Grayscale Compared Cryptocurrencies To New York

In its latest report, digital asset manager Grayscale compared cryptocurrencies to one of the US cities, New York.

Grayscale recently published a new report. In the report, the digital asset manager, who focused on Ethereum, drew attention to the comparisons he made with some cities of the United States here. While the company likened Ethereum to New York City (NYC), nicknamed the Big Apple for certain reasons, it used a similar analogy for Ethereum's rivals Solana and Avalanche. Grayscale likened Ethereum to New York City as it is too large, expensive, and congested in certain areas. Grayscale said, “However, it also has the richest app ecosystem, with more than 500 apps with a total value of over $100 billion, which is 10 times greater than any other competing network,” although the network is expensive to use. It will continue to use Ethereum due to its size and the amount of capital locked into the network's smart contracts. On the other hand, the comparison of Los Angeles for Solana drew attention. The Avalanche ecosystem has also been likened to Chicago. This is also because Chicago is similar to NYC in terms of economy, but relatively smaller. Avalanche was described in these words: “As Avalanche is compatible with the Ethereum Virtual Machine, it is easy for Ethereum developers to migrate their applications to Avalanche.”