What is Avalanche?
Avalance is an open-source platform for releasing decentralized finance applications (dApps), financial assets, exchanging, and more. According to the team, it is the primary smart contracts network to allow transaction completed in less than one second. The protocol exploits the Proof of Stake mechanism. It has its supply native token called AVAX. In September 2020, Avalanche introduced its mainnet. The token AVAX is a hard-capped asset that is used to pay for fees, secure the platform via staking, and deliver a core unit of account between the various subnets built on Avalanche. Owners of the token can become block-producers and validators by staking AVAX. By doing so, they get rewards. Fees for all sorts of actions on the network are paid out in AVAX through burning, thus increasing the scarcity of AVAX for all token holders. The maximum supply of AVAX coins is 720 M. It is listed in many exchanges including Binance, Huobi Global, OKEx and others.