Avalanche currently has a systemic weakness – liquidity: Pancake has about $1.6B in liquidity: Sushi > $5B, etc. Avalanche, with a much more advance platform, has ~$300MM after a few months. I believe the issue is that Avalanche has in effect outsourced it’s liquidity provisioning to ethereum miners…and they are extremely expensive. If Avalanche needs a couple billion dollars of liquidity to function effectively, the current strategy would represent be a massive transfer of wealth to miners.
At a choice between, miners and cex, I am not sure Avalanche has made the right choice. Unless some new inexpensive “bridging” is coming along quickly, Avalanche needs a short-medium term relationship (partial acquisition/partnership, etc.) with a cex (probably a smaller one) to more efficiently funnel assets (not just Avax) to the chain.