Avalanche Bridge Launches Native Bitcoin Support; AVAX Surges 7.4%
Smart contracts platform Avalanche is supporting native bitcoin on its bridging service, the AVAX token has rallied by 7.4% as a result.
39% of total supply
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Avalanche describes itself as an open, programmable smart contracts platform for decentralized applications. AVAX is used to pay transaction fees and can be staked to secure the network. Avalanche is compatible with Solidity, Ethereum’s programming language, and can be used to deploy custom private or public blockchains as “subnets.”
Avalanche describes itself as an “open, programmable smart contracts platform for decentralized applications.” What does that mean? Like many other decentralized protocols, Avalanche has its own token called AVAX, which is used to pay transaction fees and can be staked to secure the network.
Like Ethereum, Avalanche can power a wide variety of applications like stablecoins, DeFi protocols (lending, savings, decentralized trading), and NFTs. Avalanche is also compatible with Solidity, the programming language used by the Ethereum network, which means developers from one of the largest and most engaged communities in crypto can build on Avalanche and use it to deploy custom private or public blockchains as “subnets.” And, whereas the Bitcoin blockchain can typically process around seven transactions per second, Avalanche claims to be able to process over 4,500 transactions per second.
You can buy, send, and receive AVAX (depending on eligibility) using your Coinbase account. Or, you can buy AVAX by using the official Avalanche “Bridge” and trading ETH (or other Ethereum tokens) for AVAX in a peer-to-peer fashion. In order to bridge from the Ethereum ecosystem into Avalanche, however, you will first need a non-custodial wallet and decentralized application browser like Coinbase Wallet.
Using Coinbase Wallet, you can navigate to the Avalanche Bridge, exchange your Ethereum assets for Avalanche, and monitor your balances across various blockchains.
Avalanche’s network consists of three component blockchains: the Platform Chain (P-Chain) which coordinates validators and the creation of subnets, the C-Chain for the creation of smart contracts, and the X-Chain for managing and exchanging assets.
The native asset connecting the Avalanche network is the AVAX cryptocurrency. There will only ever be 720 million AVAX coins in circulation, and AVAX can also potentially be used in proposing and voting on future network upgrades.
AVAX rewards can be earned by staking directly on the Avalanche network (note: Coinbase does not currently enable staking directly on its platform), which helps secure, validate, and govern Avalanche while enabling the following features:
Fast, peer-to-peer transactions
Decentralized computation and storage
Creation of new “subnet” blockchains
Participants become general network validators by staking their AVAX on the Avalanche Platform Chain (P-Chain). Participants can also delegate their stake to another validator, who then earns a portion of their validator reward. You can also become a validator of specific subnet blockchains by staking AVAX.
The price of Avalanche has risen by 47.44% in the past 7 days. The price increased by 1.50% in the last 24 hours. In just the past hour, the price shrunk by 3.18%. The current price is $20.955 per AVAX. Avalanche is 85.67% below the all time high of $146.22.
The current circulating supply is 281,740,608.372 AVAX.
Avalanche was mentioned in 20,994 out of 1,768,251 social media posts on Twitter and Reddit on Jun 24, 2022. 19,538 unique individuals are talking about Avalanche and it is ranked #15 in most mentions and activity from collected posts.
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