Even if you don't know what AVAX is you couldn't have missed it these past few days. It had a very nice rally during the past few weeks after a 180M liquidity mining program was announced. If you read the comments on Twitter you will think that it is the next big thing in crypto but it just doesn't feel like it.
This whole thing just blew up out of proportion, if you ask me. I gave Avax a shot about two months ago and found nothing of interest. This recent pump made me revisit it but I still don't get it...
Here is the ting. There are very few projects launched on Avax right now. The biggest exchange is Trader Joe and there is nothing special about it. It's an AMM with farming features, just like any other. If you do want to explore farming on Avax you will need to use Yield Yak. Again, nothing new or exciting about it, just an auto compounding farming protocol that recently launched a token so you will be late for the airdrop party.
Exploring the Ecosystem
If you decide to dig deeper you will run into this website where you can find every single project that is launching on Avax. Most of them are in beta or a work in progress but those with nerves may find something valuable exploring.
Based on my modest research, the most successful project so far is named after a watch manufacturing company and has gathered over $1B in locked value. The project name is BENQI and it is the go-to place for all things lending on AVAX.
The Fees
I don't know where to start with the fees. Every single Twitter post about Avax is praising the network for low fees but let's be honest for a second. Is $0.5 per transaction actually low? Simple auto compounding fees can be as high as $1 and more complex transactions may take away more than 0.1 AVAX from your wallet.
At current prices it may be considered as "only $5" but what if AVAX hits $100 or $200? There is no small investor willing to pay $20 per transaction only because "everyone is on Avax bruh".
Final Verdict
I just don't like Avax as a blockchain but I don't blame people for using it. Everyone should invest their funds as they see fit but paying a dollar for one blockchain transaction is out of the question for me.
Remember when Vitalik said "the internet of money should not cost 5 cents a transaction" and then Ethereum went to $500 per transaction regardless? If you ask Jerry, Avax has that exact same feel so I ain't moving my money over there for no one. Not even a $180 Million liquidity mining program.