$77,800,000,000 Asset Manager Reveals New Prediction For Avalanche (AVAX)
An important asset manager has just revealed some pretty impressive predicitons about the price of AVAX, and you can learn more about it below. AVAX price prediction is out According to a recent report by VanEck, a leadi...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
An important asset manager has just revealed some pretty impressive predicitons about the price of AVAX, and you can learn more about it below.
AVAX price prediction is outAccording to a recent report by VanEck, a leading investment firm, the Ethereum competitor Avalanche (AVAX) is facing significant challenges.
The report states that the on-chain activity on Avalanche’s C-Chain has dropped to critical levels.
The study also highlights that the fees generated by Avalanche in September were only around $11,000 per day, which is a 98.9% decline from its peak two years ago.
These findings suggest that Avalanche may be struggling to maintain its market position in the digital asset space.
“Avalanche’s blockchain eventually became a financial success in the fall of 2021 on its in-house developed EVM (Ethereum virtual machine) blockchain, called the C-Chain (contract chain). At its peak, the C-Chain held more than $10 billion TVL (total value locked) locked in its smart contracts, boasted $1 million in fees per day, and consistently held over 100,000 DAUs (daily active users).
In September 2023, those figures had dwindled to $500 million in TVL, $11,000 per day in fees, and 34,-000 daily active users.”
According to VanEck, Avalanche, while having great technology, lacks some of the advantages that Ethereum and other ETH competitors possess.
It suffers from a lack of venture capital (VC) support and a smaller developer community.
VanEck has confidence in Avalanche’s technical abilities but is uncertain if the platform can use its marketing talent to attract enterprise customers necessary to revitalize its chain of chains.
Moreover, with a rapidly decreasing developer base and VC capital moving away from all but the top crypto projects, it’s difficult to be optimistic about Avalanche’s long-term future.
Avalanche does not have a loyal coder base or the backing of Jump Capital to create a 1 million TPS (transactions per second) chain. Additionally, it lacks the thriving ecosystem of developers and capital that Ethereum possesses.
However, anything can happen in a bull market, and Avalanche continues to announce fascinating technical solutions to complex blockchain problems. Until it brings in new users through applications, AVAX will suffer.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Ethereum Price Prediction: Could Aztec’s zk.money Drive ETH Higher as Zcash Fuels Privacy Narrative?
Ethereum is trading at $2,665, flat over 24 hours, leaving it below the $2,700–$2,735 resistance band as our recent price predicti...
Standard Chartered says Ethena’s ENA could crush Bitcoin and Ethereum returns by 2028
Standard Chartered expects Ethena’s ENA token to rise about sevenfold by 2028, provided the protocol can rebuild its shrinking syn...
SEC Sues Four Firms Over Alleged $15 Million Crypto Scams Run Through WhatsApp Chats
The Securities and Exchange Commission charged four entities on Tuesday over two alleged schemes that used WhatsApp group chats an...
Pokemon Crypto Case: Collector Faces Trial Over $55 Million Hack
U.S. indictment alleges two Uranium Finance crypto exploits moved through Tornado Cash before being used to buy Pokemon cards and...
XRP Price Battling Resistances as BlackRock Rumors Pop
XRP price is trading near $1.51 after falling about 5% in a week, while BlackRock rumors of a spot XRP ETF resurface. The immediat...
Aave’s $50 million lending plan could lose money without a single default
Aave’s proposed institutional lending business would put crypto collateral on both sides of the financing chain. Institutions woul...