Using L'hôpital rule and continuity of exponential function, we can show that
For any $a>1$
$$\lim_{x \to \infty} (2a^{\frac{1}{x}}-1)^x = a^2$$
Since the sequence is just restriction on domain to $\mathbb{N}$ of a function, the limit of the sequence is the same.
Questions is given before introducing continuity. We can use properties of real number and sequences and matric space.
Let $$x_n=\frac{2a^{1/n}-1}{a^{2/n}}$$ and we can note that $$n(x_n-1)=-n(a^{1/n}-1)\cdot\frac{a^{1/n}-1} {a^{2/n}} \tag{1}$$ The first factor tends to $\log a$ (using a bit of algebra one can prove that sequence $n(a^{1/n}-1)$ is bounded and that is sufficient for the argument of this answer) and second factor tends to $0$.
Thus $n(x_n-1)\to 0 $ and hence by a well known lemma of Thomas Andrews (proved using Binomial theorem) we have $x_n^n\to 1$ ie $(2a^{1/n}-1)^n\to a^2$.
We can handle the sequence $n(a^{1/n}-1)$ (appearing as a factor in $(1)$) using Bernoulli inequality. Let $a>1$ and we set $b=a^{1/n}-1$ so that $b>0$ then $$a=(1+b) ^n\geq 1+nb$$ via Bernoulli and then $$n(a^{1/n}-1)=nb\leq a-1$$ and clearly $n(a^{1/n}-1)>0$ so that the sequence $n(a^{1/n}-1)$ is bounded.
For $0<a<1$ we can put $c=1/a$ and $$n(a^{1/n}-1)=-\frac{n(c^{1/n}-1)}{c^{1/n}}$$ The numerator is bounded and denominator tends to $1$ so that the overall fraction is bounded. It thus follows that $n(a^{1/n}-1)$ is bounded for all $a>0$.