24h %
24h LOW
24h HIGH
Website:
Explorer:
Source Code:
Community:
Market Cap:
Fully Diluted Market Cap:
Circulating Supply:
Max Supply:
Total Supply:
24h Trading Volume:
About Avalanche
The Avalanche network’s native cryptocurrency, AVAX, experienced a significant increase in value in August 2021 when a $180 million liquidity mining incentive program was announced. This program rewarded users of certain decentralized finance (DeFi) protocols launched on the Avalanche network with AVAX tokens, in addition to regular interest payments. The first two DeFi protocols involved were Aave and Curve.
However, in February 2021, five months after its launch, AVAX experienced a sharp decline in price due to a coding bug on the network. The high volume of transactions on the network led to a slowdown in processing speeds, revealing the bug. The launch of Pangolin, a decentralized exchange, on the Avalanche network further increased interest in AVAX and exacerbated the issue. The company stated that the bug was promptly fixed. AVAX has a capped supply of 720 million tokens, with an initial issuance of 360 million tokens.
The Avalanche network is composed of three interdependent blockchains and boasts of outperforming top blockchain platforms such as Bitcoin, Ethereum, and Polkadot in terms of security and transactional capacity. This is achieved through the use of the Snow consensus protocols, a unique blend of classical and Nakamoto consensus protocols, which aims to combine the speed and high throughput of classical protocols with the robustness and decentralization of Nakamoto protocols.
Users can participate in the validation of transactions on the Avalanche network by staking AVAX tokens, but instead of being rewarded with AVAX, the tokens are burned, reducing the overall supply and increasing the value of the tokens already owned. This approach benefits all token holders, not just the largest stakers, and helps prevent a disproportionate accumulation of wealth by the wealthiest participants. Nodes on the network can earn the right to mint AVAX by staking their tokens, and the amount they can mint is proportional to their responsiveness and performance in the consensus process, encouraging better behavior among nodes.
