AVAX is a token created by the Avalanche platform to secure the blockchain network, pay for the operational fees, transfer value between peers, and create new networks on the Avalanche platform. Additionally, AVAX Coin is the first smart contract platform that can verify transactions in under 1 second and that supports all Ethereum development tools here. AVAX was created as a limited supply token. The total supply is set at 360 million tokens and the maximum supply is 720 million tokens. Various transaction fees will be incurred as the system continually issues new tokens as it reaches its maximum limit.
To solve the problems outlined, Avalanche uses a combination of methods that make it somewhat unique. To begin, Avalanche is actually made up of three interoperable blockchains: the X-Chain, C-Chain, and P-Chain.
The Exchange Chain (X-Chain): This chain is used for creating and exchanging AVAX tokens and other digital assets. These assets have modifiable rules that govern their behavior, just like Ethereum's token standards. Transaction fees are paid in AVAX, and the blockchain uses the Avalanche consensus protocol.
The Contract Chain (C-Chain): The C-Chain is where developers can create smart contracts for DApps. This chain implements an instance of the Ethereum Virtual Machine (EVM), allowing coders to fork over EVM-compatible DApps. It uses a modified version of the Avalanche consensus protocol called Snowman.
The Platform Chain (P-Chain): This chain coordinates network validators tracks active subnets and allows for the creation of new subnets. Subnets are sets of validators providing consensus for custom blockchains. A blockchain can be validated by only one subnet, but each subnet can validate multiple blockchains. The P-Chain also uses the Snowman consensus protocol.
With each blockchain taking on different roles, Avalanche improves speed and scalability compared to running all processes on just one chain. The developers have combined this aspect with two different consensus mechanisms tailored to the needs of each blockchain. Tying all of these blockchains together is Avalanche's native utility token AVAX. Users need the token to stake and pay network fees, giving the ecosystem a common usable asset between different Avalanche subnets.
Avalanche price today is $66.46 with a 24-hour trading volume of $1,140,611,350. AVAX price is up 2.2% in the last 24 hours. It has a circulating supply of 220 Million AVAX coins and a total supply of 378 Million. At the time of writing this post (Sep 13, 2021), AVAX's Return On Investment (ROI) over the past year was 1,538%, exceeded in 'Avalanche Ecosystem, Smart Contract Platform' categories which had 890% growth over the past year. It underperformed in the crypto market which had 12604% growth over the past year.
Projects with public Github account have more transparency and reliability. Regularly, investing in projects with multiple contributors and commits is considered a safer and better investment (this means they are busy working and building the project). According to its Github account, there are 24 contributors to the development of AVAX.
Another critical factor in the success of any project is gaining public attention. Avalanche Network's marketing team is doing a great job! Our data shows that AVAX 's Twitter account saw a growth of 216% over the last months in the number of followers, which is considerable. Also, the number of AVAX Reddit subscribers increased by 108%. However, the Telegram channel users had a 51% growth over the last months.
Over the last five months, AVAX 's Market Capitalization rank followed an overall declining trend, starting at the rank of 50-23 on July-Aug 2021, reaching 24 in Sep 2021. However, by the time of writing this post, AVAX 's market cap rank is about 13, and its value is $2,619,399,897 Billion. Moreover, its liquidity score is 66% above the market's average score, making it relatively easier to sell in bear markets.
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