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Avalanche (AVAX) About to Flippen Ethereum (ETH) in Transaction Volume

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Fri, 01/28/2022 - 06:53
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Alex Dovbnya
Avalanche has witnessed massive growth over the past several months
Avalanche (AVAX) About to Flippen Ethereum (ETH) in Transaction Volume
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According to data shared by Ava Labs CEO Emin Gun Sirer, the smart contracts platform Avalanche processed 1.1 million transactions on Jan. 27.

It has now reached 96% of Ethereum’s load, inching closer to flipping the market leader.

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According to data provided by DefiLlama, Avalanche is the fifth-biggest smart contract platform with $8.17 billion in total value locked (TVL).

The blockchain averaged 475,000 daily transactions during the fourth quarter of 2021, according to Messari. Ethereum, on the other hand, averaged 1.25 million transactions per day. The firm notes that the blockchain is attractive for “fee-sensitive” users:

Given this rapid adoption, Avalanche is becoming an enticing platform for upcoming projects that want to maintain EVM compatibility while attracting fee-sensitive users.

In his most recent tweet, Sirer has noted that the average fee for a swap operation on Avalanche stands at $0.23 compared to Ethereum’s $62.

In some follow-up tweets, he also dismissed concerns regarding the blockchain's perceived decentralization, claiming that the Ethereum blockchain is being produced by a small number of pools. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.