Investment firm VanEck has released a report on the digital asset markets, warning that Ethereum competitor Avalanche is facing significant challenges. VanEck notes that on-chain activity on Avalanche's C-Chain has dropped to critical levels, with fees per day falling by 98.9% from its peak two years ago.
While VanEck acknowledges Avalanche's strong technology, it believes the project lacks the advantages of Ethereum and other ETH competitors, including venture capital backing and a larger developer community. Without enterprise customers and new users, AVAX's long-term prospects remain uncertain.
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