Mainnet of Avalanche Blockchain Promising to Address DeFi Scalability Issues Has Gone Live
The mainnet of Avalanche, a blockchain facilitating scalability to DeFi ventures has gone live. Regarding the mainnet labs, Ava Labs, the firm behind the creation of Avalanche blockchain, has issued the following statement:
“From Snowflake to Avalanche, the decentralized platform has come a long way, and its journey has only just begun.”
The CEO of Ava Labs, Emin Gün Sirer, is ranked 52nd on the Cointelegraph’s list of top 100 professionals in crypto and blockchain domain.
The company operates its own consensus covenant having the capacity to handle 4,500 transactions per second (TPS). Many blockchain networks have limited transaction processing capabilities, causing slowdown in transaction confirmation time and increase in fees.
Of late, DeFi ventures hosted on Ethereum blockchain has caused considerable congesting, leading to a surge in transaction charges.
Avalanche projects itself as an ideal solution for everyone, including firms, individuals and developers. The media release provided a list of particular use cases for enterprises, decentralized organizations, institutions, token participants and developers.
It can be remembered that Avalanche amassed $42 million in funding, through an offering in July 15. The process was completed in just 4.50 hours, stirring excitement in the market. Sirer is known for his straightforward views on issues faced in crypto and blockchain domain.