The functions of these chains are as follow: AVAX is used for settling transaction fees and can also be staked to secure the network.Īt this point, it is important to reiterate that the Avalanche network is made up of three component chains. This is the digital asset that powers the network and determines individuals’ stake in the Avalanche ecosystem. Like most public blockchain networks, Avalanche has a native currency- AVAX. It is a notable blockchain in the DeFi space, and it is also used to create apps in the gaming niche. Like every other smart contract platform, Avalanche is primarily used for launching decentralized applications, which serve different purposes. The website also claims that “Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality”. According to its official website, Avalanche is an “open, programmable smart contracts platform for decentralized applications”. What is Avalanche and how does it work?Īvalanche can basically be described as a decentralized, open-source blockchain with smart contract functionality. You can find the up-to-date AVAX price chart, trading pairs, Avalanche historical prices and more on CoinCodex.
Avalanche is currently home to a variety of projects in different sub-niches, including DeFi (decentralized finance) applications and popular games.Avalanche allows developers to deploy customizable public or private blockchains that meet their needs.Avalanche supports three primary built-in blockchains, including the exchange chain (X-Chain), platform chain (P-Chain), and contract chain (C-Chain).The Avalanche mainnet was launched in September 2020 and it has already secured over 100 individual projects.The origin of Avalanche is traced to a team that goes by the name “Team Rocket” but the project was developed by a group of researchers from Cornell University.The fact that it is also compatible with Solidity (Ethereum’s programming language) makes it even more appealing to developers and enterprise users, many of whom are accustomed to the tools offered by the Ethereum ecosystem.īefore going further, here’s a quick summary of Avalanche’s key features: It prides itself as a fast, low-cost, and eco-friendly smart contract platform. The platform, which can serve as an alternative to Ethereum, has gained the confidence of many blockchain developers. In terms of market cap, Avalanche is currently ranked #7 in the Proof-of-Stake Coins sector, ranked #1 in the Avalanche Network sector and ranked #11 in the Layer 1 sector.Īvalanche is one of the fastest growing blockchain networks for smart contracts and decentralized applications. The current yearly supply inflation rate is 21.83% meaning 61.95M AVAX were created in the last year.
The Avalanche price prediction sentiment is currently bearish, while Fear & Greed Index is showing 57 (Greed).Īvalanche's current circulating supply is 345.70M AVAX out of max supply of 720.00M AVAX. The highest AVAX price since the last cycle low was $ 15.94 (cycle high). The lowest price since it's ATH was $ 9.99 (cycle low). The AVAX price decreased -4.43% in the last 24 hours.Īvalanche reached its highest price on when it was trading at its all-time high of $ 146.18, while Avalanche's lowest price was recorded on when it was trading at its all-time low of $ 2.79. Avalanche price today is $ 14.35 with a 24-hour trading volume of $ 332.47M, market cap of $ 4.96B, and market dominance of 0.41%.
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