By
Kseniia Klichova
April 25th, 2024
The Teleporter release is part of the Avalanche Durango Upgrade, expected to improve developer experience on the network.
The Avalanche blockchain has announced the Durango upgrade and launched Teleporter, a tool for enhanced communication in the ecosystem. Teleporter is powered by Avalanche Warp Messaging (AWM), available on C-Chain, Avalanche’s network compatible with the Ethereum Virtual Machine (EVM).
Avalanche’s Teleporter Tool
Avalanche created Teleporter as a tool to ensures cohesion among the network’s subnets, or application-specific chains. The tool also fixes fragmentation issues in the ecosystem. In addition, Teleporter will allow Avalanche subnets to share price feed data for tokens and NFTs easily.
Describing Teleporter, Ava Labs Vice President of Platform Engineering Patrick O’Grady touted the tool’s function and interface. O’Grady said:
“With the activation of the Durango Upgrade on the Avalanche Mainnet, it is now possible for Subnets to natively communicate with the C-Chain using Avalanche Warp Messaging (AWM)…Teleporter wraps this new functionality in an EVM-compatible interface that Solidity developers can use to trigger arbitrary contract invocations across any Avalanche subnet.”
The Durango Upgrade implementation follows a recent outage on the Avalanche blockchain. On February 23, the C-Chain stopped producing blocks, freezing all transactions for about two hours.
Shortly after the incident occurred, Ava Labs co-founder Kevin Sekniqi posted on X that the problem stemmed from a new inscription wave launched shortly before. However, an investigation revealed a mempool management bug. In response to the incident, the price of AVAX fell by 3.7%.
AVAX Tokens in the Short-Term
The recent price trajectory of AVAX was relatively healthy in the period leading up to Durango. Recently, AVAX climbed more than 6% and crossed the $40 mark to trade at $41.30. As of this writing, AVAX is at $43.25, after climbing 5.6% in 7 days and over 12% in 24 hours. According to MarketWatch data, AVAX has gained a little over 7% in year-to-date (YTD) returns. Last year, AVAX returned more than 200% to holders.
On February 20, the price of AVAX fell by 4.79% not long before the network planned to unlock 2.6% of the AVAX token supply, or 9.54 million tokens (about $367 million). The distribution schedule allocated 4.5 million AVAX ($177 million) to the core Avalanche team, with strategic partners receiving 2.25 million AVAX ($89 million). While the Avalanche Foundation will get 1.67 million AVAX ($66 million), the rest of the community will get AVAX tokens worth $44 million.
Generally, AVAX forecasts are relatively bullish as analysts expect a climb to $50. On breaking the mark, the analysts believe that $60 is possible, with a potential $80 goal this year.
According to CoinCodex, AVAX’s performance could wobble in March. The 11th largest asset by market cap could crash to $38.9 in about a week and then climb to $45.89 before the month ends.
For Changelly, the forecast puts AVAX at a maximum price of $46.09 on the 18th, the exact date CoinCodex expects $45.89. However, Changelly believes $46.09 is AVAX’s peak for 2024, adding that the token may fall quite a bit this year.