AVAX CEO Archives

Blockchain platform Avalanche (AVAX) has announced the launch of the Durango upgrade and introduced Teleporter, a tool designed to improve communication within the protocol’s ecosystem.

Simplified Cross-Chain Messaging?

Teleporter, built on Avalanche Warp Messaging (AWM), the platform’s native messaging protocol, serves as a “developer-friendly interface” that reportedly simplifies the process of sending and receiving cross-chain Ethereum Virtual Machine (EVM) messages.

According to the announcement, by leveraging Teleporter, Avalanche blockchains will be able to share various types of information, including tokens, non-fungible tokens (NFTs), and oracle price feed data.

This “coordinated” communication will reportedly promote fluid EVM interoperability, enabling developers to create cross-subnet applications that provide “full functionality” and a “seamless user experience.” The Avalanche announcement goes on to say:

Since the beginning, Avalanche was developed to be a sprawling network of lightning-fast custom app chains. Subnets launched in Spring 2022, sparking an initial cohort of custom app chains that has grown to dozens, with many more coming across all major blockchain verticals. Since then, breakthroughs and highly anticipated releases like AWM (Subnet interoperability), HyperSDK (VM optimization), and Firewood (throughput) have vastly improved the potential capabilities of Subnets, and now Teleporter allows EVM Subnets to pass messages unhindered, natively linking the growing universe of Subnets.

The protocol also highlights that developers can now build cross-chain swaps and create gaming environments where one subnet can unlock features in another. Institutions will reportedly be able to use Circle’s USDC as a subnet’s native gas token, which Avalanche sees as an avenue for “financial innovation.”

Avalanche Durango Upgrade

The introduction of Teleporter coincided with the successful activation of the Durango upgrade on Avalanche’s Mainnet on March 6. Durango implemented several community-proposed Avalanche Community Proposals (ACPs), including ACP-30, which activated AWM, forming the foundation for Teleporter’s functionality.

Patrick O’Grady, VP of Platform Engineering at Ava Labs, expressed excitement about the Durango Upgrade, stating that Subnets can now natively communicate with the C-Chain using AWM.

O’Grady further emphasized that Teleporter provides an EVM-compatible interface, enabling Solidity developers to trigger contract invocations across any Avalanche Subnet.

On the other hand, Emin Gün Sirer, founder and CEO of Ava Labs, highlighted the role of Avalanche Warp Messaging and Teleporter in “revolutionizing” communication within Avalanche blockchains. Sirer emphasized that these “lightweight primitives” enhance user and developer experiences while solidifying Avalanche’s position as an “interoperability leader.”

Ultimately, with the release of Teleporter, Avalanche states that it is taking a step toward realizing its vision of a connected network of chains, providing increased interoperability and enabling developers to easily build cross-chain applications.

Avalanche

The native token of the Avalanche network, AVAX, has experienced a significant surge of 8% in the past 24 hours, reaching a trading price of $44.18. This increase follows its consistent upward trend, with a remarkable year-to-date growth of over 173%.

Featured image from Shutterstock, chart from TradingView.com

AVAX had time to recoup from June to July and then in August, the token slipped and formed a bullish cup and handle pattern.

AVAX intraday trading volume indicates a 38.7% plunge
Avalanche sellers successfully reclaimes the 20-day EMA slope
Trading volume skyrockets to 487 million

Now, the pattern which can be spotted at the market bottom will serve as a feasible launchpad for the crypto’s recovery but in order to complete the pattern, the coin price should barrel past the $30.6 key resistance.

With the reversal of the V-top formation seen at the key resistance level of $30.6, the AVAX coin price dropped to $18.4 of the Fibonacci retracement level. It is however beneficial for buyers who were able to position right at this level prompting a 25% spike to $22.53.

On the other hand, the massive selloff happening in the crypto market hinders the recovery of AVAX price and threatens a further downtrend.

The selloff that happened on September 13 has sloughed off the possibility of completing the pattern. Evidently, the downtrend that took place yesterday was triggered by the high CPI or Consumer Price Index data.

AVAX Low Volume Hints At Bulls’ Weakness

According to CoinMarketCap, AVAX’s price is down by 1.51% or trading at $18.84 as of this writing. The low volume seen with AVAX implies the bull’s waning commitment or weakness.

In the event that the selling pressure intensifies, AVAX could suffer a slump to $18.3 and then try to breach under that level which can further extend the decline to match the $13.6 low support seen in June.

Now, if the buyers are able to defend the support zone at $18.3, then the bullish movement may persist and the AVAX coin price will spike to $31.4.

Avalanche’s EMAs show all indicators going down with the exception of the 50-day EMA which proves to be a hurdle to AVAX price.

AVAX RSI shows a downtrend that heads under the midline hinting at a negative market sentiment.

CEO Announces KKR $417-Billion Merger

In other news, Emin Gün Sirer, Avalance (AVAX) Labs CEO announced on September 14 that KKR has made a $417-billion merger with Avalanche.

With Securitize, a FinTech company, Avalanche can proceed with tokenization and accessibility to a wider range of markets. The partnership announcement has amplified social media metrics in the past few months.

More so, AVAX social engagements escalated by 148.7%, plus also a surge of social mentions at 257.3%, as seen in the past three months.

Further, the AVAX market cap has also spiked by 4.31% as seen in the past week with trading volume skyrocketing from 324.2 million on September 12 to 487 million to date.

BTC total market cap at $384 billion on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com