![]() ![]() Avalanche's daily transaction volume crossed 1 million for the first time in January 2022. Over the past year, that value proposition has fueled rapid adoption. In short, Avalanche is fast, cheap, and compatible with Ethereum. That's orders of magnitude more than the 0.06% paid by the average bank savings account. For instance, you can earn a 1.56% annual percentage yield (APY) by lending USDC to the Aave protocol right now. As the cryptoeconomy's second-most-popular stablecoin, USDC could supercharge the Avalanche DeFi ecosystem, because it allows people to invest in DeFi without holding volatile cryptocurrencies. dollar - was added to Avalanche in December. Shortly after, Ethereum-native USD Coin ( USDC 0.05%) - a stablecoin pegged to the U.S. In fact, stablecoin exchange Curve and lending protocol Aave are two of the most popular DeFi platforms on Ethereum, and both went live on Avalanche in October, offering investors a faster and cheaper means of access. Compatibility expands use casesĪvalanche is designed to be compatible with Ethereum smart contracts, meaning developers can easily port their dApps from one blockchain to the other. That lack of scalability has made the platform expensive the average transaction fee is more than $20 on Ethereum, but you'll likely pay just a few cents on Avalanche. For context, Ethereum handles about 14 TPS and it requires up to six minutes to finalize transactions. In fact, with a throughput of 4,500 transactions per second (TPS) and a finalization time of two seconds, Ava Labs believes Avalanche now is the world's fastest blockchain. This means that it's safe to send transactions with a gas limit above the estimates.That makes Avalanche very fast. All gas not used by transaction execution is reimbursed to the sender as Ether. If the gas expended reaches the gas limit before the transaction is completed, the transaction does not go through and the fee is still lost. If the total amount of gas needed to process the transaction is less than or equal to the gas limit, the transaction is processed. Miners have the choice of including the transaction and collecting the fee or not. Every transaction must include a gas limit and a fee that the sender is willing to pay for the transaction. All nodes on the network do the same calculations to keep their ledgers in sync. In block verification, each node goes through the transactions listed in the block they are verifying and runs the code as triggered by the transactions in the EVM. All nodes on the network run the EVM as part of the block verification protocol. To do this, Ethereum implements an execution environment on the blockchain called the Ethereum Virtual Machine (EVM). When a transaction triggers a smart contract, all nodes of the network execute every instruction. In the future, the backwards-compatible Ethereum 2.0 protocol, currently under development, will provide a more scalable network on which to build decentralized applications that require higher transaction throughput. ![]() Ethereum’s large user base encourages developers to deploy their applications on the network, which further reinforces Ethereum as the primary home for decentralized applications like DeFi and NFTs. This maturity also extends into the quality of user-experience for the average user of Ethereum applications, with wallets like MetaMask, Argent, Rainbow and more offering simple interfaces through which to interact with the Ethereum blockchain and smart contracts deployed there. Decentralized application developers who deploy smart contracts on Ethereum benefit from the rich ecosystem of developer tooling and established best practices that have come with the maturity of the protocol. Ethereum offers an extremely flexible platform on which to build decentralized applications using the native Solidity scripting language and Ethereum Virtual Machine. ![]()
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