Few tokens have enjoyed the level of rapid success that Avalanche has since its launch in 2020. It’s one of the hottest Ethereum competitors on the market today, delivering some savvy investors nearly 50x their initial investment. Now, speculators are eyeing similar potential for a new project called Metacade.
Today, we’re going to dive into both platforms, and discuss whether Metacade could become as successful as Avalanche.
What is Avalanche (AVAX)?
Avalanche is an Ethereum rival that prioritises transaction speeds, low costs, and environmental sustainability. It’s one of many smart contract platforms that allow developers to build decentralised apps (dApps), decentralised finance (DeFi), non-fungible tokens (NFTs), and more. The AVAX coin is used to pay transaction fees and participate in governance votes. Additionally, holders of AVAX can lock up their tokens and receive rewards for validating transactions on the network in a process known as staking.
Avalanche differentiates itself with fast transaction times and a unique token-burning mechanism. They claim it can process 4,500 transactions per second (TPS), compared to Ethereum’s 15. However, with the launch of its version 2.0, Ethereum is expected to manage much more – approximately 100,000 TPS going forward.
How does Avalanche (AVAX) work?
Simplifying, Avalanche is able to boast one of the fastest transaction speeds and finality times (the time it takes a transaction to process and become irreversible) through the ripple effect. When a transaction is initiated, a validator will sample a random set of other validators to check if the transaction is legitimate. These validators then check with other validators, and the process repeats until the whole system reaches a consensus that the transaction is valid.
As for the token-burning mechanism described above, transaction fees are burnt and removed from the available AVAX coin supply. This leads to AVAX becoming scarcer over time and, in theory, drives the AVAX price up.
What is Metacade (MCADE)?
Metacade is an up-and-coming project that aims to build a vibrant community at the cutting edge of everything Web3 and GameFi. The team behind Metacade intends for it to be the world’s first community-developed, play to earn arcade and produce a space for Web3 enthusiasts to discover, earn money, and help contribute to the future of the internet.
Instead of allowing venture-capital-backed studios to dictate the future of gaming, Metacade plans to give the power back to gamers. They’re launching features like Metagrants, which will see the community funding only the best GameFi titles, and rewards for those participating in the feedback process.
How does Metacade (MCADE) work?
At its core, Metacade is an all-in-one platform that aims to be self-sustaining. It’s where users go to discover the top play to earn games, learn the best tips for maximising their gaming income, become involved in testing, and find opportunities for work in the Web3 industry – all under one roof.
A key part of Metacade’s ecosystem will be its reward mechanism. Like Avalanche, users can stake their Metacade tokens (MCADE) in return for passive income. But users are also rewarded for finding the best GameFi alpha, writing reviews, and producing content that helps others.
Additionally, users will be rewarded for participating in testing play to earn games and giving direct, actionable feedback to developers. The platform also will generate revenue through this testing process, as developers pay Metacade for access to direct feedback from hundreds of motivated and dedicated users.
Other features, like the Launchpad, will see developers funding launches and advertising their games to a massive community on the platform. For post job listings on Metacade, companies will also need to pay a small fee, similar to how the Indeed job board operates today. Advertising revenue, entries into tournaments, and a pay to play arcade will also generate money for the Metacade community.
Being a decentralised community means that all excess revenue goes back into the Metacade treasury. There are plans for Metacade to become a decentralised autonomous organisation (DAO), which means that the platform becomes self-governing, all while maintaining this revenue-reward model. To make payments from the treasury, multi-signature wallets will require two or more keyholders to sign off on the transaction to prevent any malicious actors from manipulating the community’s funds.
Like the AVAX coin, Metacade will also introduce token burning as part of this DAO, allowing MCADE holders to determine the rate at which MCADE tokens are removed from the overall supply. Provided MCADE’s demand grows, its price should also appreciate as supply is removed.
Will Metacade (MCADE) be as successful as Avalanche (AVAX)?
Given the tremendous expected growth of Web3, GameFi, and metaverse gaming over the next few years, Metacade could easily rocket to become the internet’s ultimate destination for gamers in the future.
Considering that Avalanche faces stiff competition from Ethereum and other copycats, there’s limited upside potential for AVAX if it can’t set itself apart from the crowd in the long run, which is increasingly unlikely given Ethereum’s popularity and the recent merge.
Meanwhile, Metacade is one of the first of its kind and could easily see massive user adoption as the Web3 industry continues to rev up in size and scope. Right now, Metacade represents a fantastic opportunity to be an early investor in the future growth of metaverse gaming.
You can buy Avalanche at eToro here.
You can participate in the Metacade pre-sale here.