Sirwin
Sirwin

Attractive Inter-blockchain Operations | Examining Avalanche

By idiosyncratic | Idiosyncratic Crypto | 28 Aug 2021


Inter-blockchain operations are pushing the limits of blockchains through communication with other counterparties. From the side of crypto enthusiasts, it is nearly the same as using a bridge to cross somewhere.

Thanks to the advancements in bridges, it became available for people to cross their crypto in the same form (BTC, WBTC) or NFTs thanks to the futuristic utilities of oracles. As the technology proceeds, the reflection of these evaluations are visible from the price of the cryptocurrencies. In these days, Avalanche (AVAX) has been one of the hottest coins in terms of Twitter engagement and price actions.

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Source

Let's examine the success story of Avalanche Bridge (a.k.a AB) and the potential of Leo-Bridge.

Avalanche Bridge

Basically, it is nearly the same with all bridges that are designed for inter-blockchain operations. Initially, you are choosing Metamask or Coinbase Wallet to connect, then the coin pairs are shown as given.

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You can easily transfer your assets from one blockchain to another in form of Pegged-X. While converting to the original form, you only pay for the transaction fee and the total value is saved.

The transaction fees spent while transferring asset are burned to incentivize the use of the bridge.

What changed in Avalanche after the bridge?

Avalanche has been establishing great partnerships with the most popular cryptocurrencies in our ecosystem. The aim of the coin is to bring solutions for crypto both as a Store of Value and Medium of Exchange. At that point, Avalanche is introduced as the Platform of the Platforms.

With the increasing activity on the bridge, Avalanche skyrocketed.

So far, millions of USD has been bridged via Avalanche bridge. Is it just a coincidence? Absolutely not. Partnerships, Hackathons and an incentive program called #AvalancheRush. The incentive program allocated $180M liquidity mining program with the leading De-Fi platforms Aave and Curve Finance.

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In the end, AVAX tested nearly 3x within a couple of days with massive volume in the history of the coin. For some crypto influencers, the success story of Avalanche is like the first days of Binance Smart Chain or MATIC L2.

Timing, Building & Network

In my opinion, we are still seeing the top of an iceberg in terms of the price of Avalanche. Among many copy-cat projects, Avalanche is bringing new use cases wherever they spot a weakness or something to be strengthen.

While De-Fi was growing, the De-Fi on Avalanche (via Pangolin DEX) was launched and an incentive program was conducted. As GameFi or blockchain-based gaming is the hottest thing, they are working with game developers to launch dApps on Avalanche as early as possible.

- There are 1036 nodes
- Privacy-based wallet (changes each time but the old ones are also active)
- Low fee Scheme
- Nearly instant transactions

While developing day and night, Avalanche was able to attract many crypto influencers to raise awareness on the progress in the ecosystem. Eventually, it turned into one of the most promising project in the eyes of millions. Organically growing ecosystem and non-stop developments... This is what we are already used to experiencing thanks to Hive 😄
It is great to have such projects in crypto but for the coins named all types of cats and dogs.

Final Take On

There are thousands of projects and hundreds of useful and worthy ones. However, as long as the gems stay hidden, as Splinterlands did for a long while, it may take some time to be discovered. Yet, the rolling stone does not get mud! The project Avalanche proved that the more the team worked harder, the better results they got in terms of both price and development. Through inter-blockchain operations and useful dApps, AVAX is about to test ATH with no question.

Hive looks the same as Avalanche considering the contributions of the project to crypto ecosystem. Upcoming projects on Hive L2 may catch some of influencers attention or we may do a great organic marketing that can help all the dApps on Hive reach their deserved states. Avalanche is a great example that made me believe more for the future of Hive + L2 solutions 🔥

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idiosyncratic
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Crypto-Blogger 🖊Blockchain Gamer 🎮 https://read.cash/@idiosyncratic https://noise.cash/u/idiosyncratic1 https://leofinance.io/@idiosyncratic1


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