With its one second time-to-finality and low fees, over 428 projects launched since August 2020, clinching themselves a spot in the top 10 cryptocurrencies.
We’re excited to announce that AVAX token now has liquidity on XanPool!
AVAX is the native token on Avalanche blockchain, launched by the Ava Labs team in 2020. Avalanche aims to be the fastest smart contracts platform in the blockchain industry, powering the creation of custom blockchains that supports a higher throughput as compared to Ethereum’s smart contract platform.
The Total Value Locked (TVL) for AVAX has jumped 4,295%, beating out competitors like Solana and Tron. With its one-second time-to-finality and low fees, over 428 projects launched since August 2020, clinching themselves a spot in the top 10 cryptocurrencies.
Features of the AVAX native token
The Avalanche token, $AVAX, is a utility token that will serve as the medium of exchange within their ecosystem. It is also the default currency on the AVAX blockchain.
Here are the main features of the AVAX token:
Common currency between the AVAX subnets, this helps with interoperability and avoid subnets in creating internal cryptocurrencies
Mode of payment, for transaction fees or as incentives on the blockchain
AVAX staking serves to secure the network, users can earn passive income by becoming a validator or delegating their stake to a validator (Currently 50.8% of the supply is staked.)
DeFi and dApps usability, developers can leverage its fully EVM compatible decentralized smart contracts platform to create customized tokens and subnets
Create and mint NFTs, build digital collectibles projects easily for fees less than a cent
Avalanche has a high transaction output of up to 6,500 transactions per second (tps) while not compromising scalability.
This is made possible by Avalanche’s innovative architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain, and P-Chain.
Each chain has a distinct purpose and uses different consensus mechanisms based on their use cases. Read more about it here.
Avalanche aims to empower the next-generation internet of finance ecosystem by enabling people and enterprises to build and innovate on a highly scalable blockchain platform easily.