Ava Labs CEO John Wu said big brands will enter the Avalanche ecosystem in the coming months. Known for its speed and low cost, Avalanche is becoming the center of game-oriented altcoin projects…
Avalanche ecosystem is preparing to partner with giant names
According to a senior official from the Avalanche (AVAX) team, major partnerships are coming for the Ethereum (ETH) rival. In a recent interview with Anthony Pompliano, Ava Labs CEO John Wu shared that well-known names from the financial and gaming industries will be joining the Avalanche ecosystem. Wu, who has not yet shared a name, says they will announce the news very soon:
I wish I could give you specific names, but I’m pretty excited about a few well-known traditional businesses that will be working on Avalanche… We also have a lot of visibility in the gaming industry because many gamers are using subnets to quickly create their own execution environments. We are very excited about these two areas. I wish I could give you specific names, but viewers will soon learn more if they just pay attention.
Wu also claims that in terms of traditional finance, the system is now slower due to lack of efficiency and database connectivity:
Financial institutions are very aware of the power of the Blockchain or crypto system, that when you need information and money to act at the same time, Blockchains are a very powerful tool for that. When you close a stock, it has too many brokers. Credit cards, too many middlemen. And they all work on their own databases and lots of compromises need to happen.
“Financial services are preparing for Blockchain technology”
On the other hand, Wu thinks that Blockchain technologies will help financial firms by streamlining systems and removing unnecessary steps from transaction processing blockchains.
Many firms in the financial services industry are currently testing blockchain technology. The amount of experimentation with developing blockchain is not just experiments in innovation labs, but also the amount of development. They look at technology as a way to create efficiencies and create more productivity and cut costs.
What does on-chain data say about altcoin?
While the Avalanche network is losing its volidators, other Blockchains are dealing with the loss of their investors. The exit of volidators from the Avalanche network began towards the end of April. The altcoin network currently has 1,240 volidators. Each of these volidators has an average of about 192,000 AVAX. The weight here includes the total amount of AVAX staked by volidators.
As cryptokoin.com reported, at the top of the network, towards the end of April, there were about 1,625 validators. But since then it has decreased by 26%. The crash in May and June also caused a decrease in the total number of delegates in the network. It fell from 21,000 to 18,000 before recovering to 20,000.
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