Avalanche’s Native Coin AVAX Reached a Record High

by in Cryptocurrency News

Avalanche AVAX new high

AVAX, the native coin of the open, smart contracts network for building dapps, Avalanche, reached a new all-time high of $68.84 on coinmarketcap.com.

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On September 16, the company revealed completing a $230 M fundraising via a token sale. The investment was headed by Polychain and Three Arrows Capital. Many institutional investors, such as Dragonfly Capital, and CMS Holdings take part in the process.

Ava Labs released the blockchain on September 21, 2020. It is Solidity compatible and uses the Proof of Stake consensus mechanism. The system aims to provide a more scalable environment for DeFi operations.

The number of apps built on the network surpasses 270 since the launch. Among Avalanche's partners are oracle network Chainlink, stablecoin Tether, DEX SushiSwap, P2P network Circle, and indexing protocol The Graph.

AVAX token ICO was over in July, 2020. The token has a max supply of 720 000 000.

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Presently, it ranks 13 with a market capitalization of $14.2 B.