CoinDesk reported that Algorand has launched the Algorand Virtual Machine (AVM) to boost smart contract performance, enhancing the computing power of Algorand-based applications. This back-end upgrade aligns the development process with what developers on other blockchains, such as Ethereum, are accustomed to. Chief Product Officer Paul Riegle noted that AVM simplifies complex DeFi application development and improves handling of escrow payments, transaction sending, and trade slippage. Additionally, the upgrade significantly increases the computing power available to smart contracts, enhancing their efficiency without affecting overall chain performance. This development aims to support Algorand’s growth in the decentralized finance landscape.
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