What is $AVAX and how is Avalanche Ecosystem changing the Crypto world - Crypto Analysis
What is $AVAX and how is Avalanche Ecosystem is changing the Crypto world - Crypto Analysis
Avalanche is a platform for creating custom blockchain networks and decentralized applications (dApps). Created by Ava Labs, the Avalanche crypto platform is one of many projects seeking to unseat Ethereum as the blockchain ecosystem’s most widely utilized smart contract platform. Avalanche claims to achieve greater scalability than Ethereum via a high transaction throughput of 4,500 transactions per second (TPS). Avalanche’s native AVAX coin, which has a capped supply of 720 million, is used not only as part of the Avalanche consensus mechanism but also for paying network transaction fees.
Avalanche has sought to compete with Ethereum by developing its own decentralized finance (DeFi) ecosystem and a variety of Ethereum-based DeFi projects have integrated with its platform — including bZx, SushiSwap, Reef, Securitize, and TrueUSD. Additionally, Avalanche is developing a bridge to the Ethereum network, which will allow users to seamlessly transfer assets between the two chains.
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