It is no secret that smart contracts platform Avalanche has been having a great month, and this week $AVAX HODLers were rewarded with another bit of great news.
What is Avalanche ($AVAX)?
Below is a brief description of Avalanche from its developer documentation:
“Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
“A key difference between Avalanche and other decentralized networks is the consensus protocol. Over time, people have come to a false understanding that blockchains have to be slow and not scalable. The Avalanche protocol employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.
“AVAX is the native token of Avalanche. It’s a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche. 1 nAVAX is equal to 0.000000001 AVAX.“
Avalanche is being developed by Ava Labs, a blockchain startup founded in Brooklyn, New York in 2018 by Professor Emin Gün Sirer (CEO), who does computer science research at Cornell University, Kevin Sekniqi (COO), and Ted Yin (Chief Protocol Architect).
$AVAX Comes to CoinList
CoinList offers three types of crypto trading services:
- A consumer platform for casual investors (CoinList.co on the web along with the CoinList mobile app)
- A professional trader/investor platform named CoinList Pro
- CoinList OTC Dersk for the institutional trader/investor
In a blog post published on December 21, the CoinList team said that they were “excited to announce the next two assets available for trading on CoinList: Avalanche (AVAX) and Guild of Guardians (GOG).”
CoinList has added two trading pairs for $AVAX: AVAX-USD and AVAX-USDT.
Here is how they described Avalanche and $AVAX:
“Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
“AVAX, the native token of Avalanche, is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche. Having developed a formidable DeFi layer and a massive user base in 2021, Avalanche is a project to watch in 2022.“
$AVAX Price Action
According to data by TradingView, on crypto exchange Coinbase, on December 14, $AVAX was trading as low as $76.71. Currently (as of 18:40 UTC on December 25), $AVAX is trading around $115.05, which means GAIN OF 50% (vs USD) in the past 11 days.
Other Bullish Avalanche News From This Week
On December 23, blockchain analytics startup Nansensaid that total value locked (TVL) in the Avalanche ecosystem had “surged from $200m in July to over $13b” (i.e. 65X in less than six months).
Also, Luigi D’Onorio DeMeo, Director of DeFi at Ava Labs, shared on this day some very impressive stats for the Avalance platform:
And finally, earlier today (December 25), Jay Kurahashi-Sofue, VP of Marketing at Ava Labs, announced that Avalanche’s C-Chain had “just crossed 50 million total transactions.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “_anaposa_” via Pixabay