Thread by @0xSonali

1/ Avalanche is touted as one of the top smart contract EVM blockchains and here is a long thread to shed some light on its behind the scenes reality. 🧵👇

#AVAX #Cryptoleaks

2/ Recently Cryptoleaks shared its investigation on Ava Labs and Roche Freedman, a law firm colluding to sue Avalanche competitors to boost its position.

Read the full story here - cryptoleaks.info/case-no-3

3/ Not just this, I even looked the current state of Avalanche blockchain and here are some charts to help you maneuver.

First, lets look at C chain activity. A sharp fall after Crabada was pushed to the subnet.

Did this shift increase activity on the subnet? Lets see further.

4/ Now lets look at TVL. At its peak, Avalanche had 12 bn USD in its DeFi protocols, today it is only 2 billion.

After multiple Rush programs, their chain has failed to attract attention.

#Matic recently surpassed #Avax in TVL.

5/ #Avalanche has only 2 subnets with validators on its network. Even these subnets donot have an even remotely decent or acceptable number of validators. Look for yourself.

#SwimmerNetwork #DFK #DefiKingdoms

6/ Even the active addresses have declined on its subnets. The transactions have increased only on the DFK subnet.

But is 50 tps and 8 validators enough to call it scalable and decentralised?

7/ Lastly, did anyone else notice how the validator counts have been declining on Avalanche.

@DappUniversity had predicted this in 2021. The size of the blockchain increases at a speed that it is infeasible to run a node on Avalanche.

@DappUniversity 8/ Staking and rewards:

Who would want to run a node for a blockchain with 6-9% APY and 25% inflation in the initial years of launch?
My guess is no one. Hence, we see an increase in delegator counts.

@DappUniversity 10/ I see much more pain for AVAX holders. The entire tokenomics was based on 2000 AVAX that needs to be a validator on the Avalanche blockchain and I see that narrative failing miserably.

@DappUniversity 11/ Lastly, with #Cryptoleaks investigation of #AvaLabs and #RocheFreedman is truly a watershed moment for crypto. Avalanche will lose the EVM battle to zk, sidehains and rollups, even Polkadot parachains and I see no merit to this blockchain.

Would love to hear your opinion.