AVALANCHE (AVAX) BECOME SONE OF THE 10 LARGEST CRYPTOS
- Avalanche cryptocurrency is now one of the top 10 largest cryptocurrencies by market capitalization
- At its current value, AVAX is valued more than social media company Pinterest, bank Société Générale and Southwest Airlines.
- The price of AVAX has more than doubled in the past 30 days and grown more than 3,000% over the year.
Avalanche cryptocurrency is now one of the top 10 largest cryptocurrencies by market capitalization. This means that Avalanche overtook memecoins Doge and Shiba Inu in defiance of a market-wide crash that wiped hundreds of billions in value and saw prices of major cryptocurrencies like bitcoin and ether plummet from near-record highs.
The token’s price surged after professional services firm Deloitte announced plans last week to use Avalanche’s technology to build better U.S. disaster relief platforms.
Deloitte has formed a strategic alliance with technology firm Ava Labs to enable a new disaster recovery platform that uses the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency funding.
Developed with the input and insight of first responders, public works departments, finance authorities and grant-making agencies, the new Close As You Go™ (CAYG) platform helps state and local government officials simplify and streamline disaster reimbursement applications to the Federal Emergency Management Agency (FEMA).
Using the Avalanche blockchain, CAYG’s cloud-based platform provides state and local officials with a decentralized, transparent and cost-efficient system that empowers both grant makers and funding recipients while minimizing fraud, waste and abuse.
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.
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
After its mainnet launch in 2020, Avalanche has worked on developing its own ecosystem of DApps and DeFi. Different Ethereum-based projects such as SushiSwap and TrueUSD have integrated with Avalanche. Furthermore, the platform is constantly working on improving interoperability between its own ecosystem and Ethereum, like through the development of bridges.
To quote Avalanche’s website: “Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol”.
About Avalanche coin (AVAX)
The price of AVAX has more than doubled in the past 30 days and grown more than 3,000% over the year.
Only 3 months ago the coin was traded at $34 and is now trading at about $130. This is a 400% increase in the last three months.
Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.
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