Ethereum’s rival AVAX token hits an all-time high after the recent $ 230 million token sale, and it looks like the price will continue to rise thanks only to the Polychain and Three Arrows token sale. So read more on our latest altcoin news today.
The Avalanche blockchain network has raised $ 230 million from a private token sale led by Polychain Capital and Three Arrows Capital, and now Ethereum rival AVAX tokens is putting new ATHs of $ 65 la that followed the news, marking a 400% increase since early August. Avalanche has become one of the most famous ETH killers in the last year, and blockchain networks designed for decentralized applications have pushed their native AVAX cryptocurrency to new highs. The price rose further when the Avalanche Foundation announced it would invest another $ 230 million in a new token sale, but after the news broke, AVAX hit a new ATH of $ 65 per coin, according to CoinGecko. It was up 22% on the last day and now it’s 12NS largest cryptocurrency by market cap at $ 14 billion at press time.
The private token sale was completed in June but was only announced today under the direction of Polychain Capital and Three Arrows Capital, providing Avalanche with a huge amount of capital as the ecosystem continues to expand and challenge Ethereum competitors. The foundation plans to support all Avalanche-based projects through grants, token purchases, technology support and investments. Just like Ethereum, Avalanche is a blockchain designed to execute smart contracts, just bits of code executing intended instructions, and is the backbone for dapps and decentralized financial protocols, NFTs. , Etc
Ethereum leads the smart contract blockchain space with large margins, but the platform is currently plagued by high congestion and sizeable transaction fees. The upcoming ETH 2.0 upgrade can help, while Layer 2 scaling solutions that work on ETH will also play an important role. Alternative platforms like Solana have also been on the rise lately. Solana has been one of the biggest winners recently, with prices skyrocketing amid increased network activity, but this week’s downtime could hurt its momentum and Cardano is a contender. Other players have just implemented smart contract features. Algorand and Polkadot have also seen a surge in network activity and value lately.
According to CoinGecko, the price of Avalanche has increased more than 400% to a new ATH rate since early August, rising from under $ 13 per coin to its current price near $ 65. DeFi activity on the platform is also growing, according to DeFiLlama, with more than three times as many blocked AVAXs compared to a month ago. Avalanche has $ 2.6 billion worth of assets locked in DeFi protocols, and when you compare them to Ethereum’s $ 125 billion worth, the difference is more obvious. However, Avalanche is much newer and more popular faster.
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