BofA Says Avalanche’s Scaling Capability Offers Viable Alternative to Ethereum

Avalanche’s AVAX token is now the 12th largest by market value.

AccessTimeIconDec 15, 2021 at 12:51 p.m. UTC
Updated Dec 15, 2021 at 10:40 p.m. UTC

Will Canny is CoinDesk's finance reporter.

Smart-contract platform Avalanche’s ability to scale while remaining secure and decentralized makes it a credible alternative to Ethereum for DeFi projects, NFTs, gaming and other assets, Bank of America said in a research report.

Avalanche’s subnet feature is increasing adoption, the bank said, with more than 380 projects built on the platform.

“Subnets enable faster time-to finality (settlement) and lower costs than alternative blockchains,” with the validation of around 4,500 transactions per second, analysts led by Alkesh Shah wrote in the note published Dec. 10.

Avalanche’s total value locked, or the value of tokens held in decentralized finance protocols, has risen 21% month on month and rocketed 6,255% since August, the bank’s analysts said.

Deloitte’s decision to use the Avalanche platform for its Close as You Go (CAYG) disaster-relief platform shows how corporations can “leverage blockchain technology to increase efficiencies and reduce costs,” Bank of America said.

AVAX, Avalanche’s native token, is now the 12th largest by market value, at $22.6 billion, and has increased 2,869% this year, the note added.

BofA said it expects corporate adoption of blockchain technology to hasten.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Will Canny is CoinDesk's finance reporter.

CoinDesk - Unknown

Will Canny is CoinDesk's finance reporter.

Trending

1
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
3
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin se estabiliza cerca de $21K; inversores esperan evitar otra caída el fin de semana

Los analistas se cuestionan si BTC podrá mantenerse por encima del umbral de $20.000 en un clima de desconfianza entre los inversores.

CoinDesk - Unknown