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A leading crypto research firm says Avalanche (AVAX) is nipping at the heels of Ethereum (ETH) in terms of daily transaction count.
In a new blog post, digital assets research firm Messari notes that Ethereum had an average of approximately 1.17 million transactions per day in the first quarter of 2022.
According to the crypto research firm, Avalanche clocked 74% of Ethereum’s average in Q1 and could exceed it in Q2.
“With the incentive programs taking hold and subnet launches on the way, Avalanche has an interesting opportunity to surpass Ethereum over the next quarter.”
According to Avalanche, subnet stands for subnetwork, which is a dynamic set of validators working together to achieve consensus on the state of a set of blockchains.
Messari also predicts Avalanche’s transaction fees will go down in the second quarter thanks, in part, to a major Avalanche upgrade called Apricot.
“With further releases of Apricot, transaction fees have since stabilized, averaging around $0.67 per transaction. Apricot is intended to facilitate ‘verifiable pruning,’ a process where nodes can securely compact historical transactions.
It features a fee mechanism that enables transaction costs to be low and predictable for users. While stable, transaction fees have been trending upward in tandem with daily transactions. With more anticipated releases of Apricot, we should expect to see average transaction fees continue to stabilize and trend downwards.”
AVAX is trading at $76.94 at time of writing. The 10th-ranked crypto asset by market cap is down more than 3% in the past 24 hours and nearly 20% in the past two weeks.
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Featured Image: Shutterstock/Avishake07
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