BTSE welcomes Avalanche (AVAX) onto the exchange, as part of its commitment to growing the range of quality digital assets available to traders. AVAX is the native token of the Avalanche network, an open-source smart contracts platform for building DApps and functional blockchains on the network.
BTSE has listed AVAX, the native token of the Avalanche network. One of the fastest smart contract platforms in the blockchain industry, the Avalanche network facilitates interoperability and compatibility with various other networks.
What is the Avalanche Network?
The Avalanche network, developed by Ava Labs, is an open-source smart contracts platform for building decentralized applications (DApps) and functional blockchains on the network. The Avalanche network uses three linked blockchains: the Contract Chain (C-Chain), Exchange Chain (X-Chain), and Platform Chain (P-Chain).
The three chains are used for implementing Ethereum’s Virtual Machine (EVM), creating new assets, and coordinating activities of validators and subnetworks. Together they allow a great deal of flexibility, increased transaction speed, and lower gas fees for smart contracts (around one-tenth of Ethereum’s costs).
The Avalanche network can handle more than 4,500 transactions per second and has thousands of validators. Developers can migrate their Ethereum-based DApps to the Avalanche network for increased scalability and total control over their applications. Notable projects built on the Avalanche network include Chainlink, Securitize, Injective, and The Graph.
AVAX and Use Cases
AVAX is used for paying transaction fees on the Avalanche protocol. AVAX tokens generated through transaction fees are then burned, thereby reducing the amount in circulation. Holders can participate in the proof-of-stake (PoS) mechanism by staking their AVAX tokens and earning mining rewards.
In addition, AVAX tokens facilitate a connection between various subnets, or subnetworks, on Avalanche. Avalanche subnets refer to validators working together to achieve consensus on each blockchain on the Avalanche network.
AVAX was priced at $55.73 on October 18, with a market cap of more than $12 billion and 0.47% market cap dominance, according to CoinGecko. Its circulating supply is around 220 million tokens from a maximum of 720 million. Its price has surged more than 200% over the past two months thanks to a $230 million funding round, projects migrating onto the Avalanche network, and strategic investment in the NFT space.
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