The Avalanche ecosystem has blown up and the market has become talk of the crypto space. COQ Inu is the latest among meme coins to rise, following the immense success of the BONK meme coin on the Solana blockchain.
Now that the Solana network has grown, early investors have cashed in on the barrage of meme coins created on the network. The hype is now moving to Avalanche; you will miss out if you do not have AVAX on Avalanche.
Read on to find out how to bridge funds to Avalanche and take part in the pre-bull market meme season.
What is Avalanche?
Avalanche is a layer 1 blockchain that boasts high speed and infinite capability to scale. Avalanche was built to become an Ethereum killer but has so far not succeeded. AVAX is the native token of the Avalanche blockchain.
Like Ethereum, Avalanche supports smart contract development for decentralized finance. Reportedly, the Avalanche network has high throughput (0.79 seconds) and is several times faster than Ethereum. However, the recent rise of memes on the network shed light on a limitation of the network – high transaction fees.
Network congestion led to the gas fees on Avalanche rising to $4.41. Ethereum receives 28 times more traffic than Avalanche. Hence, if the network receives the same volume as Ethereum, the cost of transactions would be unbearable.
How to Bridge ETH to Avalanche
To transfer funds across chains from Ethereum to Avalanche, you will need your Metamask wallet and a bridging platform.
Step 1: Add Avalanche Network to Metamask.
You can easily do this by visiting Chainlist, a DeFi platform that allows you to automatically add EVM blockchains to your Metamask wallet. On the Chainlist website, search for Avalanche, add it to Metamask, and approve and dismiss the prompt.
Alternatively, you can open Metamask and click Networks >> Add Network. You will see a list of blockchains, among which is Avalanche.
Step 2: Bridging Options
There are several options to bridge to Avalanche. The most popular include Core Bridge and Metamask Portfolio Bridge. While these two are the fastest, they are probably the most expensive due to Ethereum gas fees.
Alternatively, there are cheaper workarounds that may take longer.
Coinbase or Binance
- Send ETH from Metamask wallet to Coinbase.
- Convert the ETH to AVAX on Coinbase or Binance. On Binance, the conversion fee is free.
- Withdraw AVAX from Coinbase or Binance to your Metamask wallet on Avalanche C-Chain.
Trade on Trader Joe
To start becoming active on the Avalanche C-Chain, you must become comfortable with Trader Joe, Avalanche’s top decentralized exchange.
- Step 1: Head over to Trader Joe’s website and connect your Metamask to the platform.
- Step 2: Swap AVAX for USDC or any meme coin you want to invest in.
- Step 3: Verify the swap on SnowTrace, Avalanche’s main blockchain explorer. This is similar to Ethereum’s Etherscan.
Step 4: Add the purchased token to Metamask after the swap to visualize the amount of tokens bought. This enables you to be able to sell when the time comes.
Avalanche is showing no signs of stopping its recent rise as the developers formed key partnerships with big names like Amazon Web Services (AWS), JP Morgan, and the Monetary Authority of Singapore.
Besides this, gaming and staking on Avalanche has taken on a new life. Over 250 million AVAX is staked on the network, producing 8% APR in staking rewards.
Sitting at $44.91, AVAX is up 280% in the past year with more than half of that happening in the past month.
Avalanche is looking to release Snow Trace Explorer for multiple chains and also a coming integration onto Google’s BigQuery system.
Avalanche is also taking a lead in this bull runs top narrative – Real World Assets (RWAs). The network is collaborating with JP Morgan to integrate Onyx, its private blockchain.
The Avalanche ecosystem comprises over 400 projects building on the network ranging from real-world assets to games, DeFi, and NFTs.
Avalanche, like Solana, is a dead chain that has been revived. Moving forward, investors may anticipate airdrops on the network that could lead to a significant influx of liquidity across several platforms on the network. JITO airdrop on Solana caused the volume to flow into Solana, and the SOL price skyrocketed. The same could be expected in Avalanche in the coming weeks and months.