Facts you need to know about $AVAX
November 8th, 2023
The crypto $AVAX is the native token of the Avalanche blockchain platform.
Here are the most important details about it:
The Facts
- Avalanche is a decentralized, open-source proof-of-stake blockchain with smart contracts.
- The platform was developed by Emin Gün Sirer, Maofan “Ted” Yin, and Kevin Sekniqi from Cornell University and launched in 2019.
- Ava Labs, founded in 2019, issued its native token, AVAX, in September 2020.
- In September 2021, they received a $230 million investment from Polychain and Three Arrows Capital.
- Ava Labs is the company behind the Avalanche blockchain platform, and it’s an open-source company whose code can be found on GitHub.
- AVAX secures the Avalanche blockchain, paying transaction fees and determining coin creation rates.
- Avalanche can process up to 4,500 transactions per second.
- The fee methods for Avalanche are based on the dynamic gas fee model for $Eth,
which is called EIP-1559. - The all-time high was $146.22 on November 21, 2021.
- Avalanche is made up of three chains:
- C-chain, which is compatible with EVM for dApps and smart contracts.
- P-chain, which creates and connects subnets.
- X-chain, which creates and trades digital assets.
Update from November 23:
- The market cap is nearly $4.6 billion, with a price of around $12.8 at the moment.