday, making it the second ATH record for November.
The first ATH occurred on Nov. 10 with a record value of $ 54.94 following the burning of 88.7 million LUNA on the same day.
LUNA recorded its second ATH on Nov. 30 due to high demand for Terra’s stablecoin, UST.
Terra has also launched several incentive programs:
The Degenbox token has allowed its users to deposit UST as collateral for yields.
Astroport will launch a lockdrop on December 6 where users can 'lock' LUNA to get ASTRO tokens that have not been launched.
Solana (SOL)
SOL jumped more than 28% throughout November.
As always, investors are still excited about Solana’s growth even as it is in late 2021.
The majority of them are interested in this asset because they are more confident in its potential than Ethereum (ETH) which is known for its high transaction costs.
Meanwhile, the metaverse coins also did not lag behind recording exceptional performances for November: The Sandbox (SAND) and Decentraland (MANA) as they are each closely linked to layer-1.
SAND and MANA recorded jumps of over 441% and 104%, respectively. But not the Axie Infinity (AXS) as it declined nearly 13%.
ARK36 chief operating officer Anto Paroian did not deny that projects developed with a backup of the metaverse, games, and NFT will continue to record at least 10-fold growth in the next few years, without the impact of Bitcoin (BTC) price movements.
Thus, it can be seen that layer-1 tokens are unlikely to record price spikes in the future, as long as the metaverse, games, and NFT remain the investor’s choice.
For the record, a layer-1 platform: a self-moving blockchain; and layer-2: focuses on transaction speed in the existing blockchain.
