Avalanche May Be Battling Dogecoin And Shiba Inu Over Market Cap But It Really Has A Bone To Pick With Ethereum – Ethereum – United States Dollar ($ETH)

Avalanche (CRYPTO: AVAX)  project founder and Ava Labs CEO Emin Gün Sirer said on Sunday that the cryptocurrency will “address lesser engineering problems without batting an eyelid,” taking a dig at Ethereum’s (CRYPTO: ETH) congestion.

What Happened: Gün Sirer made his comments in response to a tweet by Horizon Blockchain Games Product Director Philippe Castonguay. 

Castonguay said on Twitter that Avalanche blocks “will be full as well” and that it was no secret that all chains will “eventually be full if they get adopted and anyone telling you otherwise is lying.”

Gün Sirer said in response that he keeps hearing that some day “Avalanche will be as slow as Ethereum.”   

 

The Avalanche founder’s tweets caught the attention of Ethereum core developer Péter Szilágyi. He asked Gün Sirer why Avalanche uses the Ethereum team’s code.

Gün Sirer replied saying he respected Szilágyi and his work which he said were “without equal” but said scalability problems require a holistic approach. Szilágyi told Gün Sirer in a reply that being told that scaling is a “lesser engineering problem” is over the spirit of open-source software.

See Also: How To Buy Avalanche (AVAX)

Why It Matters: Earlier on Sunday, Avalanche flipped meme cryptocurrency Dogecoin (CRYPTO: DOGE) to emerge as the tenth cryptocurrency by market capitalization.

At press time, AVAX had a market cap of $30.04 billion, while DOGE had a market cap of $29.48 billion, putting them at the tenth and eleventh spots, respectively, as per CoinMarketCap data.

AVAX was also head of DOGE-rival Shiba Inu (CRYPTO: SHIB), which has a market cap of $24 billion and is the twelfth-largest cryptocurrency by market capitalization.

AVAX hit an all-time high of $146.22 on Sunday and at press time traded 8.01% below that level. So far in 2021, it has soared 3621.42%.

Over 24 hours, Avalanche rose 6.02% to $136.80, DOGE fell 2.84% to $0.2231, while SHIB declined 5.51% to $0.00004377.

Avalanche is often dubbed as an “Ethereum-killer.” Its fortunes have been buoyed by congestion and rising transaction fees on Ethereum’s network as the popularity of decentralized finance or DeFi and non fungible tokens or NFTs soar.

At press time, the average Ethereum transaction fee was $38.10, while last year on the same date it was $2.317, as per Bitinfocharts data. The gas fee has risen a whopping 1544.37% in the one-year interval.

Meanwhile, the fastest transactions on the Avalanche network require a gas fee of $0.095, as per Cointool.

Read Next: Bitcoin Dip Excites Investors, Trader Sees Ethereum Headed To $10K, Dogecoin and Shiba Inu Struggle

Be the first to comment

Leave a Reply

Your email address will not be published.


*