Avalanche got hit with a surging demand following the ambitious announcement of DeFi Rush program, which in addition to committing $180M liquidity mining incentives, confirmed that Aave & Curve will be onboarding on Avalanche soon. The announcement coincided with the launch of Benqi; the first lending/borrowing money market on Avalanche and the first app to give start to DeFi Rush initiative with $3M liquidity mining allocation.
The key infrastructure piece of the DeFi Rush program was inarguably the new AB Bridge between Ethereum and Avalanche. While the new AB bridge operates under a PoA model just like the old bridge, the user experience is radically better. Transfers are 5x cheaper and 10x faster. This is because operators of the bridge use secret sharing to protect funds instead of smart contracts. As opposed to the old AEB bridge doing 4 smart contract calls, users only have to do one simple token transfer on the expensive Ethereum side to cross over to Avalanche dr