Avalanche (AVAX) is a decentralized platform for launching and exchanging tokens, smart contracts, dApps, and DeFi applications. The main goal of the developers is to provide the crypto market with a space where users can seamlessly exchange tokens and coins from different blockchains.
The Avalanche principal net was originated in September 2020. The project is being produced by AVA Labds, one of the authors of which was the inventor of Bitcoin NG, Emin Gün Sirer. Along with the launch of the Avalanche mainnet, the original AVAX coin was additionally begun, which is applied as the basic part of an account for financing for transactions on the network (for instance, launching dApps or using smart records). Avalanche validator rewards are also paid in AVAX.
Since the start of trading, the cost of AVAX has increased 8 times – from $ 5 to $ 40.90 including avax to ltc price. And at its top in February, the cost of the coin still approached $ 53. At the same time, the burning mechanism is also integrated into Avalanche, which removes from the AVAX circulation, spent on paying commissions for transactions in the network.
It is worth noting that the entry threshold for validators is quite high – from 2,000 AVAX, which at the current rate is about $ 81,800. For members, there is additionally a least stake capacity – 25 AVAX ($ 1,022). The network charges a 2% commission for delegation.
AVAX can be staked through the native web wallet Avalanche Wallet. Currently, network validators receive 5.38% of new coins per year, and delegates – 5.1%. On the other hand, AVAX staking can be also more effective on exchanges.
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Where to buy and store AVAX tokens
The Avalanche cryptocurrency is traded on most major exchanges. The main turnover comes from Binance and OKEx. The list of the most popular trading pairs looks like this:
- Binance AVAX / USDT $ 39 716 567 2
- OKEx AVAX / USDT $ 30 988 231 3
- Paribu AVAX / TRY $ 8 163 890 4
- Binance AVAX / USD $ 6 722 900 5
- Okex AVAX / USD $ 5,111,973
To store tokens, the project has its own Avalanche Wallet. It works in the web version, has the simplest design and all the necessary functionality. It can also be stored in Ledger and Trezor hardware wallets. From software, Coinomi is suitable.
The growth of cryptocurrencies and interest in decentralized finance, which began in 2020, is a good opportunity for Avalanche. Ethereum, which specializes in financial applications, cannot cope with the download and its users can go to Avalanche as well. It boasts 4500 transactions per second and low fees. The emission of the AVAX cryptocurrency is limited; part of the tokens will be burned when paying for transactions. This may support the quotes in the future. The project offers good staking profitability; its annual rates are competitive for the cryptocurrency industry. On the technical side, Avalanche is a strong network. It has its advanced consensus algorithm, no delays; it can build its blockchains. If the decentralized finance industry gains mass adoption, the network could gain significant market share.
Is the Avax token promising?
The Avalanche platform was created by Ava Labs founder and Cornell University professor Prof. Doctor Developed by Emin Gün Sirer. Avalanche, which was founded in September 2020 and is a fairly new project, has briefly caught the attention of cryptocurrency investors and has continued to grow exponentially since its inception. Find more information on https://letsexchange.io/exchange-rates
The AVAX token for the Avalanche platform cryptocurrency has been listed on CoinMarketCap since September 2020. The AVAX token, which began trading in the $ 4-5 range on CoinMarketCap, broke a record, receiving $ 64.87 on September 12, the day of writing. AVAX will likely set new records in the coming days.