- Avalanche will launch the Granite upgrade this week, which introduces three key updates to its blockchain.
- The upgrade enables dynamic adjustment of transaction finalization time, potentially reducing settlement time to under two seconds.
- Granite introduces cost reductions for crosschain transactions and incorporates biometric data signing capabilities.
- The upgrade comes amid a decline in Avalanche’s onchain economy, with deposits dropping $1.4 billion recently.
Avalanche, a blockchain platform with a market valuation of approximately $6.7 billion, is set to activate its Granite upgrade this week. The update aims to enhance transaction speed and efficiency by allowing the blockchain to adjust the time required to finalize transactions based on current traffic conditions.
According to an October blog post by Ava Labs executive Olivia Vande Woude, the upgrade could reduce settlement time to under two seconds. This improvement is intended to support institutional use cases where immediate transaction finality is critical.
The Granite upgrade includes three main developments. First, it enables dynamic transaction processing speeds, removing the current constraint where speed changes require full chain upgrades. This allows Avalanche to adapt efficiently to different user traffic levels.
Second, the upgrade lowers costs for crosschain transactions on blockchains that operate within Avalanche’s ecosystem. Lastly, it introduces biometric data signing, which supports fingerprint, facial recognition, and other biometric verification methods to initiate transactions, particularly benefiting mobile users.
This upgrade arrives as Avalanche faces challenges in its onchain economy. Data from DefiLlama shows that investor deposits within Avalanche’s DeFi sector have decreased by $1.4 billion over the last six weeks. Current deposits are nearly 90% below the $17.8 billion peak recorded in 2022.
Granite’s deployment is scheduled for Wednesday and represents a significant technical enhancement for the six-year-old blockchain. The update aims to bolster speed and security, addressing both performance limitations and user authentication methods to improve overall network functionality.
For further details on Avalanche’s Granite upgrade, see the official announcement.
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