Avalanche (AVAX) is bullish by over 117% in the last 7 days, according to CoinMarketCap. The platform for launching DeFi apps, trading, financial assets, and other services surged to $50 in the last 24-hour.
At press time, Avalanche (AVAX) is trading at $49.70 with a 24-hour trading volume of $1,522,225,495. This means AVAX's price is up by 6.74%.
Developed by Ava Labs, Avalanche aims to be something of a global assets exchange. Also, it intends to allow anyone to launch or trade any form of asset. And command it in a decentralized way using smart contracts and other cutting-edge technologies.
According to developers at Ava Labs, Avalanche is the first smart contracts network to allow transaction finalization in under one second as standard.
Note that Avalanche launched its mainnet in September 2020. The platform’s native token, AVAX, completes many tasks within Avalanche. Also, it operates as a rewards and payment system for users.
Developers strive to bring together the large, fragmented, and often obscure world of asset trading under one tent, enabling barrier-free access.
The AVAX token makes the in-house payment system for Avalanche and is used for fee collection during transactions. And also for purposes and related goals. Users can also make passive income by staking their coins on the network.