Imagine not holding $AVAX or using Avalanche ecosystem?

Truth be told, Shiitake runs a crypto group online to teach people how to use #DeFi.

On Mondays, Shiitake runs a masterclass and the students wanted to understand #Ethereum better.

So Shiitake drew out a visual representation of the #Ethereum network which looked like this, but it still was not simple enough for them to completely wrap their heads around

So instead, Shiitake decided simplify the explanation by comparing #Ethereum to a container.

Explained that smart contracts are what is inside this container and can be used to create tokens or create functions such as token swaps, transfers, or even smaller containers.

Granted the drawing is awful but did it live on a zoom call and wanted to simplify it.

Then, showed them how to do a transaction on @Uniswap with 0.01 $ETH for the equivalent at the time in $WBTC; the transaction cost more than the bloody swap!

So they asked why...

Shiitake explained that because #Ethereum is one container, that container can become full up with users, transactions, smart contracts and the cost of utility token also effects the gas, but there was a solution...

So, Shiitake switched over to @Baguette_avax to perform a similar transaction on the EVM compatible Avalanche C-chain.

1 $AVAX for the equivalent in $WBTC.

Gas cost less than $1.

So again they asked "why?"

So Shiitake began to draw something similar to the container drawing for #ETH, but with 3 containers.

Granted, another terrible live drawing. #AVAX

So they started to understand why #Ethereum is experiencing the bloat from 'the caveat of one container' idea and also sort of understood why #Avalanche uses more than 1 chain (or container).

So then, to give them a better understanding, Shiitake suggested they read through all of the material here on the Mastering Avalanche publications by @avalabsofficial https://github.com/ava-labs/mastering-avalanche

Then showed this graphic from the publications which does the 3 chains more justice than Shiitake's shitty drawing

#AVAX

Moving on; this morning, Shiitake came across a message in a group that he is in (this is separate from the educational group Shiitake runs).

Again, there was a clear reminder of the congestion issue on the #Ethereum network.

This is disappointing as Shiitake loves #ETH.

Nonetheless, it further demonstrates why more advanced L1s are needed and are already here, working.

As much as Shiitake loves Vitalik and #Ethereum, not sure how the scalability issues of the chain can be sorted by L2 solutions.

Just seems like a house of cards.

Developers are already beginning to realise that it makes much more sense to build on Avalanche with this demonstrating the rapid growth in AvalancheJS downloads since mainnet launch.

#DeFi #AVAX

167 projects in 7 months launched on @avalancheavax again just shows how rapid the growth has been for #AVAX, and why wouldn't developers be porting over, right?

Then consider the $AVAX token.

At the time of this writing, the mCap is $4.88b.

Compare this with some other smart contract chain utility tokens:

$ETH = $407.2b
$DOT = $39.4b
$ADA = $53.2b
$SOL = $12.075

Why would anyone not be buying and holding $AVAX right now?

Like all those chains btw and understand why $ETH is where it is at but #Polkadot and #Cardano won't be ready until around September if I'm not mistaken and already eclipse the market cap of Avalanche that is fully functional and is booming on chain.

*not financial advice

That said, this PA on $AVAX looks poised to retest ATH, which btw, would still not put the mCap above the utility tokens previously mentioned, so let that give some perspective as to where this could go when sense returns.

https://www.tradingview.com/x/fXWVyZX1 

What Shiitake is at least attempting to get across is that if you are gonna invest, invest in what works and keep an eye on the on-chain metrics like number of validators, delegates, TVL, AvalancheJS downloads etc. And the picture becomes clear.

To find these metrics, follow @demirelo who regularly posts comparisons about validator numbers for different chains.

follow @notexeditor who regularly posts validator metrics like TVL and GINI inequality efficient.

To understand the development growth follow @cgcardona.

Follow @rogerclu and @FaridRached for #DeFi metrics of farms, new tokens etc.

Finally, to understand Avalanche, follow @el33th4xor and @kevinsekniqi as the technical minds behind the ecosystem.

And also, of course, for the most indepth analyses, follow @CryptoSeq.

Peace.
Shiitake out!