On Monday (August 8), the daily transaction count for smart contracts platform Avalanche ($AVAX) hit a new all-time high: 1.38 million.
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).
What is interesting about the new record for daily transaction account that was set yesterday is that this number (1.38 million) was higher than the corresponding number for Ethereum (which was 1.17 million per data by Etherscan)
According to data by TradingView, on Binance, currently (as of 11:41 a.m. UTC on August 9) $AVAX is trading around $27.66. In the past five-day period, $AVAX is up 18.25% (vs USD).
Pseudonymous analyst and trader “Posty” offered this technical analysis of $AVAX’s price action earlier today:
And yesterday (August 8), Amstrerdam-based crypto analyst and trader Michaël van de Poppe said that based on his technical analysis he expected $AVAX’s pirce rally to continue:
Yesterday, popular commission-free trading platform Robinhood listed both $AVAX:
On Auugust 5, Binance announced that Binance Card had added support for $AVAX:
Yesterday, Ava Labs announced in a blog post that “Core, the free non-custodial Web3 browser extension recently launched by Ava Labs, now supports all blockchains that run the Ethereum Virtual Machine (EVM) as well as custom Avalanche Subnets, setting a new standard for multichain user experience on the blockchain.”
Nick Musallem, Ava Labs’s SVP and Head of Product, had this to say:
“We don’t think it should be so hard for people to manage their assets or switch dApps and networks on the fly — it’s time to make Web3 more accessible for those new to crypto and deliver on the UX standards Web2 has taught us all to expect.“
And Emin Gün Sirer, Founder and CEO of Ava Labs, stated:
“I’ve tried almost every wallet launched over the last decade, but it wasn’t until I used Core that I began to believe that we’re getting to a place where people can have easy access to the all the Web3 tools they need in one place for this technology to really start taking hold. For many of us, our first loves in crypto were Bitcoin and Ethereum. Seeing their potential fully unlocked together with Avalanche has been a really special moment for me.“
Featured Image via Pixabay