Avalanche Rises To Top 10 Crypto List, While Users Complain High ETH Gas Fees
Ethereum’s high gas fees drive users to find other lower cost alternatives such Avalanche blockchain, whose native token AVAX flipped Dogecoin and made it to 10th most valuable crypto by market cap.
Avalanche, an Ethereum competiting blockchain, has made its way into the top ten coins by market capitalization.
At the time of writing AVAX trades at $136, up 38% on the weekly chart, and has a market capitalization of $29.77 billion.
Avalanche rose to the 10th position eight hours after Zhu Su, the CEO of Singaporean crypto hedge fund Three Arrows Capital, tweeted that he had “abandoned Ethereum despite supporting it in the past”.
Three Arrows has invested heavily in Avalanche, similar to how Sino Global Capital and FTX’s Sam Bankman-Fried invested in Solana, another Ethereum rival. Together with Polychain Capital, Three Arrows led a $230 million funding round in Avalanche in September.
Su tweeted:
“Yes I have abandoned Ethereum despite supporting it in the past.
Yes Ethereum has abandoned its users despite supporting them in the past.
The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.”
Yes I have abandoned Ethereum despite supporting it in the past.
Yes Ethereum has abandoned its users despite supporting them in the past.
The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.
While it costs up to $100 and takes a few minutes to swap a coin on Ethereum-based decentralized exchange Uniswap, transaction fees on Avalanche usually cost under a dollar and settlement is near-instant.
In order to do this, Avalanche splits the work across three blockchains, known as X, C and P.
Avalanche’s C-Chain supports smart contracts, just like Ethereum, and decentralized finance protocols on the network currently handle some $12.5 billion, according to DeFi Llama. Ethereum’s DeFi protocols manage $174 billion.
While Avalanche still has a long way to go before it is at Ethereum’s level, which currently has a market capitalization of $492 billion, the future it looks good.
