Avalanche Introduces Durango Upgrade to Enhance Blockchain Interoperability and Beyond
The Avalanche (AVAX) development team has made an exciting announcement regarding the launch of the Durango upgrade and the introduction of a new tool called Teleporter. This tool, unveiled on March 7, is built on Avalanche Warp Messaging (AWM) and operates on Avalanche’s Ethereum Virtual Machine (EVM) compatible network, known as the C-Chain.
The Teleporter tool is specifically designed to improve communication and interoperability across various EVM-compatible Avalanche sub-networks (subnets), addressing fragmentation issues and fostering cohesion within the ecosystem. It enables the sharing of different data types, including cryptocurrencies, non-fungible tokens (NFTs), and oracle price feed data, across Avalanche subnets.
The Durango upgrade represents a significant update to the Avalanche network, bringing about various changes and improvements. These changes affect different aspects of the network, such as staking migration and developer responsibilities.
The Durango upgrade on Avalanche’s mainnet has set the foundation for the functionality of the Teleporter tool by enabling subnets to seamlessly communicate with the C-Chain using Avalanche Warp Messaging (AWM). This is particularly valuable for developers, as it provides an EVM-compatible interface. Solidity developers can leverage this interface to initiate contract invocations across any subnet within the Avalanche network.
With 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.
In addition to the Durango upgrade, the introduction of the Teleporter tool enhances interoperability by facilitating efficient communication between Avalanche subnets, thereby addressing ecosystem fragmentation issues.
Avalanche, a cryptocurrency and blockchain platform launched in 2020, has been making significant progress in the crypto space. It is known for its speed, scalability, and unique features, positioning it as a competitor to Ethereum in the world of decentralized applications (dApps) and autonomous blockchains. The platform’s native token, AVAX, plays a crucial role in network transactions, governance, staking, and serves as a store of value.
Avalanche’s smart contracts platform allows for the development of dApps and autonomous blockchains, with its consensus protocol enabling swift transaction finality. Notably, Avalanche employs a unique fee structure where all processing fees are burned, and AVAX holders have the power to influence the rate of new coin creation through voting.
Recent price movements of Avalanche (AVAX) have shown potential for a breakout, with a target price of $52 according to technical analysis on TradingView. The current price of AVAX is $42.95, representing a price increase 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 to be over $18 billion, considering the total supply of 436 million tokens.
The Avalanche ecosystem encompasses the development of blockchain-based games and dApps, and its innovative strategies for addressing challenges in the blockchain space have attracted significant attention from developers and investors.
