Avalanche, one of the so-called Ethereum killers, remains popular as it just entered the top ten coins by market cap, thanks to it being high-speed and low-cost.
The coin now has a value of $134.74 and a market cap of $30.19 billion. In fact, just a couple of hours ago, it went on to reach a new ATH of $146.22.
Avalanche broke into the top 10 just eight hours after the CEO of Singapore-based crypto hedge fund Three Arrows Capital, Zhu Su, wrote on Twitter that he had “abandoned Ethereum despite supporting it in the past.”
Three Arrows became a big investor for Avalanche, just like how FTX and Sino Global Capital are big for Solana, a fellow Ethereum killer. Combined with Polychain Capital, Three Arrows led a $230 million funding round in September for Avalanche.
Close to 15,000 people liked the tweet.
Zhu moved about $78.35 million ETH of his company’s money to FTX. This is seen by some as a possibility he intends to sell them.
Swapping a coin on Ethereum-based decentralized exchange Uniswap can take several minutes and it costs around $100 – meanwhile, a transaction on Avalanche is near-instant and usually has a cost of less than one dollar. For this to be possible, Avalanche has divided work between three blockchains: X, C, and P.
The C-Chain of Avalanche has support for smart contracts, similar to Ethereum, and decentralized finance protocols on the network currently deal with about $12.5 billion. Ethereum’s DeFi protocols manage “slightly” more – $174 billion.
Avalanche may still have a long way to go until it manages to topple Ethereum, but with a market cap of $515 billion, it is surely on the right track.