Data from Ava Labs shows that the transaction volume of Avalanche is about to cross the second-largest currency. The fifth-largest smart contracts platform, Avalanche, processed 1.1 million transactions yesterday.
When Ethereum blockchain brought the new concept of smart contracts in the world, its popularity and ecosystem grew many times. Ethereum has been home to many innovative and ground-breaking projects. For many years it has been a default platform for smart contracts. The rise of the crypto market in the last two years and the innovation of DeFi have created a lot of problems in the Ethereum ecosystem. Increasing gas fees and time of transactions have forced developers to look for an alternative. Avalanche was one of the platforms that came forward with an efficient network.
Transaction volume of Avalanche:
Avalanche is the fifth-largest smart contract platform with more than $8 billion in total value locked (TVL). The transaction volume of the network has seen a sudden increase. Yesterday, the Avalanche network processed 1.1 million transactions. The platform is about to cross the transaction volume of Ethereum. In the coming days, we might see the transaction volume of Avalanche crossing Ethereum. Low fees and faster processing of transactions are the main reason behind this rise.
Fee-sensitive users are going towards Avalanche but if we compare the data of transactions from 2021 then Ethereum has the upper hand. In the fourth quarter of 2021, Ethereum has been processing 1.25 million transactions per day whereas Avalanche processed 475,000 transactions per day. The average transaction fees of Ethereum are higher than Avalanche. Ethereum charges $62 for a single swap operation but on the other hand, Avalanche charges only $0.23.
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