Ethereum killers have been breathing down Vitalik Buterin’s neck for a while. As Ethereum 2.0 continues to be late at the party, Avalanche (AVAX) is closing in on a critical metric. In a recent post, research firm Messari has noted how Avalanche (AVAX) daily transactions have been exponentially growing lately. Why? Well how about faster and cheaper transactions! The smart contracts platform Avalanche offers better performance as well as noticeably lower environmental harm. According to Messari, Avalanche (AVAX) has a good chance to take over Ethereum in Q2, 2022.
Avalanche (AVAX) Transactions
According to research, Ethereum has had an average of 1.17 million transactions per day in the first quarter of 2022. Comparatively, Avalanche (AVAX) has managed to record around 74% of this number. And of course, with the rapid increase, it is safe to expect Avalanche to surpass Ethereum in the next three months.
“With the incentive programs taking hold and subnet launches on the way, Avalanche has an interesting opportunity to surpass Ethereum over the next quarter.”
As for subnet, it is essentially a set of validators working in tandem in order to achieve consensus. It can basically work on the state of a set of blockchains. Primarily, subnets increase speed and efficiency and most definitely reduce transaction fees.
Ethereum 2.0 Delayed (Again)
Remember how for the past decade we were all anticipating for Cyberpunk 2077 release? Well, forget about the disappointing debut but just the long wait for the official release. Ethereum 2.0 is like that! We hear promises of a radical shift to proof of stake and the GPU price dive for a while and then we hear it is not happening.
Unfortunately, 2.0 merger that was set to roll out this June will not be happening and we have no official date as to when it will take place.
Now, what happens in the meantime, Ethereum killers will likely continue to surpass ETH in key metrics. Oh and, the graphics card shortage will continue. To kick ETH while it’s down, Avalanche is planning to dominate transactions as soon as the coming months.
Messari predicts that Avalanche’s transaction fees will decrease in the coming months. This is due to a massive Avalance (AVAX) upgrade called Apricot.
“With further releases of Apricot, transaction fees have since stabilized, averaging around $0.67 per transaction. Apricot is intended to facilitate ‘verifiable pruning,’ a process where nodes can securely compact historical transactions.
It features a fee mechanism that enables transaction costs to be low and predictable for users. While stable, transaction fees have been trending upward in tandem with daily transactions. With more anticipated releases of Apricot, we should expect to see average transaction fees continue to stabilize and trend downwards.”