Experts believe Avalanche will obliterate Solana with latest upgrade
- 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
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
