Instant Finality, meet Sub-Second Finality
Folks Finance recently implemented an $ALGO bridge into the $AVAX ecosystem. People might be wondering why. One of the biggest reasons for such a bridge is because both blockchains have ultra-fast processing and finality times. $AVAX at the moment, from their blockchain info, holds the fastest record for TTF (Time to Finality), with blocks being produced in under 2 seconds and sub-second finality. $ALGO holds one of the top five speeds, at 3.3 seconds per block and instant finality.
This is all great news, but a little criticism from me as well. While $ALGO holds their fees at around 0.001 $ALGO (varies by provider and number of transactions), $AVAX seems to vary. About a month ago, I dipped my toe into the $AVAX environment and bought about $100 in $AVAX, of which $70 was used to buy a memecoin that has just surfaced: $COQ. The transaction fees were about $17, which in my mind, after using $ALGO for so long, was outrageous. $COQ quickly rose, and I made about 9x my initial investment. But the issue is that when I tried to cash out, the remaining $13 wasn’t enough for gas. The trade required — IIRC — $22 at the time. By the time I managed to acquire the extra $9 that I was missing for gas, the price of $COQ decreased, leaving me with about 2.5x the initial investment.
While $AVAX is a great chain, with great tech, the gas fees for me are too high.
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However, that is my personal opinion.
The real message of this opinion piece is that $ALGO and $AVAX are both expanding and cooperating with other chains now, and that is huge for both communities — probably huge for the crypto environment in general as speed and security are critical in convincing the $FIAT community of the benefits of cryptography and cryptocurrencies.
$xALGO is just the beginning, giving users in both blockchains options in bridging their assets so that people may participate in $ALGO governance without having to make unnecessary trades. Folks Finance is now offering bridging into $AVAX and $BNB, and rumor has it that $LINK is also is the works.
If you didn’t get a chance to try out the bridge or participate in G10, keep this in mind for when G11 starts so that you can try $gALGO or $xALGO.
#ALGORAND #FOLKSFINANCE
