Price of AVAX, the Avalanche smart contracts platform’s cryptocurrency, doubled this week, hitting $33.7 early Thursday.
As of 7:25 a.m. Among all cryptocurrencies listed on Messari, AVAX gains the most in the last 24 hours, up 43.7 percent. However, the token remains considerably behind its all-time high of $60.35 set in February. AVAX is the 27th largest cryptocurrency, with a market worth of $5.38 billion.
It claims to process transactions hundreds of times faster than Ethereum while costing a tenth of the price.
Ava Labs, managed by Emin Gün Sirer, a Cornell University computer science professor and co-director of the university’s Initiative for Cryptocurrencies and Smart Contracts, raised $60 million in token sales to deploy Avalanche’s main network in September 2020.
Avalanche Bridge
The Avalanche Bridge enables easy asset transfers between the Avalanche and Ethereum blockchains. This technology combines the benefits of numerous networks by allowing users to deploy assets from one blockchain to another.
Avalanche is capitalizing on the growing popularity of non-fungible tokens. After partnering with Avalanche to build an NFT marketplace. Topps revealed on August 11th that the inaugural collection featured highlights from the German football league’s 2020–2021 season.
Yesterday, the Avalanche Foundation launched “Avalanche Rush.” DeFi apps, such as Aave and Curve, will add to the network as part of the $180 million effort. It will do so by delivering AVAX as a liquidity mining incentive to Aave and Curve clients. Avalanche plans to keep introducing DeFi protocols to the platform beyond Aave and Curve.
During Asia’s trading hours, a hack of Japan’s Liquid exchange happened. Consequently, cause bitcoin and ether to fall marginally on the day. This comes just one week after the world’s largest cryptocurrency loss. A $600 million hack of the Poly Network blockchain interoperability platform.
However, it is too early to know how the situation will play out in this case. With 7.2 percent one-day returns for cardano (ADA), XRP, and dogecoin, the bulk of the top ten cryptocurrencies are rising in value.
