Avalanche (AVAX), one of the more successful DeFi tokens, has pushed to an all-time high and has a chance at hitting three-digit prices. AVAX continued its trek to $93.11, adding around 3.5% overnight, while recently climbing altcoins took a step back.
AVAX also touched an all-time peak at $94.01, once again showing it is part of the pack of DeFi assets with the potential to move to a higher price range. Other altcoins took a breather, remaining close to the peak of their Tuesday rallies.
The Avalanche protocol is one of the big attractors of collateral in the DeFi space. As of November, the protocol reports more than 10.8B locked in value. Of that value, around 30% is locked into Aave (AAVE) in its version running on the Avalanche protocol.
Avalanche is immensely popular due to being compatible with Ethereum, while allowing for smart contracts that are faster and require lower fees. Avalanche is scalable and allows the building of networks of validators, requiring much less computational resources compared to Ethereum.
This has invited projects to build their own versions of DeFi, exchanges and NFT markets, including a version of Avalanche Punks. With this, Avalanche has become a platform similar to Solana, allowing fast access to a growing crypto economy without the restraints of gas usage.
Additionally, Avalanche offers a crossover to Binance Smart Chain, unlocking another range of decentralized services.
At the end of October, AVAX also added a bridge to the Solana ecosystem, further increasing its partnership potential. Solana is viewed as one of the most promising networks, mostly due to its low fees that allow retail investors to explore DeFi without fees running in the hundreds of dollars for each operation.
The Avalanche protocol also sees a continued inflow of developers and new projects deployed since the end of September. The new gamified DeFi and play to earn business models may continue to bring developers to Avalanche. The protocol has already established a significant share and lines up among the top 10 protocols based on the user count of distributed apps. Read Full Story
Story Highlights:
- Avalanche Team Boosts Development
- AVAX Gets Boost from Poloniex Listing
- Pangolin Exchange Takes Off
- How High Can AVAX Go
submitted by /u/tradersofcrypto
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