AVAX, the native coin of the Avalanche smart contracts platform, hit a new all-time high of $101.59 on CoinMarketCap. In the last 7 days, the Avalanche price increased by around 7%.
Avalanche allows building smart contracts and dapps. It uses the Proof-of-Stake consensus mechanism. AVAX is a governance token, which also serves as a means to pay for transactions.
The number of projects partnering with Avalanche has been increasing. So does the adoption of the coin which boosts its price.
Recently, major crypto asset management company GrayScale revealed it considers adding Avalanche to its digital asset products. On November 1, the Avalanche Foundation launched a $200 M fund to boost the growth of the blockchain and add new use cases.
The fund, called Blizzard, is focused on 4 aspects: DeFi, enterprise apps, NFTs, and cultural apps. Released in September 2020, Avalanche is one of the fastest-growing blockchain protocols. More than 320 projects have cooperated with the platform, among them Tether, Aave, Curve, Chainlink, The Graph, and others.
As per data tracking website DeFi Llama, Avalanche now ranks 5th by the TVL amount locked in its smart contracts. Presently, over $10.5 billion is locked in the protocol.