Avalanche's AVAX token leads price rally among Ethereum rivals
AVAX, the native token of the Avalanche blockchain, is spearheading a rally among Layer 1 alternatives to Ethereum. In the past month, blockchain platforms that are considered Layer 1 alternatives to Ethereum have seen their native tokens make gains of over 100%, compared to a 22% increase in the value of ether. AVAX has surged nearly 130% in the last 30 days, according to CoinGecko data, while Solana's price increased by 113% and the native token of the Near protocol has risen by 110%.
In an illustration of the increased activity on these alternative Layer 1s, data from The Block's dashboard shows the number of daily transactions on the Near blockchain has reached an all-time high of 1.68 million. "Avalanche's collaborations with heavyweight institutions like JP Morgan and Citi are indicative of a growing institutional inclination towards high-performance layer 1 alternatives to Ethereum," said Jeff Feng, co-founder of Sei Labs, which supports the high-performance Sei blockchain. "These developments highlight the financial industry's active search for scalable blockchain solutions," he added.
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