The 2022 crypto crash has been especially unkind to some of crypto’s more speculative projects, like Solana (SOL). Facing stiff competition and several fundamental issues, Solana has struggled to maintain any bullishness over the past few months. But while the crypto crash rages on, one new token is rising up from the ashes.
It’s called Metacade (MCADE), and it could be the best project primed to take advantage of GameFi’s growth in the coming years. Today, we’re going to break down what’s happening to Solana, and why you should start considering Metacade as a serious contender to add to your portfolio.
Solana (SOL) Faces Repeated Outages and Price Declines Amid Crypto Crash
Solana (SOL) is one of the leading Ethereum rivals on the market today. It’s one of the fastest blockchains in crypto, using an impressive combination of Proof-of-Stake (PoS) and Proof-of-History (PoH) to achieve speeds of 3500 transactions per second (TPS) without breaking a sweat. In theory, this can rise to 710,000, according to Solana’s documentation. When compared to Ethereum’s 30 TPS, it’s easy to see why Solana quickly climbed the ranks in 2021.
Despite these incredible transaction speeds, Solana hasn’t been without its issues. This year alone, Solana has had six outages, one lasting a whole week in early January. Alongside 2022’s broader crypto crash, these outages have been the catalyst for some major price drops. After the week-long outage began on the 6th of January, SOL declined nearly -23% to its low on the 10th of January. After another outage plagued the blockchain on the 21st of January, SOL fell another -37% to find support three days later.
Since then, SOL’s price has remained subdued following a larger crypto crash. It’s currently worth $29, having failed to break higher than $49 during August’s bullish price action. With the month-long area of support at $30 traded through, Solana is now hovering around June’s low of $26.
What is Metacade (MCADE)?
Metacade is an up-and-coming project that’s aiming to be a disruptive force in the gaming industry. Metacade is a community hub where GameFi and crypto enthusiasts go to find the best Play2Earn games, earn more from their passion, and connect with like-minded individuals. Metacade’s ultimate goal is to be the world’s first player-owned virtual arcade where you direct the future of gaming, not out-of-touch game studios.
To build this vision, Metacade is operating on a model that rewards players for their role in the community while using the collective’s power to generate some of the best Play2Earn and Web3 games the industry has ever seen.
Why is Metacade (MCADE) Expected to Outperform the Market?
While the crypto crash rages on, Metacade is positioning itself to quickly dominate the market during the next bull run. As mentioned, Metacade intends to attract players by rewarding them for doing what they already love to do. Every time you post a review, share some leading GameFi alpha, or participate in game testing, you’re rewarded with the MCADE token. If you’re already an avid GameFi enthusiast, then you can boost your income by simply sharing your thoughts and expertise on your favourite games!
Metacade’s vision is that this will turn the community into a melting pot of ideas where developers and players are closely intertwined. Metacade plans to introduce a funding program called Metagrants, where game developers post their ideas for the Metacade community to vote for the project they want to see built. The winner receives funding from the treasury and can even receive instant, actionable feedback on their prototype using the platform’s native testing environment.
As part of Metacade’s goal to help players earn more from GameFi, they’ll also host exclusive tournaments for anyone to win big prizes. But even better than that, Metacade plans to launch a job board in 2024 that might one day help someone find their big break in the nascent Web3 industry. Careers aren’t the only thing you’ll find here, however; there’ll also be plenty of casual gigs, like one-off testing jobs, that players can pick up for a few hours to give their regular income a boost.
Eventually, Metacade will be handing over the keys to the Metacade collective by forming a decentralised autonomous organisation (DAO). The most valued members will be offered leadership positions to guide Metacade into the future. This will allow MCADE holders to vote on leadership roles, implementation of features, treasury allocations, and more, leading to an entirely self-sufficient ecosystem built by gamers, for gamers.
Solana (SOL) vs. Metacade (MCADE) – Which Is the Better Investment?
As mentioned, Solana has had a rough time in the recent crypto crash. But outages are the least of its worries. As recently as October the 12th, Solana-based DeFi platform Mango was hacked for $100 million. Was this the first time? No. Solana had a direct attack on its user’s wallets back in August, where over $6m was stolen. Earlier, in February, a colossal $320m was stolen from Solana.
The total cost of these hacks alone in 2022 has amounted to over $446m. To put that into perspective, that’s about the same amount of security aid the US announced it would send Ukraine in June.
While Solana’s future remains uncertain, especially after Ethereum’s upgrade pushed its potential TPS to 100,000, Metacade faces very little competition in a rapidly-growing market. All of this alone could make Metacade a prime contender in its field. But the features described above could easily make Metacade an epic titan in the budding GameFi industry.
With these factors in mind, Metacade is likely incredibly cheap right now at it’s presale stage. If you’re wondering whether to invest in Solana or hold out for Metacade in the wake of 2022’s crypto crash, the answer is clear: Metacade should be your first choice.
You can buy Solana at eToro here.
You can participate in the Metacade pre-sale here.