The Avalanche blockchain continues to make strides in the world of decentralized finance (DeFi) by launching AvaCloud, enabling developers to deploy and scale no-code, fully managed custom blockchains. Alongside this, the Avalanche C-chain now has native support for Circle’s Euro-backed stablecoin EUROC, expanding the adoption of this multi-currency, cross-border solution.
AvaCloud, dubbed as a “launchpad for deploying and scaling no-code, fully managed custom blockchains,” aims to assist businesses in launching blockchains with minimal overhead costs. Comparable to Cosmos’ consumer chains, AvaCloud allows developers to create subnets, or custom blockchains, connected through replicated security. Among its early adopters are the in-development game Shrapnel and Korean marketing platform SK Planet.
The euro-backed stablecoin EUROC’s native availability on the Avalanche C-chain marks Circle’s first step into multichain expansion. Its integration with the new AvaCloud solution could open doors for forex trading applications and decentralized app (dApp) development, targeting the European market, which is largely perceived as having a more favorable regulatory environment compared to the United States.
However, it is important to view these developments with a grain of skepticism. While Avalanche advocates highlight a significant uptick in active addresses, Blockworks Research analyst Dan Smith points out that these may not necessarily represent an increase in active users. He argues that the cheaper a chain is to transact upon, the more manipulable the address count statistic becomes. As transactions on the C-chain typically cost less than 10 cents, this could result in a skewed representation of actual user activity.
Nevertheless, the introduction of EUROC on the Avalanche C-chain has been hailed as a “pivotal moment for Avalanche” by John Nahas, business development vice president at Ava Labs. The addition of this fully reserved euro stablecoin could greatly accelerate the adoption of instant payments and remittances across the world.
In conclusion, while Avalanche’s latest feature rollout seems promising, it is crucial for users to consider the possible limitations alongside the potential benefits offered by AvaCloud and the native support for EUROC in the C-chain. Only time will tell how these developments will ultimately shape the future of decentralized finance and digital currency adoption across various markets.
Source: Blockworks
