Will Ethereum lose importance? Avalanche launches Avalanche – Ethereum Bridge

[Billo_]

Avalanche has launched today a bridge where it’s easy for everyone to move Ethereum decentralized to Avalanche by converting it to wrapped Cryptocurrencies (like wBTC).

It will now be possible to use Ethereum cryptocurrencies on Avalanche and is beneficial for low fees and fast transactions, just it's also for sending AVAX coins because wrapped cryptocurrency is also based on AVAX.

Converting back to Ethereum is possible everytime. In addition, it's possible for developers to build applications like it happened to Bitcoin (wrapped Bitcoin [wBTC] and similar).

Avalanche – Ethereum Bridge, announced today: https://aeb.xyz/#/transfer
But fees are high for initial transfers because if you move if from Ethereum away, one Ethereum transactions needs to be done and Ethereum fees are very high.

What is your opinion about it? Will it become popular and make more people leave Ethreum to Avalanche for cheaper and faster fees?

[Hairynipples]

Avalanche is definitely a promising project, it's ecosystem is being developed at a very fast rate. it wasn't even in the top 100 of coinmarketcap a few months ago and it's now ranked number 29.

https://coinmarketcap.com/currencies/avalanche/

I personally think it's a contender for the top 10 in the not too distant future.

[bittick]

It will become popular in the future and it's not for now and why?

This is the reason

https://twitter.com/cz_binance/status/1358682856344543232

I know that avax is a good chain but binance has been starting to take over the domination that already made by ethereum. It shows the similar chart to the ethereum.

[Billo_]

I know that avax is a good chain but binance has been starting to take over the domination that already made by ethereum. It shows the similar chart to the ethereum.

But Binance is a centralized project, Binance Smart Chain has currently only 21 nodes and when more nodes are added, it will decrease performance, just like Ethereum does today and fees will explode.
Avalanche doesn't have such issues because Avalanche consensus can scale to much more nodes. And while scaling, Avalanche doesn't decrease performance.
Here was written a very good article about it, why Avalanche can scale better: https://medium.com/avalanche-hub/avalanche-a-revolutionary-consensus-engine-and-platform-a-game-changer-for-blockchain-fdac008edc35

I personally think it's a contender for the top 10 in the not too distant future.

Yes! Only few people know about Avalanche now because it's just launched half year ago. Avalanche is still very unknown and early.

[tbct_mt2]

It will become popular in the future and it's not for now and why?

This is the reason

https://twitter.com/cz_binance/status/1358682856344543232

I know that avax is a good chain but binance has been starting to take over the domination that already made by ethereum. It shows the similar chart to the ethereum.

CZ and Binance are smart and they've never stop building their ecosystem bigger and bigger. They are quicker and and go ahead other exchanges and those strategies help them to have a solid leading position in crypto.

People can say Binance mimick the Ethereum but who cares when code is open sourced. With the cheap fees Binance provide for users if they use BSC for transactions, the chain will grow more and the fractal is interesting.

I don't think Ethereum will lose its position to Avalanche or BSC as ETH has a huge ecosystem behind and other projects have a far distance to reach ETH. Price of AVAX or BSC can be higher than ETH but their ecosystems will not reach to the level of ETH's.

[HaekalZ]

i dont think ETH will lose its importance, for me ETH is the 2nd best coins these days after BTC,
ETH will keep rising till the end for sure, we can't lose our faith on ETH, its the most stable coins in the market right now.

[muenze]

ETH, its the most stable coins in the market right now.

Except for when it crashed to $80 last bear market

Avalanche basically went from $10 to $40 as you were still typing about eth. And its at least
a serious eth contendor. So look yourself how much it can still rise.

How much do you think eth can rise? 5%? 10%?

[bitcon]

Avalanche is an innovative solution for literally everyone, both consumers and developers. The processing of transactions in Avalanche is literally instant and the fees are relatively low compared to the same Ethereum. Avalanche's goals and its development are now really more attractive than Ethereum, and competition is inevitable. 

[matjas]

To be honest, people are always searching for ETH replacement either for faster/cheaper transactions or a way to make long term profit and we are yet to see any real resistance by competitor.
ETH is way too spread in crypto by now and its known to be a safe bet even among newcomers so i am sure we will never see a takeover.

[Balladtony77]

This isn't the first time there will be a project that introduce cross bridge with another and still it doesn't stop the existing project from been used, avalanche is very good and worth investing money on but we can't know what's yet to happen, for now atleast many new projects are still using Ethereum and some are switching to DOT too

[jacafbiz]

This is the first year that there are project coming into the space with huge potential to displace Ethereum as the first go to platform to launch a project, just look at what happen to Binance chain recently, the number of users on he chain has increase significantly and I believe project will start talking it serious because what projects want are users. Those projects that bet on BNC earlier are reaping the reward in 100X fold. If the gas price remain crazy then expect this exodus from Ethereum to beginning Q3 at most