After hitting an all-time high, Avalanche dipped below $99 but has rebounded in the last 24 hours.
As stated on its website, Avalanche (AVAX) is an open, programmable smart contracts platform for decentralised applications which launched on the mainnet in September.
The platform’s activity in the DeFi space has greatly contributed to its rise as the 12th biggest cryptocurrency in the world, according to CoinMarketCap.
The deployment of Aave, SushiSwap, and Curve on the Avalanche network in a $180m liquidity mining incentive program called Avalanche Rush contributed to the network’s total value locked (TVL) surpassing $10bn.
The high transaction speeds and low fees have caused some in the crypto space to tag Avalanche as an ‘Ethereum killer’, alongside altcoins like Solana and Cardano.
It’s been a significant few months for Avalanche, which not only listed its AVAX token on Binance in September, but also inked an Ava Labs deal with accounting firm Deloitte.
According to Deloitte, its partnership with Ava Labs will help ‘improve state and local governments’ recovery from natural disasters and public health emergencies on which the firm’s Close As You Go (CAYG) platform is built for, including streamlining disaster reimbursement applications.
A 78% surge in the last 30 days and a market cap of more than $22bn demonstrates the work AVAX has done as it aims to continue its upward trajectory.
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