The Avalanche (AVAX) development team has announced the launch of the Durango upgrade and introduced the Teleporter tool, which is designed to improve interoperability within its ecosystem.
Teleporter, unveiled on March 7, is a tool built on Avalanche Warp Messaging (AWM) and implemented on Avalanche’s Ethereum Virtual Machine (EVM) compatible network, known as the C-Chain.
The Teleporter is specifically crafted to enhance communication across various EVM-compatible Avalanche sub-networks (subnets), fostering greater cohesion and addressing fragmentation issues within the ecosystem.
This tool facilitates the sharing of various data types, such as cryptocurrencies, non-fungible tokens (NFTs), and oracle price feed data, across Avalanche subnets.
The Durango upgrade in Avalanche represents a significant update to the network, introducing several changes and improvements.
The team says this upgrade affects various aspects of the network, including staking migration, and developer responsibilities.
The Durango upgrade on Avalanche’s mainnet has laid the groundwork for Teleporter’s functionality by enabling subnets to communicate seamlessly with the C-Chain using Avalanche Warp Messaging (AWM), the team says.
This development holds particular significance for developers, as it provides an EVM-compatible interface. Solidity (Ethereum’s programming language) developers can leverage this interface to initiate arbitrary contract invocations across any subnet within the Avalanche network.
Following the implementation of Durango, the management of staking functionality has been transferred to the Avalanche Wallet, leading to the discontinuation of this feature shortly after the upgrade. Developers currently using Avalanche JSv1 or those who have forked Avalanche Wallet will need to update their systems, as Durango does not support older transaction types.
Additionally, Core Stake functionality remains active following the launch of Durango, as it supports the new transaction types introduced by this upgrade. Overall, Durango aims to streamline operations within the Avalanche ecosystem and enhance network efficiency.
Furthermore, the introduction of the Teleporter tool, coupled with the Durango upgrade, enhances interoperability by facilitating efficient communication between Avalanche subnets, thereby tackling ecosystem fragmentation issues.
Avalanche (AVAX) building momentum
Avalanche, a cryptocurrency and blockchain platform launched in 2020, has been making notable strides within the crypto space.
Renowned for its speed, scalability, and distinctive features, Avalanche stands as a competitor to Ethereum (ETH) in the realm of decentralized applications (dApps) and autonomous blockchains. The platform’s native token, AVAX, plays a pivotal role in network transactions, governance, and staking, and serves as a store of value.
Avalanche’s smart contracts platform enables the development of dApps and autonomous blockchains, with one of its standout features being the swift transaction finality facilitated by its consensus protocol.
Notably, Avalanche employs a unique fee structure where all processing fees are burned, and AVAX holders wield influence over the rate of new coin creation through voting.
Recent price movements of Avalanche (AVAX) present a blend of perspectives and forecasts. Technical analysis on TradingView suggests that AVAX has displayed indications of a potential breakout, with a target price set at $52.
The current price of Avalanche (AVAX) stands at $42.95, representing a price incline of over 12% in the last 14 days.
AVAX’s market capitalization exceeds $16 billion, based on a circulating supply of 377.3 million tokens. The fully diluted valuation of AVAX is estimated at over $18 billion, considering the total supply of 436 million tokens.
The Avalanche ecosystem encompasses the development of blockchain-based games and dApps. Its innovative strategies for tackling challenges within the blockchain space have garnered considerable attention from both developers and investors.