Avalanche’s bridge to BTC and ETH could soon take over DeFi especially as it is a blockchain ecosystem to launch Dapps and DEfi supported by a 3rd generation consensus protocol so let’s read more in our latest crypto news today.
Avalanche recorded one of its best weeks since the launch and the fundamentals of its token AVEX remained strong with more gains in the crypto space preparing it for another rally. Ava Labs CEO Emin Gun Sirer confirmed that the platform recorded about 1 million transactions on its smart contract blockchain and this increase in transaction volume happened in the past two months adding that Avalanche is now the most advanced public-goods-layer-1.
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The platform was deployed by offering two capabilities which are high scalability and interoperability. In this regard, Sirer stated that the compatibility with Ethereum’s Virtual Machine became a go-to tool for Avalanch and any other project that is looking to stay competitive in the DEfi space. Outlining how the investors are being able to take advantage of Avalanche’s bridge features in combination with Ethereum, Sirer said:
“Multiple bridges enable assets to flow between the Avalanche and Ethereum ecosystems, putting users in-control of their DeFi strategies and exposure to fees. Just six months after the mainnet launch, this design and unique approach to interoperability is fueling the network’s first big wave of growth in users, applications, and assets.”
The high fees on the Ethereum blockchain caused quite the migration of the users to lower-cost alternatives while Sirer argued that Avalanche is one of the platforms that received quite the increase in user activity. Avalanche to Ethereum interoperability bridge was launched in February and it recorded a total of 970,000 transactions with more than 58,000 unique wallets created and $110 million in assets transferred. Ava Labs CEO noted:
“API Requests are also skyrocketing, demonstrating that it’s not just a few whales diving in, but a rapidly developing DeFi ecosystem on Avalanche. Just last week, Avalanche APIs received 792.65M requests, including a period of 46.6M in just 3 hours.”
We can expect to see new bridges created between Avalanche and other blockchains like one with Bitcoin that is already in a test phase. Sirer also reported rapid growths of automated market makers or yield farms and said:
“Avalanche is leading the way in creating entirely new crypto assets like Initial Litigation Offerings, which unleashes the $10B asset class of litigation financing from the clutches of a privileged class of investors and into an open, fair, and transparent marketplace.”
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