People are looking for alternatives to Ethereum, and Avalanche’s cheap and fast blockchain offers an attractive alternative.
Avalanche, a high-speed, low-cost blockchain that wants to take on Ethereum, has made its way into the top ten currencies by market capitalization.
The coin is now worth $134.74 and has a market capitalization of $30.19 billion. It hit its all-time high earlier today when it peaked at $146.22.
Avalanche has risen to the top 10 spot eight hours after Zhu Su, the CEO of Singapore crypto hedge fund Three Arrows Capital, tweeted that he “abandoned Ethereum despite supporting it in the past”.
Three Arrows invested heavily in Avalanche, similar to FTX’s Sino Global Capital and Sam Bankman-Fried invested in Solana, another Ethereum rival. Along with Polychain Capital, Three Arrows led a $230 million funding round on Avalanche in September.
“Ethereum has abandoned its users despite supporting them in the past. The idea of masturbating watching the burn and devising purity tests while no newbie can afford the chain is disgusting,” he tweeted today.
“Users are enraged at the promise of a vision of the future, then are told they have to pay $100-1k per tx to enjoy it, and then they hear some stories about how they should have been smart enough to buy the ETH at $10”.
He wrote. Su’s first tweet attracted 13,353 likes.
Zhu bet on his words when his company moved about $78.35 million ETH for the FTX exchange. People often move funds to exchanges in order to sell them.
Although it costs up to $100 and takes a few minutes to change a currency on the Ethereum-based decentralized trading Uniswap, transaction fees at Avalanche typically cost less than a dollar and settlement is almost instantaneous.
To do this, Avalanche splits the work into three blockchains, known as X, C, and P.
Avalanche’s C-Chain supports smart contracts, just like Ethereum, and decentralized financial protocols on the network currently handle about $12.5 billion, according to DeFi Llama. Ethereum’s DeFi protocols manage $174 billion.
While Avalanche still has a long way to go before taking down Ethereum, which currently has a market capitalization of $515 billion, it is well on its way.