AVA Labs Decentralized Finance Platform Releases First Public Testnet

The AVA blockchain network, self-described as “an open-source platform for launching highly decentralized applications, new financial primitives, and new interoperable blockchains,” has just launched one of its testnet releases to the public, according to a blog post from the group.

This will be the first of two launches, and thanks to it, users will be able to “connect to a global network of validators and participate in high-velocity transactions,” the post notes. AVA boasts about hitting thousands of transactions a second with a completion time of under two seconds.

Overall, the platform’s goal is to exist as a space for decentralized finance (DeFi) to thrive. The platform even has support for current Ethereum-based applications. Speaking on the matter is Emin Gün Sirer, the CEO of AVA Labs:

“As an open-source project, we listen intently to the invaluable input of our active global community, and are building a solution that is driven by the demands of prospective users, one which enables permissionless and permissioned blockchains to scale and connect like never before.”

Other Ethereum competitors are popping up as interest in decentralized finance grows. For example, Binance recently announced an expansion to its Binance blockchain, though the staff is quoted as stating it isn’t a direct Ethereum competitor, despite sharing numerous similarities, as InsideBitcoins has previously reported on.