Avalanche Gets Into Top 10 As ETH Users Complain On Gas Fees

Avalanche gets into the top 10 as more users are looking for faster and cheaper blockchain alternatives to Ethereum and complain about the ETH gas fees so let’s read more in our latest cryptocurrency news today.

Avalanche gets into the top 10 cryptocurrencies by market cap and now the currency hit an all-time high after a tweet by the investor Zhu Su criticized gas fees on ETH. The fees are nominal compared to Ethereum but also the transacting is much faster. Avalanche is a high-speed and low-cost blockchain that wants to take on Ethereum made its way into the top ten coins by market cap. The coin is now worth $134 with a market cap of $30.19 billion and set its all-time high earlier today when it reached $146.22.

https://twitter.com/zhusu/status/1462216210116853762

Avalanche increased to the top 10 positions eight hours after the CEO of Singaporean Crypto hedge fund Three Arrows Capital posted that he abandoned Ethereum despite supporting it in the past and Three Arrows invested heavily in Avalanche similarly to how Sino Global Capital and Sam Baknman Fried invested in Solana as the other Ethereum rival. Together with Polychain Capital, Three Arrows led a $230 million funding round back in September exactly in Avalanche. He tweeted:

“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. Users are livid that they’re promised a vision of the future, then told that they have to pay $100-1k per tx to enjoy it, and then get told some tales about how they should’ve been smart enough to buy ETH at $10.”

Zhu put his money where his mouth is when the company moved above $78 million ETH to crypto exchange FTX and more people started moving funds to exchanges in order to sell them. While it did cost up to $100 and took a few minutes to swap a coin on Uniswap, the transaction fees on Avalanche cost under a dollar, and the settlement is fast. To do this, Avalanche splits the work across three blockchains known as P, C, and X. Avalanche’s C-chain supports smart contracts just like Ethereum and Defi protocols now handle about $12.5 million, and Ethereum’s DeFi protocols manage $174 billion. While Avalanche has a new way to go before it topples Ethereum, it has a market cap of $515 billion and it is well on its way.