Avalanche Unleashes Durango Upgrade, AVAX Price Rockets 8% With ‘Teleporter’ Debut
March 08 2024 - 12:00AM
NEWSBTC
Blockchain platform Avalanche (AVAX) has announced the launch of
the Durango upgrade and introduced Teleporter, a tool designed to
improve communication within the protocol’s ecosystem. Simplified
Cross-Chain Messaging? Teleporter, built on Avalanche Warp
Messaging (AWM), the platform’s native messaging protocol, serves
as a “developer-friendly interface” that reportedly simplifies the
process of sending and receiving cross-chain Ethereum Virtual
Machine (EVM) messages. Related Reading: Ethereum Aims For
$10,000, Driven By 2 Key Factors, According To Experts According to
the announcement, by leveraging Teleporter, Avalanche blockchains
will be able to share various types of information, including
tokens, non-fungible tokens (NFTs), and oracle price feed
data. This “coordinated” communication will reportedly
promote fluid EVM interoperability, enabling developers to create
cross-subnet applications that provide “full functionality” and a
“seamless user experience.” The Avalanche announcement goes on to
say: Since the beginning, Avalanche was developed to be a sprawling
network of lightning-fast custom app chains. Subnets launched in
Spring 2022, sparking an initial cohort of custom app chains that
has grown to dozens, with many more coming across all major
blockchain verticals. Since then, breakthroughs and highly
anticipated releases like AWM (Subnet interoperability), HyperSDK
(VM optimization), and Firewood (throughput) have vastly improved
the potential capabilities of Subnets, and now Teleporter allows
EVM Subnets to pass messages unhindered, natively linking the
growing universe of Subnets. The protocol also highlights
that developers can now build cross-chain swaps and create gaming
environments where one subnet can unlock features in another.
Institutions will reportedly be able to use Circle’s USDC as a
subnet’s native gas token, which Avalanche sees as an avenue for
“financial innovation.” Avalanche Durango Upgrade The introduction
of Teleporter coincided with the successful activation of the
Durango upgrade on Avalanche’s Mainnet on March 6. Durango
implemented several community-proposed Avalanche Community
Proposals (ACPs), including ACP-30, which activated AWM, forming
the foundation for Teleporter’s functionality. Patrick
O’Grady, VP of Platform Engineering at Ava Labs, expressed
excitement about the Durango Upgrade, stating that Subnets can now
natively communicate with the C-Chain using AWM. O’Grady
further emphasized that Teleporter provides an EVM-compatible
interface, enabling Solidity developers to trigger contract
invocations across any Avalanche Subnet. On the other hand,
Emin Gün Sirer, founder and CEO of Ava Labs, highlighted the role
of Avalanche Warp Messaging and Teleporter in “revolutionizing”
communication within Avalanche blockchains. Sirer emphasized that
these “lightweight primitives” enhance user and developer
experiences while solidifying Avalanche’s position as an
“interoperability leader.” Related Reading: Crypto Analyst Uses
Historical Data To Show When The Bitcoin Price Will Reach $207,000
Ultimately, with the release of Teleporter, Avalanche states that
it is taking a step toward realizing its vision of a connected
network of chains, providing increased interoperability and
enabling developers to easily build cross-chain applications. The
native token of the Avalanche network, AVAX, has experienced a
significant surge of 8% in the past 24 hours, reaching a trading
price of $44.18. This increase follows its consistent upward trend,
with a remarkable year-to-date growth of over 173%. Featured image
from Shutterstock, chart from TradingView.com
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