The post Crypto News: Avalanche Cuts Transaction Costs by 75%, Boosting Network Activity appeared first on Coinpedia Fintech News
Avalanche, a decentralized finance (DeFi) focused smart contract blockchain, saw a significant decrease in transaction costs following its December 16th upgrade, known as Avalanche 9,000. This upgrade has successfully reduced usage fees by approximately 75%, making it more affordable for users.
Transactions Surge 38% Post-Upgrade
Data from Flipside and Bitquery reveals that since the upgrade, the number of transactions on Avalanche has increased by 38%, reaching an average of 354,691 transactions per day. This surge in activity indicates the impact of lower fees in encouraging more usage of the blockchain.
Key Changes for a More Cost-Effective Blockchain
The upgrade, which was a part of a broader set of improvements, introduced several key changes to the Avalanche network. Among them was ACP 125, a proposal that lowered the base fee for running smart contracts.
This upgrade is a major step forward for Avalanche in its mission to create a scalable and efficient blockchain platform, potentially strengthening its position as a leading player in the smart contract space. These changes are designed to make Avalanche more cost-effective and accessible, especially for developers looking to build decentralized applications (dApps) and smart contracts.
[This latest upgrade] focuses on making every component of the Avalanche tech stack cheaper. From reducing C-Chain fees to removing capital requirements for L1 validators, every user of Avalanche should experience reduced costs,
Ava Labs Chief Protocol Architect Stephen Buttolph had told Decrypt previously.
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FAQs
Yes, AVAX is a profitable investment for the long term, factoring in the strengths of the network. And the sprawl of the network in terms of utility.
As per our Avalanche price prediction. The price of the altcoin might soar to a maximum of $81 in 2025.
