Blockchain
By Dan Saada
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Emin Gun Sirer, Founder and CEO of AVA Labs expressed, you’ve heard of Ethereum, Bitcoin, and even Doge.
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Many users were confused about this statement. They were not sure of the metrics or how they arrived at it.
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The list projected showed: 1 Day fees and 7 days average fees. Some of them were sarcastic by asking: “So value is captured in the Number of fees that can be extracted from…
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Others were like: This still doesn’t prove that there is a value add within this metric. An exorbitant amount of daily fees collected doesn’t prove anything outside of it’s not…
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Well, it's burned and captured by the system as a whole. However, there aren't other strong non-falsifiable metrics of usage that I know of. The volume of transactions?
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Justified Stating: This is easy economics 101: There is no such thing as a free lunch.
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Some were like: But they get burned, so everyone in the ecosystem benefits.
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Someone asked: If Avalanche's network gets x10 bigger, will the fees be x10 bigger?
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Someone tried to clarify stating: Current fee system has fixed fees which means the only influence is dollar value of AVAX.
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Also stated, Avalanche solves blockchain trilemma with it’s unique consensus algorithm.
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A real time user who tried to put facts straight stated: Yeah AVAX is growing organically and compared to other chains transaction amount is great.
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Others were concerned: “Fees! = Usage. Measure the number of transactions, amount of USD transacted, or something more meaningful.
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Sounds all good, but real-time users seem to have concern from the high fees!
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