Avalanche (AVAX) - a cryptocurrency that raised USD 42 million in 4,5 hours

AVA Labs, the team responsible for the creation and development of the platform and cryptocurrencies Avalache (AVAX), focused on what inhibited - the still dynamically growing - interest in DeFi projects: high costs. With a platform that allows you to trade in less than a second and therefore lower fees, Avalanche quickly took over part of the market Ethereum.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Avalanche - another platform that can boast of more than just issuing a cryptocurrency with an interesting name. 

$ 42M in 4,5 hours

4,5 hours of public pre-sale of tokens of a new project and all of them found new owners - this is what ICO Avalanche looked like a year ago. Transactions for the amount of USD 42 million ended before they really started. Earlier, USD 12 million was obtained from institutional investors: Initialized Capital, NGC Ventures, Galaxy Digital, Dragonfly Capital and Bitmain.

It all started at the beginning of 2020, when AVA Labs took over the startup Investery. It was a platform invented by John Wu that helped investors find opportunities and transact on private market assets. Thanks to this, John Wu and Lydia Chiu, who had previously gained professional experience in Tiger Management i Credit Suisse. And they immediately noticed a niche worth exploiting.

- Slowness and high transaction fees inhibited the development of DeFi. Meanwhile, no other project  blockchain did not combine the knowledge of Wall Street veterans and leading Ava Labs technologists. Avalanche technology will provide the scalability and high transaction pace that will make the use of blockchain in financial applications more attractive to Wall Street audiences and companies in the traditional economy - he spoke John Wu, already as president of AVA Labs.

AVAX token accelerated development

Since the end of the public sale of Avalanche (AVAX) tokens, which took place on July 15, 2020, it was possible to focus on launching the announced network. It is thanks to it that today decentralized financial applications are created, also on private networks, which are fully compatible with the mainnet. Developers who write them from the beginning know - thanks to the open source project - how to build applications so that there are no problems with their security and performance. 

What distinguishes Avalanche? Although it is a secure blockchain network, you can log in to it, like to Google - with one click. He watches over security Genesis platform from Whiteblock. 

The whole is, of course, integrated with hardware wallets, such as Ledger, as well as platforms that allow for staking cryptocurrencies. 

AVAX cryptocurrency 

The Avalanche network and cryptocurrency (AVAX) is the work of three computer scientists from Cornell University: Emin Gün Sirer, Kevin Sekniqa i Ted Yin. They initially focused on network speed and managed to deliver lightning fast transactions faster than Ethereum, but now Avalanche also allows broad access to DeFi (decentralized finance) projects, but without the need to install any add-ons.

All fees are of course paid in AVAX tokens. It is the basic unit of account not only for the main network, but also for all subnets within which, for example, external applications were created. Tokens are also used to secure the network by stacking.

Avalanche (AVAX) Stock

As of August 16.08.2021, 24, the AVAX token is available on XNUMX Cryptocurrency exchanges from around the world. It is valued at $ 20,09 and is traded at 173 out of a target of 573 units. This translates into a capitalization of USD 121 billion. The cryptocurrency peak was on February 377, 752, when each token was paid $ 194.