According to a Bank of America (BofA) research report, the secure and decentralized scaling capability of smart contract platform Avalanche (AVAX) makes it a solid Ethereum alternative for DeFi projects, Non Fungible Tokens (NFTs), games and other assets. . For details cryptocoin.com keep reading.
Praises to Ethereum competitor from Bank of America
BofA states that with more than 380 projects being built on the platform, Avalanche’s subnet feature drives adoption. “Subnets provide faster time to resolution (reconciliation) and lower costs than alternative blockchains,” analysts led by Alkesh Shah wrote in a note published Dec.
Bank analysts say the total value of Avalanche locked in, or the value of tokens held in decentralized finance protocols, has increased by 21% monthly and by 6.255% since August.
BofA states that Deloitte’s decision to use the Avalanche platform for Close as You Go (CAYG) demonstrates how companies can leverage blockchain technology to increase efficiency and reduce costs. Additionally, BofA says it expects Blockchain technology to accelerate its institutional adoption.
Avalanche’s native token, AVAX, currently ranks 11th with a market cap of $23.3 billion, according to data from CoinMarketCap. At the time of writing, the altcoin price was trading at $95.86, up 21.65% in the last 24 hours.
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