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Information about Avalanche (AVAX)
Avalanche is an open-source platform for developing decentralized finance (DeFi) apps, financial products, and transactions, as well as other services. Avalanche was created to become a global exchange that allows anyone to launch a DApp, support the trade of any type of property and control it in a decentralized way by using smart contracts and other advanced technologies. The developers claimed that Avalanche would be the first smart contract to complete a transaction in less than a second.
Avalanche was founded and developed by a group of computer science experts and PhDs from prominent US universities. It features CEO Emin Gün Sirer, who successfully developed and implemented the first cryptocurrency that used Proof-of-Work (PoW) to mint coins, and COO Kevin Sekniqui, a doctorate candidate with extensive software experience at companies like Microsoft and NASA JPL.
AVAX is the original token of the Avalanche platform, which serves as a payment and reward system for users and implements various tasks within Avalanche’s protocols. It serves the following purposes:
News
On Thursday, World Liberty Financial (WLFI) moved 775,000 USD in USDC to a wallet focused on altcoin purchases, enhancing its investment strategy.
WLFI’s portfolio has expanded to include eleven cryptocurrencies, notably Ethereum, AVAX, LINK, and Tron, reflecting a broad diversification.
The company is collaborating with the Sui blockchain and plans to launch a stablecoin, USD1, redeemable for US dollars, aimed at institutional investors.
Nasdaq’s application aims to list the VanEck Avalanche ETF, which will track the performance of AVAX tokens, allowing investors to gain exposure without direct ownership.
Despite a significant decline in AVAX’s value, trading at 18.15 USD, the interest in AVAX ETFs is rising as VanEck seeks regulatory approval.
The volume profile highlights crucial support levels for Avalanche [AVAX], with the price action showing a loss of bearish momentum after a prolonged decline.
Current market dynamics reflect mixed feelings of hope and caution. If the price stabilizes above $15, it could lead to a potential recovery for AVAX.
The Avalanche Octane update introduces a dynamic fee mechanism to the C-Chain, reducing transaction costs significantly during periods of high activity. This feature allows validators to adjust gas rates dynamically, improving scalability.
Real-time data indicates a 77% reduction in hourly generated fees, highlighting the efficiency of the improved system. This significant decrease is expected to boost AVAX demand and utility, making the platform more attractive to developers.
With transaction fees lowered, the update presents a bullish outlook for Avalanche. Increased network activity and lower costs are likely to enhance the adoption and use of AVAX across its ecosystem.
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