Ethereum has undergone a number of important “forks” in its time. One such fork created Ethereum Classic, an important crypto network based on the idea of immutability ranked in the top 20 tokens. Now, another hard fork of the Ethereum network has created another network called Etherlite. It’s designed to be faster, more secure, and cheaper to use than Ethereum or Ethereum Classic. In this article, we’ll learn what Etherlite is all about, make an Etherlite price prediction, and decide if it’s a good investment.
What Is Etherlite?
Etherlite is designed to be a technologically superior version of Ethereum. It aims to deliver all the functionality of Ethereum on a significantly more efficient blockchain. It can host smart contracts, decentralized applications, and ERC-20 tokens. It is compatible with Ethereum’s tooling, so any application designed for Ethereum can be adapted to Etherlite in a few minutes.
The main way that Etherlite achieves better efficiency is through using a Proof-of-Stake algorithm. This is the same consensus mechanism utilized by some of the fastest blockchains on the market, including Cardano, Avalanche, and Solana. Etherlite transactions are instantly irreversible compared to minutes for Ethereum. Block times are around 5 seconds and the network can handle over 10k transactions per second, making it one of the most scalable blockchains in the world.
ETL tokens are used to pay Etherlite network fees and run the network governance mechanisms. The network is secured by validator nodes. They must stake at least 100,000 ETL tokens (worth around $25 in 2022). The annual reward rate for staking ETL is 18%.
ETL Price Performance
The ETL price started off extremely strong at around $0.08 after its launch in 2021. However, it turned out to be a difficult time after that, as the crypto market began to decline just a few months later. Since then, the ETL price has been on a mostly steady decline. There was a brief spike in January 2022 where the price more than doubled. However, as nothing in the news caused this spike, it was likely a low-liquidity event where a large “whale” buyer was loading up on ETL tokens.
In late 2022, the price is still slowly declining and is currently around $0.0002. One of the likely reasons for the downward trend is that Ethereum 2.0 is launching in 2022. If the event is successful, then the main ETH net will be running the Proof-of-Stake consensus mechanism. This will remove Etherlite’s main competitive advantage over Ethereum and likely make the token much less attractive to potential developers.
Forecast for ETL Value
Here are some expert price predictions for ETL for the next 8 years, along with an average of the forecasts.
The forecasts are for ETL to grow strongly in 2022, to between 150% and 250% of its current value. This is then expected to be followed by steady gains to over 2,500% of its current value in 2030. This prediction is largely in line with other similar altcoins, so the bulk of this change is predicted to be driven by a rising crypto market in general.
ETL tokens can be bought and sold anonymously on exchanges like https://godex.io/.
Etherlite is an interesting crypto project with a positive price forecast. It already offered the functionality of Ethereum on a scalable Proof-of-Stake blockchain in 2021, long before Ethereum 2.0 was underway. However, if the Ethereum 2.0 Proof-of-Stake upgrade proves successful over the coming years, it will deal a big blow to Etherlite by removing its biggest competitive advantage. That’s the main reason why, despite strong forecasts, Etherlite may not be a great investment in 2022.
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