Blockchain platform Avalanche has established itself within the overall crypto markets, but lately they have been forging ties that could serve up a significant contribution to Avalanche’s growth.
Avalanche is not new to the marketplace. Ava Labs launched their blockchain platform two years ago, in September 2020. And as the blockchain’s popularity grew over the years, its native coin, AVAX, has also accrued significant value.
Initially released on IPFS by a pseudonymous team in 2018, Emin Gun Sirer and a team of researchers at Cornell University picked up the chain, and by 2020 Ava Labs was formed to release a public blockchain; Avalanche.
A proof-of-stake blockchain, Avalanche promises high transaction throughput and scalability. They achieve this through a series of consensus mechanisms called the Snow family, composed of Slush, Snowflake, Snowball, and Avalanche. By leveraging these consensus mechanisms and a multi-chain composition, the Avalanche blockchain claims to be robust in the face of crash-fault and Byzantine consensus issues, and to offer exceedingly high throughput.
The “Ethereum Killer”?
Avalanche prides itself as “the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality.” Hence, many are pitting it against Ethereum, particularly concerning transaction times and fees.
Users of the Ethereum blockchain would agree that transaction times can be frustrating. Since Ethereum is one of the most popular blockchains, it has many active users. Hence, there is typically a backlog of transactions that validators have not yet processed. It is also known as network latency.
On the other hand, Avalanche ensured that network latency and scalability were considered when designing the network. They allowed creators to launch blockchains from the original blockchain—subnets. These subnets have their own validators who process transactions separately.
Thus, they can manage transactions in a dispersed manner, processing around 4,500 transactions per second as opposed to Ethereum’s 15 and 30 transactions per second. That’s why some dubbed it the “Ethereum Killer,” and it has seen continuous growth over the years.
Sustaining Growth Through Various Ties
It looks like they are determined to keep its growth momentum as it has recently entered into several partnerships that could only make it more popular.
Last month, Recur, a tech company that designs and develops dedicated branded experiences for NFT fans, expanded to the blockchain. This expansion enabled Recur users to move their NFTs and use them across marketplaces, wallets, and other applications built with the Avalanche blockchain.
Lately, an exciting collaboration was forged between Chainlink Keepers, Chainlink VRF, and Avalanche. Chainlink itself made the announcement via its official Twitter account.
With the launch of Chainlink Keepers and Chainlink VRF on Avalanche, both builders and users would benefit. The automation would simplify the DeFi experience since many smart contract functions can now be automated—execution of limit orders, liquidation of under collateralized positions, harvesting yield from vaults, and more.
Incidentally, the forged tie between Avalanche and Recur has also made it possible for users to mint Nickelodeon NFTs on Recur. The happy news was shared on their Twitter account.
Nickelodeon teased on its Twitter page, “The 90s called. They want your attention back. If you’re reading this…you’re early,” and used the hashtag #NickelodeonNFT.
Nickelodeon’s tweet has garnered 3,371 retweets, 2,551 quote tweets, and 8,022 likes (and counting) as of this writing. It only shows that many fans utterly missed Nickelodeon’s shows and would stop at nothing to experience them again, even in NFT form.
With users able to mint these Nickelodeon NFTs on Recur, we can only surmise that the blockchain’s popularity will grow even more.
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