The lightning-fast Ethereum alternative sought to attract users to its subnets. They made the immediate action at the first Avalanche Summit, held in Barcelona, Spain.
Blockchain industry conferences have become yearly pilgrimages for the crypto-conscious. It has been bringing each chain’s devotees to exotic locations around the world for multi-day extravaganzas.
THe ETHDenver is the long-running Ethereum conference. Moreover, the people know it well as the Bitcoin conference which appears to have relocated to Miami. The ETHDenver is also on the schedule. Breakpoint, Solana’s first party in Lisbon, marked the beginning of a new era of billion-dollar foundation layers.
The Avalanche Community’s G2G
The Avalanche Summit took place in Barcelona, Spain, over the course of six days, has just concluded. This is the first opportunity for Avalanche’s developer community, users, and investors to get together. Ava Labs president, John Wu confirmed this. The president confirmed that this is what they were aiming for.
As one of the first smart-contract compatible blockchains, Avalanche has risen from relative obscurity to become a serious competitor to Ethereum. Moreover, with a staggering annual return of 2,800 percent, the AVAX token broke into the top ten cryptocurrencies in terms of market valuation.
However, it has dropped around 18 percent this year. The network holds a record $10 billion (TVL) on the chain’s decentralized finance applications in November. This is the first time this had happened. Despite this, it’s currently ahead of Terra and Binance Smart Chain when it comes to the TVL charts.
Avalanche Continues to Receive Support
People can see ads for Avalanche plastered over New York City subway cars. And its fans have filled its social media accounts with a sea of red triangular emojis.
Darryl Wang, a conference speaker and previous investor at the Three Arrows Capital offshoot DeFiance Capital, said that Avalanche has effectively reached escape velocity. He also mentioned that he has shifted his focus from Ethereum to a wider range of EVM-compliant chains. Avalanche is now responsible for 90% of my transactions.
As a result of Avalanche’s support of the Ethereum Virtual Machine (EVM) and the Solidity programming language, developers can easily deploy on the platform the applications they wrote in Solidity.
Moreover, EVM compatibility has proven to be a catalyst for upstart base layers, with Polygon, Fantom, and Avalanche all pursuing customers who are fed up with Ethereum’s exorbitant transaction costs.
The Advantage of AVAX
Terra and Solana, which are unable to connect with Ethereum, are slowly climbing the TVL charts, a proxy for user mindshare, suggesting that EVM compatibility may be losing some of its luster. In contrast to this, Avalanche’s leadership sees shared code as a benefit.
Reporters quoted Wu saying that Solana goes with the most strategy. Wu is referring to Solana since it is Avalanche’s largest competition. But Wu emphasized that they will not replicate Solana’s strategies.
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