The constantly evolving and highly competitive blockchain sector highlights certain projects, to the obvious detriment of others that are less popular. This decline in interest is affecting the Avalanche ecosystem, which is seeking a new lease of life with its imminent Granite upgrade.
Avalanche: a blockchain in search of activity
Blockchains evolve in step with advances and use cases applied to the cryptocurrency ecosystem, as was the case in 2020 with the launch of Avalanche to offer an effective solution to the congestion problems encountered by the leader Ethereum.
This blockchain quickly gained significant adoption, to the point of representing 6.5% of the total value locked (TVL) in the decentralized finance (DeFi) sector in February 2022, alongside iconic players such as Solana (2.5%) and BNB Chain (7%).
But things have changed significantly since then, to the point where the TVL of the Avalanche blockchain has plummeted 90% from its December 2021 peak of $11.5 billion, with a current estimated value of $1.26 billion, representing just 1% of DeFi.
This notable decline in interest has prompted its developers to continue proposing significant changes in an attempt to revitalize its ecosystem, such as the upcoming “Granite” upgrade announced for November 19. On the agenda: “3 revolutionary improvements that will make the network faster, more secure, and much easier to use.”
Granite upgrade coming soon
In practice, this Granite upgrade will bring three essential changes (ACP) to the Avalanche blockchain, which are:
- More stable cross-chain messaging;
- Biometric authentication;
- Dynamic block times.
The first change in this upgrade involves more efficient cross-chain messaging, which will reduce computing costs and also ensure better transaction finality (fewer failures) and more reliable multi-chain dApps.
At the same time, more dynamic management will allow validators to adjust block times according to network conditions, dropping below one second. This change should enable instant operations for swaps or DeFi transactions.
Finally, data security will be guaranteed by the implementation of biometric authentication designed to simplify the user experience.
