- Latest upgrade, Apricot Phase 4 makes Avalanche the fastest and cheapest blockchain.
- The blazingly fast layer one solution has attracted over 300 projects within a year of its existence.
- Analysts are bullish on AVAX price, and set a $100 target for the token.
- Largest decentralized exchange on Avalanche network, Trader Joe, flipped Optimism’s 7-day protocol revenue.
Avalanche gears up to take over other layer one scaling solutions in the crypto ecosystem with its Apricot Phase 4 upgrade.
Avalanche eyes a spot in top 10 cryptocurrencies, competes with Solana
Avalanche recently upgraded its network to increase the speed of transactions on the blockchain. Upgrade ‘Apricot Phase 4’ was launched on the Avalanche blockchain successfully with zero downtime.
97.5% of validators’ stake was upgraded prior to the activation, this indicates the readiness of the Avalanche community and validators. With rising competition in the layer 1 ecosystem, Avalanche has preserved its fast time to finality and ensured that it doesn’t increase proportionally with user growth.
Therefore, the upgrade has ensured that transactions on the Avalanche network remain relatively cheaper for traders in the community.
Interestingly, there are projects on the Avalanche network with competitive 7-day protocol revenue. The total value locked (TVL) of Avalanche is up $312 million in August to $2.6 billion as of September 14. The rising demand for projects on the blockchain network is key to the spike in TVL.
Largest decentralized exchange, Trader Joe’s 7-day protocol revenue has exceeded that of Optimism, a layer two scaling solution for the Ethereum network.
@0xGokek, an NFT artist and crypto trader recently shared protocol revenue statistics on Twitter.
Damn @traderjoe_xyz just flipped Optimism in 7 day protocol revenue.
— Gokek (@0xGokek) September 24, 2021
We've gone from averaging $300-$400k over a 7 day period to $840k.
C O M F Y $JOE pic.twitter.com/IfkiVjD1sE
While projects on Avalanche are eyeing a higher share of the dApps ecosystem, the blockchain network is chasing a spot in the top 10 cryptocurrencies by market capitalization. Avalanche’s native token AVAX directly competes with Ethereum-killer SOL, ADA and DOT.
Additionally, AVAX ranks in the list of Ethereum-rival projects making transactions faster and cheaper for dApp users and NFT artists/ collectors.
Pseudonymous cryptocurrency analyst @AltcoinSherpa is bullish on the token. The analyst has set a target of $100 for AVAX and believes in the growth potential of Avalanche network’s top DEX Trader Joe.
$AVAX: $85 may provide temporary resistance but I really look at $100 as the area of bigger resistance. I'm still in this 1 bigly and farming $JOE. #AVAX pic.twitter.com/W1Fz0r3Mc6
— Altcoin Sherpa (@AltcoinSherpa) September 23, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike

The US Federal Reserve is expected to raise interest rates while facing the tough task of tackling the banking crisis. Economists expect the central bank to increase its target rate range to 4.75% -5%, although there is a debate as some believe the Fed will not raise its rates at all. Bitcoin price rally steadied above the $28,000 level after yielding nearly 15% gains over the past week.
Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%

Aptos price lacks directional bias as it consolidates below a critical hurdle. This level is key in determining where APT will head next. Investors need to wait for confirmation before making their decision. Aptos price rallied 554% between December 30, 2022, and January 26, 2023. This massive uptrend set up a local top at $20.40, resulting in a reversal that pushed APT down by 52%.
These altcoins could yield massive gains after Cardano and XRP prices rally this alt season

While large market capitalization assets Bitcoin and Ethereum hold steady, altcoins like Cardano and XRP have yielded double-digit gains overnight. Crypto experts believe Bitcoin’s rising dominance signals the popcorn effect is close, gains will continue spilling over in altcoins like Cardano (ADA) , XRP and Cosmos Hub’s ATOM.
XRP price tags $0.49 as Ripple bulls make a comeback

Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.