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It’s been a while since we’ve explored the depths of the Avalanche network, and needless to say, they have been active and developing the most superior network that could take the $AVAX token well past its ATH of $146+ in the last bull run of 2021.
So, let’s slide into the Avalanche network and see what they’re up to!
What is Avalanche?
Avalanche is a Proof-of-Stake (PoS) Layer 1 blockchain that launched in 2020 and utilizes a unique tri-chain architecture alongside customizable Layer 1s, also known as Subnets to enable new and diverse dApps and sovereign networks within its ecosystem. The mission is simple; solve blockchain’s trilemma of decentralization, scalability and security.
Performing as one of the most scalable networks, Avalanche is capable of processing 4,500+ transactions per second (TPS) at an average cost of $0.08 per tx, whereas Ethereum is only currently capable of processing 15 TPS and averages at a tx cost of $1.48, making Avalanche 300x faster and over 18x cheaper!
Avalanche Subnets
Avalanche's most prominent feature is the ability to launch sovereign Layer 1 networks (Subnets) within the Avalanche ecosystem, creating a haven of independent but interconnected networks. However, Avalanche has attracted the likes of J.P.Morgan with its Evergreen Subnets, which offer the ultimate suite of tools and blockchain deployments to power the next generation of finance.
Avalanche Retro9000 - The Etna Upgrade
Recently, Avalanche launched the latest test network Retro9000, also known as the Etna upgrade, attracting developers to build and earn from a $40M retroactive grant. The Etna upgrade is set to make the Avalanche 99.99% cheaper and to interconnect the entire ecosystem, better than ever before.
Avalanche Network Statistics
As we speak, there are currently over 28M unique users on the Avalanche network with an accumulated 1.64B transactions and growing. In the last quarter of 2024, the Avalanche network averaged around 3M daily transactions and could be indicating major adoption, once again.
Avalanche Ecosystem
As one of the cheapest, fastest and most secure networks in Web3, the Avalanche network has an outstanding ecosystem of DeFi protocols that have been built or integrated from other EVM chains. Most recognizable are LFJ (previously TraderJoe), the leading DEX, Aave, the leading borrowing and lending protocol and many others!
Avalanche Token ($AVAX)
The power source behind the network lies within the native hard-capped token $AVAX, which is primarily used to pay for gas fees, secure the consensus through staking and a currency that can be a store of value. $AVAX is notorious for its incredible tokenomics, and in a nutshell, it has a maximum and total supply of 720M tokens.
Conclusion
According to CoinMarketCap, at the time of writing, $AVAX is currently trading at $50.67 with a large market cap of $20.76B, ranking it the 11th largest crypto by market cap. In the previous bull run of 2021, $AVAX achieved an ATH of $146.22. As one of Web3’s most-used networks, is it really impossible to achieve this once again?
We’ve been talking about $AVAX for a long time, especially when it scooped all the way down to around $9-$12 in November 2023. In one year, we’ve come a long way, but there is still a long way to go until we exceed that previous ATH. However, with all the developments, partnerships and overall growth, $AVAX could be poised for a major run in the coming bull market!
Official Avalanche Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
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