SnowTrace, a popular blockchain explorer tool in the Avalanche ecosystem, has announced its decision to cease operations and close its website by 30 November 2023. The platform, which relied on Etherscan's Explorer-as-a-Service toolkit, has not explicitly disclosed the reasons for discontinuation. Speculation suggests high service fees associated with Etherscan's toolkit might be a contributing factor. However, Phillip Liu Jr. of Ava Labs reassured the community that Avalanche would continue its operations, promising a forward-looking solution. The closure highlights the importance of transparency, decentralization, and reliable blockchain tools in the ever-evolving blockchain landscape.
Meanwhile, Avalanche's Landslide Network has announced a groundbreaking integration of the Inter-Blockchain Communication (IBC) protocol, bringing seamless interoperability between Cosmos Hub, Avalanche, and over 100 other IBC-enabled chains. The Interchain Foundation (ICF) made the announcement, heralding a new era of cross-chain communication and collaboration in the blockchain space.
SnowTrace to Cease Operations, Sparking Concerns in the Blockchain Community
In a surprising turn of events, SnowTrace, a prominent blockchain explorer tool catering to the Avalanche ecosystem, has announced that it will cease operations, closing its website on 30 November 2023. The platform, known for its exceptional services powered by Etherscan's Explorer-as-a-Service (EaaS) toolkit, will discontinue its Etherscan-powered explorer.
The official statement released by SnowTrace on Monday has left users with a sense of urgency as they are urged to take action before the impending shutdown. Users have been advised to safeguard their critical data, including private name tags and contact verification details, to prevent any loss of information.
The exact reasons behind the discontinuation of SnowTrace's explorer have not been explicitly disclosed. However, some industry experts speculate that the substantial service fees associated with Etherscan's EaaS toolkit may have played a significant role in this decision.
Mikko Ohtama, co-founder of Trading Strategy, shed light on the cost of an annual subscription to Etherscan's EaaS service, which could range between $1 million to $2 million per year. Ohtama expressed concerns about the centralization of smart contract verification and emphasized the need for decentralization in the blockchain space. He also noted that regulators and stakeholders may raise questions about the integrity of a system whose source code is hosted by a private company in Malaysia.
The news of SnowTrace, an AVAX C-chain browser developed by the same team behind the well-known Etherscan explorer, discontinuing its services on 30 November 2023 sent shockwaves through the blockchain community. There were concerns raised about the potential impact on the Avalanche ecosystem, given SnowTrace's prominent position within it.
Phillip Liu Jr., the head of strategy and operations at Ava Labs, the organization behind Avalanche, moved quickly to reassure the community. Liu stated that Avalanche was not halting its operations and that they were "moving onto something better." He reaffirmed their commitment to the project's continuity, alleviating some of the immediate concerns.
Etherscan's EaaS service, for which SnowTrace served as an interface, offers essential tools for blockchain projects, including a block explorer and application programming interface (API) solutions. The discontinuation of a block explorer can occur for various reasons, such as the non-renewal of an EaaS service agreement, insufficient bandwidth, or limited traffic. In such cases, users are advised to diligently back up their data, including private name tags, transaction notes, contract verification details, and other relevant information.
SnowTrace's decision to cease operations caught many in the blockchain community off guard, prompting speculations and queries among users who relied on the platform for their blockchain ventures. Some individuals even speculated that the AVAX team might be considering abandoning the platform entirely.
However, Phillip Liu Jr. of Ava Labs offered assurance that the project had plans to introduce a noble and forward-looking solution. This declaration helped alleviate some of the concerns among users, while others eagerly awaited further details on the future direction of Avalanche's blockchain explorer services.
The closure of SnowTrace's Etherscan-powered explorer marks a significant development in the ever-evolving blockchain landscape. It underscores the importance of transparency, decentralization, and the need for reliable blockchain tools. As the blockchain industry continues to mature, users and projects alike are reminded of the critical importance of adapting to changes and uncertainties in this dynamic ecosystem.
Avalanche's Landslide Network to Enhance Interoperability with Cosmos and 100+ Chains via IBC Integration
In related news, the Avalanche subnet Landslide Network has announced its integration of the Inter-Blockchain Communication (IBC) protocol. This integration is poised to create seamless interoperable connections between Cosmos Hub (ATOM), Avalanche (AVAX), and more than 100 other IBC-enabled blockchain networks.
The announcement of this significant development was made on Tuesday by the Interchain Foundation (ICF), a move that has generated immense excitement within the blockchain community. Notably, the Landslide Network's incentivized testnet is scheduled to go live today, marking a crucial milestone in the implementation of IBC on Avalanche.
The integration of IBC promises to usher in a new era of cross-chain communication and collaboration within the blockchain space. It offers the potential for various blockchain networks to seamlessly exchange data, assets, and information, fostering greater connectivity and utility for users and developers.
The Interchain Foundation, in its official statement, expressed enthusiasm about the introduction of IBC to the Avalanche ecosystem. The foundation emphasized that Avalanche, in collaboration with CosmosAVAX, is actively developing an IBC light client tailored specifically for Avalanche. This client is a critical component that will enable seamless interoperability between Avalanche, Cosmos Hub, and more than 100 other blockchain networks that support IBC.
This initiative represents a monumental step forward in the quest for blockchain interoperability. The ability to connect Avalanche with a diverse array of IBC-enabled chains opens up a world of possibilities for developers and users alike. It will enable the creation of cross-chain decentralized applications (dApps) that can harness the strengths and features of multiple blockchains.
Ava Labs, the organization behind Avalanche, echoed the significance of this development. They highlighted that the integration of IBC on Avalanche will facilitate cross-chain communication through CosmWasm smart contracts, enhancing the capabilities and functionality of the Avalanche network.
The shared innovation resulting from this new gateway will not only benefit Avalanche but also the broader Cosmos ecosystem. Both communities stand to gain from the enhanced interoperability, enabling the seamless transfer of assets and data between these blockchain networks.
The Interchain Foundation summed up the implications of this integration by stating, "This initiative is set to revolutionize the DeFi ecosystem by enabling IBC-compliant dApps to run seamlessly on the Avalanche network." DeFi, or Decentralized Finance, is a rapidly growing sector within the blockchain space, and this integration will further expand its reach and potential.
As the Landslide Network's incentivized testnet goes live today, the blockchain community eagerly anticipates the practical implementation of IBC on Avalanche. This milestone not only strengthens the Avalanche ecosystem but also reaffirms the blockchain industry's commitment to advancing interoperability as a key driver of innovation and progress. It is a testament to the collaborative and forward-thinking nature of blockchain development and its potential to reshape the future of finance and technology.
Price Overview
Data from the cryptocurrency price tracking website CoinStats indicated that Avalanche’s native token, AVAX, was down 2.12% at press time. This was a slight deviation from its positive weekly streak, as the altcoin’s price was up 7.74% over the past 7 days. Subsequently, the cryptocurrency was trading hands at $11.2.
Price chart for AVAX (Source: CoinStats)
AVAX also weakened against Bitcoin (BTC) throughout the past trading day, and was down 2.97% against the market leader. This meant that 1 AVAX token was worth 0.0003251 BTC at press time.
