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Avalanche is a multi-chain smart contract platform that trades on the crypto exchange by the symbol AVAX. It’s a platform for launching decentralized apps (dApps). AVAX is currently amongst the top ten cryptocurrencies. It has indicated a bullish run of more than 3000%. With a surge in average daily transactions, AVAX experienced massive growth in 2021.

What is Avalanche & AVAX?

Avalanche went live in late 2021 with more than 600 community members globally. It has secured over 200 projects, with over $14 million AVAX burnt. Avalance is a smart contract protocol to construct safe, reliable, robust and power-efficient decentralised applications (dApps) for the cryptocurrency network. It is one of the fastest smart contracts in the crypto network.

The AVAX protocol is pacing towards developing a new economy with its revolutionary technical approach. The concept includes seamless virtual asset trading, Web 3.0 private data, social media apps, payment applications, and more. Avalanche network has the potential to surpass its peers in competition due to its low fee, lightning-fast speed, and environmentally friendly platform.

Why is Avalanche unique?

Apart from building dApps, Avalanche as a blockchain network has several uses, including blockchain gaming and NFTs. It has several other features that set it apart from its competitors.

  • Avalanche does not have one layer of blockchain, but three different ones, performing multiple tasks. Hence, making it more efficient with an ability to process more than 4500 transactions in a second.
  • Avalanche is entirely compatible with Ethereum, making the transfer of tokens from one blockchain to another easy. Using Ethereum smart contracts and Avalanche Bridge, the tokens can be transferred to Avalanche.
  • Avalanche enables users to create new blockchains with unique tokens and fee structures.
  • Avalanche provides flexibility that other Layer 1 protocols do not offer.

Avalanche is set to stand true to its reason for development, the most scalable blockchain in the world. While the system is in its infancy, the degree of acceptance clearly indicates the faith developers have in this blockchain and its potential. 

How does it Work?

Not that we know that Avalanche is a three-layer blockchain protocol. The three layers are
1. The Platform Chain (P-Chain)
2. The Exchange Chain (X-Chain)
3. The Contract Chain

All the chains are incorporated into Avalanche (C-Chain) and are authenticated by the AVAXs network. Here are the features of each layer:

  • The Platform Chain, or the P-Chain, is a network of interconnected nodes that controls authenticators on Avalanche’s primary data blockchain. The authenticators stake the native token of the network, AVAX, to defend the network.
  • The Exchange Chain or X-Chain is the network’s default asset blockchain. It is a node of interconnected computers that allow asset building and trading on the network. The primary goal of this layer is to allow quicker completion of high throughput transactions. The transaction fee on this chain is paid using AVAX. 
  • The Contract Chain or the C-Chain is the network’s default smart contract blockchain, meaning it is used to create smart contracts.It is a series of chain links that allow developers to create ETH-compatible assets and programs at a lower cost.

AVAX Price History

Like all the other cryptocurrencies, Avalanche too has been on the receiving end of bearish trends since late 2021. Considering the notorious market volatility, AVAX dropped considerably despite colossal potential. However, given the investor’s trust and the network’s potential, it may be an excellent time to buy AVAX.

Currently trading at roughly $20, AVAX created an all-time high of $146, which is why it is considered an excellent purchase for the long-term future.

However, when comparing the current value to the last 30 days’ price history, it is clear that Avax’s price today has dropped by 4.7 per cent. However, Avax coins are a sound investment addition to your long-term coin collection. As per reports, there has been a substantial increase in the 24-hour trading volume of AVAX, which is a good sign, indicating a positive movement in the market. The size of the market and the supply of the token are two driving forces behind the price of the token.

Is Avalanche Investment Worthy?

Avalanche has the design and the potential to grow. Major finance and investment firms taking the plunge and betting on Avalanche is a boost for the network and, indeed, the token. Since the beginning of 2023, AVAX has witnessed a dramatic rise. The network’s collaboration with the Amazon Web series has spread through the investment market and built more confidence in the token. Significant partnerships like these foster the extent to which blockchain can take over. The programmers and developers will reap advantages from the strength, scalability, acceptance, and potential of the Avalanche network.

Keeping in cohesion with how things are moving currently and for what is being forecasted shortly, AVAX is an excellent pick at a decent price with immense growth potential. However, it is essential to note that the crypto market is highly volatile and can result in massive losses. Hence, investing what you can afford to lose is only wise.

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