Avalanche (AVAX) has done pretty well over the past year. So much so that AVAX, which was in the $ 13 band at the beginning of last year, with a rapid rise, exceeded the $ 134 band and reached an all-time high. Despite the AVAX price, which fell to the $65 band due to the market downtrends, Avalanche is about to surpass Ethereum (ETH) in transaction volume.
Smart contracts platform Avalanche processed 1.1 million transactions on January 27, according to data shared by Emin Gun Sirer, CEO of Ava Labs, the company behind AVAX.
"Avalanche ($AVAX) processed 1.1 million transactions today, approximately 96% of Ethereum's load. Average fees for a swap operation were $0.23 on Avalanche and $62.00 on Ethereum."
According to data provided by DefiLlama, Avalanche is the fifth largest smart contract platform with a total locked value (TVL) of $8.17 billion. On the other hand, when we examine Messari's data, we see that Blockchain processed an average of 475,000 transactions per day in the fourth quarter of 2021. Ethereum, on the other hand, processed an average of 1.25 million transactions per day.
Recently, AVAX has reached 96 percent of Ethereum's transaction volume and has come very close to overthrowing the market leader.
On the other hand, as the CEO of Ava Labs stated, the average fee for a swap on Avalanche averages $0.23, compared to Ethereum's unbalanced fees (transaction fees can range from $30 to $70).
Avalanche price is $63.65 at press time and a 24-hour trading volume is $741,277,886. The price has decreased -1.2% in the last 24 hours. There is a supply of 240 Million AVAX coins in circulation, with a total supply of 378 Million coins. Binance is currently the most active market where this is traded.