Avalanche, reportedly the fastest smart contracts platform in the blockchain industry today, continues to attract a large number of users, many switching over from the Ethereum blockchain.
As was predicted by many crypto experts, Avalanche (AVAX) is already proving to be Ethereum’s biggest competitor in the year 2022. The new year has been quite prosperous for the layer 1 blockchain so far, with large volumes of business consistently migrating from the Ethereum.
AvaLabs VP, Marketing, Jay Kurahashi recently tweeted about the kind of progress Avalanche has been making at Ethereum’s expense. It’s worth noting that the network has constantly moved up the ranks ever since its mainnet launch in Sep 2021, becoming a noteworthy threat to other big players in the smart contract marketplace.
As per Kurahashi’s tweet, the network recently witnessed a $367.5 million transfer from the Ethereum network over a three-day time period, through the Avalanche Bridge. This bridge which was launched in July 2021 facilitates smooth, secure, quick and low-cost transfers to/from Ethereum.
At a $17.9 billion market cap, Avalanche is the 12th largest cryptocurrency in the world based on market capitalisation, and around $3.8 billion short of joining the top 10 cryptos on the leaderboard (at the time of writing this report).
Kurahashi posted another tweet on Jan 20 in which he highlighted a remarkable 18% and 13.6% growth respectively in the developers engaging with Avalanche and smart contracts deployed on the platform, in just 20 days from the start of the year.
What do these tweets suggest?
Jay’s tweets underline the fact that Avalanche is rapidly emerging as the new hub for smart contract transactions, as users are increasingly getting tired of slow throughput and high transaction fees of the Ethereum blockchain. The former has multiple features that give it an edge over Ethereum. For instance, whereas Ethereum has a transactional throughput rate of 14tps, Avalanche’s is way ahead at 4,500tps. Additionally, compared to Ethereum’s transactional finality time of 6 min, Avalanche is way quicker at less than 2 seconds.
Avalanche’s advantage is also reflected in how the AVAX value has appreciated over the past one year. Exactly a year ago, AVAX was trading at $12.55. However, as of writing, it was exchanging hands at around $72.40, showing a significant year-on-year growth. It rose to an all-time high of $146 in Nov 2021.
Heaping praise on the Avalanche Bridge, the Ava Labs’ CEO and Founder Emin Gun Sirer had said after its launch, “The new Avalanche Bridge is a leap forward in bridging technology, but most importantly, it is a dramatic improvement in experience for users and developers across the Avalanche community. It will be a growth engine for the next phase of growth on Avalanche, and set a new standard for secure and efficient cross-chain interoperability.”