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What You Need To Know About Avalanche (AVAX)

One of the leading cryptocurrencies today is Avalanche (AVAX). It is up there with the likes of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Tether (USDT), in the crypto market.

Avalanche (AVAX) as of January 2022 is ranked 11th out of the thousands of coins by CoinMarketCap. This token is one of the fastest-growing crypto assets in 2021 and has been predicted to surge in this year, 2022.

If you’re a crypto investor or trader looking to diversify your portfolio in 2022 then you could consider Avalanche. In this post, we’ll learn more about this crypto asset.

What is Avalanche?

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. It has the most validators security in its activity of any Proof-of-Stake (PoS) protocol.

It is also an open, programmable smart contracts platform for decentralized applications (dApps). AVAX is the native cryptocurrency of this platform developed by Professor Emin Gun Sirer, Maofan ‘Ted’ Yin and Kevin Sekniqi. 

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Avalanche was launched on Mainnet in September 21, 2020, which also had its native token, Avax, issued. Since then, the platform has grown to secure over four hundred projects. There are also over 1.3 million community members globally as of today.

What you need to know about Avalanche
Avalanche

What is Avalanche Token (AVAX)?

AVAX is the native token of Avalanche. It is a hard-capped and scarce asset.

It is used to pay fees and secure the platform through staking. AVAX also provide a basic unit of account between the multiple subnets created on Avalanche.

The token is currently ranked 11th among thousands of other cryptocurrencies by CoinMarketCap. It has a market capitalization of $22.76 billion with a trading volume of $1.29 billion. The total circulating supply is 244, 23, 683 AVAX.

Avalanche & Other Cryptocurrencies

Avalanche is blazingly fast, low cost, and eco-friendly when compared with other cryptocurrencies. According to the founders of its protocol, it was developed as a faster consensus protocol in computer networks.

It has the protocol to close the gap between centralized payment systems currently in use and blockchain limitations.

Avalanche is capable of processing 6,500 transactions per seconds (although still slower than Visa at 24,000 per seconds). This is much faster than current crypto-technologies can provide. Bitcoin can only process 6 transactions per seconds while has 15.

Also Read: Things To Know Before Investing In Cardano

Where To Buy Avalanche Token?

This crypto coin is available on top crypto exchange worldwide like Binance, Coinbase, and so on. If you need to verify your portfolio, you can buy and sell AVAX on the exchange platforms.

Investing in crypto asset is most risky form of investments. It is necessary to know about the asset you’re dealing with and the trading platform you are using before putting your money into it.

Prestmit is one of the top digital platforms for crypto trading both in Nigeria and Ghana. Bitcoin (BTC), Tether (USDT), Dogecoin (DOGE), and Litecoin (LTC), available at good rates on this platform.

If you ever find yourself in a position to buy and sell cryptos, Visit Prestmit, it’s the best platform for you.

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