Ethereum Competitor, Avalanche Raised $42 Million in Public Sale
I have been checking new projects from the past couple of weeks and I see that people are beginning to develop an interest in public sales again. Plenty of ICOs have raised hundreds of millions in the past month or so.
Source
Avalanche, which claims to be faster than ethereum raised over $42 million dollars in less than 5 hours of public sale. The token was priced at 50 cents. I was about to invest a small amount of money in this sale but something came up and I didn't participate in the sale.
When the token got listed on exchanges, it had a price of around $6 which means that it did a 12x for the investors. I know that if I had invested, my money would have grown 12 fold but that is alright, I don't have any regrets.
As I mentioned in one of my previous posts, Ethereum has scalability issues and can only do 15 tps at the moment. Avalanche claims to be very fast at 4500 tps.
Avalanche is an open-source platform for DeFi apps. What is interesting is that Avalanche supports Ethereum Virtual Machine, that is it supports all Ethereum based tools. Since Avalanche supports Ethereum Virtual Machine, DeFi projects like, Maker DAO, Compound, etc can migrate to Avalanche if they face any issues with Ethereum.
The biggest issue with Ethereum right now is scalability. Ethereum network is becoming congested and it may still take months for Eth 2.0 to become functional. This is where Avalanche can step in.
With that said, I don't think any project is going to leave Ethereum even if they face some issues as well. Ethereum has been around for so long and it has a great reputation in the crypto world. It is the best altcoin and will continue to rule for a long time.
However, it is nice to have competition, a healthy one. It only motivates these projects to work harder and be better than others and in the process, users experience the best services.
This is not financial advice. These are personal thoughts and they are meant for information purposes only.DYOR before investing.
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