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It takes someone who understands the entire blockchain ecosystem to introduce and provide a bird’s eye view of what is important in the ecosystem for beginners. Here is an interesting Brief Yet Master Guide on Avalanche by Jay Kurashashi-Sofue, VP of Marketing at AvalabsOfficial:
Avalanche is the fastest smart contracts platform in the world and powers hundreds of apps to run at high speeds, with low costs. Avalanche’s countless features, incredible community, and innovative apps all contribute to its success.
Avalanche’s transaction finality time is nearly instant. This means that transactions are finalized/settled on the blockchain in under a second. People using apps on Avalanche don’t have to wait. To put this into perspective, TradFi settles transactions in 2 days (T+2).
Sub-second tx settlement is achieved while keeping tx costs low. Nov 2021, a recent upgrade, Apricot Phase Five, was deployed optimizing gas fees. Gas fees are dynamic based on demand. A swap costs approx $0.40––and, devs are still doing something.
Avalanche scales infinitely thanks to subnets, custom blockchain networks built on Avalanche, but tailored to a specific application or use case. The first proof-of-concept for subnets is the Contract Chain (C-Chain), settling over 62.5 million total tx’s to date.
Avalanche running the EVM also means that deploying Solidity tooling is simple and works out of the box. Devs can use Chainlink oracles, TheGraph subgraphs, Covalent HQ APIs, and use many more tools.
In the near future, anyone will be able to deploy subnets and configure them with custom rulesets like tx fees. AvaLabsOfficial devs are working on bringing subnets to life. Try using Subnet-EVM to create your own EVM-compatible blockchain.
Once the full functionality of subnets is live, Avalanche will become a more flexible platform with interoperability offered by default. – Enterprises can build permissioned subnets – Gaming studios can build out their own ecosystems – Blockchains can offer better UX.
In addition to the C-Chain, Avalanche also has the Exchange Chain (X-Chain) and Platform Chain (P-Chain). The X-Chain is a directed-acyclic graph (DAG), which processes tx’s as fast as possible without considering the order and is optimal for payments or other transactions.
Lastly, the P-Chain, the metadata blockchain that coordinates validators and manages subnets. Validators stake via the P-Chain and can earn ~9.8% on their staked AVAX. How? Run a validator, and meet these parameters:
All transaction fees on Avalanche are burned–benefiting all AVAX holders. +630k AVAX has been burned to date, roughly $60 million.
Avalanche’s design allows for flexibility without making sacrifices with speed, cost, and decentralization. The Web3 community has taken note: – 800K monthly active users – 16.7K addresses that have deployed smart contracts – 525K Twitter followers
Decentralized Finance (DeFi) on Avalanche is sitting at $13.5 billion total value locked (TVL). Thanks to Avalanche Rush, an incentive program for select DeFi apps on Avalanche, TVL has grown rapidly from $200M in August 2021. A 6,650% increase in just 5 months!
People who use Avalanche DeFi apps don’t need to worry about high transaction costs eating into their returns. Current returns for staking stablecoins: 14% APY USDC on BenqiFinance and 14% APY USDC on BlizzFinance, – 13% APY DAI on AaveAave.
Web3 gaming on Avalanche is getting ready for liftoff. – PlayCrabada sitting comfy at $30M TVL – Imperium Empires, a AAA-rated, space-themed metaverse game, is launching soon – DefiKingdoms, a DeFi game with nostalgic art, is launching soon.
NFTs on Avalanche is sitting at $70 million TVL. Notable projects: – chikn_nft at $22.4 million, PolicethiefNFT at $12 million – AvaxApesNFT at $5.1 million – firatinsayfasi at $4.25 million.
More enterprises are deploying on Avalanche, and institutional firms are including AVAX in their products. BitWise adding AVAX to BTIW fund – VanEck creating an AVAX ETN VAVA – Deloitte launched a disaster recovery platform CAYG.app.
Blizzard Fund is a $200M fund dedicated to accelerating growth across the Avalanche ecosystem. LPs of Blizzard: Avalanche AVAX Foundation, AvalabsOfficial, PolychainCap, Three Arrows Capital, Dragonfly Cap, cmsholdings rcapital l, amongst others.
You’re now an Avalanche master. You can continue to explore yourself on the other apps that the Avalanche ecosystem has to offer. It’s never too late to be early.
