AVAX Soars 9% As Avalanche And Chainlink Announce Partnership For Global Asset Circulation

According to a recent announcement from blockchain platform Avalanche (AVAX), Australia and New Zealand Banking Group (ANZ) has partnered with Chainlink (LINK) Labs to explore the potential of on-chain digital assets for global movement and settlement.  Using Chainlinks Cross-Chain Interoperability Protocol (CCIP), the collaboration aims to connect the Avalanche and Ethereum (ETH) blockchains to enable [...]

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Circle Expands Euro-Pegged Stablecoin to Avalanche Blockchain

On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto asset EUROC is expanding natively on the Avalanche (AVAX) blockchain. According to Circle, several decentralized finance (defi) protocols and projects are supporting the new AVAX-issued EUROC asset. Circle’s EUROC Stablecoin Finds New Home on Avalanche Blockchain About 11 months ago, Circle launched the

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Avalanche blockchain went live on OpenSea, can this boost AVAX?

The largest peer-to-peer marketplace for NFTs on Ethereum (ETH/USD), OpenSea, made an official announcement that the Avalanche (AVAX/USD) blockchain went live in their store.

Avalanche is essentially a cryptocurrency and a blockchain platform that aims to rival competing networks and is a fast platform that has support for smart contracts, where its main focus is on transaction speed, low costs, and eco-friendliness.

OpenSea made an official announcement on October 11, 2022, where the NFT marketplace announced the arrival of Avalanche (AVAX). 

The marketplace now supports seven different blockchains, including Ethereum, Polygon (MATIC/USD), Klaytn (KLAY/USD), Solana (SOL/USD), Optimism, Arbitrum, and Avalanche.

Avalanche as a network is open-source and features its own native cryptocurrency in the form of the AVAX coin. The network has three different blockchains, including the X-Chain, C-Chain, and P-Chain.

However, the C-Chain is optimized for Ethereum compatibility and smart contract support.

NFTs use these technologies; however, they can exist on the C-Chain or X-Chain.

While OpenSea’s announcement could boost the overall appeal of the NFT economy within the Avalanche ecosystem, let’s go over how it might impact the value of its native cryptocurrency.

On October 12, 2022, Avalanche (AVAX) had a value of $16.09.

AVAX/USD Chart by Tradingview.

The all-time high for the Avalanche (AVAX) cryptocurrency was on November 21, 2021, at a value of $144.96. Here we can see that at its ATH, the coin was trading $128.87 higher in value, or by 801%.

When we go over its weekly performance, Avalanche (AVAX) had its 7-day low point at $15.89, while its high point was at $17.62. This indicates a difference in the value of $1.73 or by 11%.

However, when we take a look at its 24-hour performance, Avalanche (AVAX) had its 24-hour low point at $15.90, while its high point was at $16.27. Here we can see a price shift of $0.37 or by 2%.

With this in mind, AVAX can see a bullish trend as a result of its addition to OpenSea, and we might see the cryptocurrency reach a value of $20 by the end of October 2022.

Buying AVAX might be a solid long-term investment opportunity for a lot of investors, as based on its current growth rate, it can climb to $30 by the end of 2022.

The post Avalanche blockchain went live on OpenSea, can this boost AVAX? appeared first on Invezz.

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Avalanche ‘securitizes’ leading digital asset firm

Cryptocurrencies, including blockchains like Avalanche, have done well in recent years and are attracting interest on a global scale. It’s impossible to predict with certainty what will happen to the cryptocurrency industry in 2023 and beyond, though. The significant barrier to its widespread adoption may be the extreme volatility and abrupt price fluctuations. Due to […]

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KKR Tokenizing Part of its Private Equity Fund on Avalanche Blockchain

KKR plans to tokenize part of its second Health Care Strategic Growth Fund to expand individual investors’ access to private investment vehicles. (Read More)

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Coinbase Cloud runs an Avalanche public validator unit

Coinbase Cloud, a Web3 developer hub, has released a set of tools to let developers work with the Avalanche blockchain and smart contract platform. The Web3 developer hub is operating an Avalanche (AVAX) public validator node as part of the new support features. Participants in the Avalanche network can use Coinbase Cloud to stake their AVAX […]

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Avalanche C-Chain Experiences Block Production Halt, AVAX Price Responds

In a recent development, the Avalanche (AVAX) C-Chain encountered a significant disruption in block production, leading to a halt for over one hour. The interruption, which affected the primary network, was observed through the Avascan browser, with the last transaction recorded at block 42046853 (19:13 UTC+8). Although other subnets experienced a slight delay, the primary network faced the most substantial impact. Avalanche C-Chain Block Production Halt Ava Labs, the team behind the Avalanche protocol, acknowledged the issue and promptly initiated an investigation. According to Kevin Sekniqi, co-founder of Avalanche, the disruption is believed to be related to a new inscription wave that was launched approximately an hour before the block production interruption.  Sekniqi expressed confidence that the incident was caused by an esoteric bug stemming from an untested edge case, emphasizing the need for a swift resolution. Related Reading: Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000 The disruption is presumed to be associated with a mempool handling issue specifically tied to inscriptions, which encountered untested edge cases. When questioned about the possibility of such untested scenarios arising, Sekniqi acknowledged that while ideally, there should be no untested edge cases, the vastness of the codebase and continuous updates make it challenging to anticipate every possible scenario.  The Avalanche co-founder further clarified that thorough testing is conducted on testnets, but the intricacies of the mainnet environment can introduce unforeseen challenges. At present, no further official statement has been issued by the Avalanche protocol, awaiting additional reports and updates from the development team to gain further insights into the situation.  AVAX Price Dips During the occurrence of the block production halt, the AVAX price, which serves as the native token of the Avalanche protocol, exhibited a negative reaction, further extending the ongoing decline observed since Thursday when the price was at $43. Related Reading: Arbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery Timelines As of now, the AVAX price has reached $36.13, indicating a decline of over 2% within the past 24 hours, accompanied by a substantial drop of 11.7% over the course of the previous seven days. The subsequent actions taken by the Avalanche team in response to this situation, as well as the consequential effect on the AVAX price, are yet to be determined. Featured image from Shutterstock, chart from TradingView.com

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AVAX Rides The Crypto Avalanche To Success: Market Cap Skyrockets By 344%

Avalanche (AVAX), the blockchain platform known for its scalability and infrastructure, made significant strides in the fourth quarter (Q4) of 2023. According to a report by Messari, AVAX emerged as one of the best-performing tokens, driving the protocol to record notable gains in key metrics. Record-Breaking Milestones For Avalanche  The report shows that AVAX experienced a notable increase in its market cap, which climbed 344% quarter-over-quarter (QoQ) and 326% year-over-year (YoY), reaching $14.4 billion at the end of the year. This large increase propelled AVAX’s market cap rank among all tokens from 20 to 9, up 11 spots (currently 10th behind Cardano (ADA). Related Reading: BONK Price Jumps Over 30% As Robinhood, Revolut Listing Speculations Gain Traction One of the driving factors behind Avalanche’s significant revenue growth was the surge in inscriptions, particularly Avascriptions (ACS-20 tokens).  These on-chain call data transactions saw a significant boost, resulting in a substantial increase in revenue. From November to December, Avalanche witnessed a surge in revenue, with a 2,874% increase measured in USD, from $1.9 million to $56.5 million. The surge in revenue was accompanied by a significant increase in daily transactions, which jumped 450% QoQ to 1.5 million. The emergence of Avascriptions also drove the majority of these transactions. Avalanche’s C-Chain experienced a record-breaking 6.3 million transactions, with nearly 6.1 million being inscriptions. This marks the highest number of transactions ever recorded in a single day for Avalanche. While C-Chain saw a 50% QoQ decrease in daily active addresses, this was primarily due to decreased activity on LayerZero – a bridge between different blockchains. However, the report highlights that Avalanche saw a significant increase in active validators, growing 20% QoQ from 1,374 to 1,651 validators.  According to Messari, this growth in validators, coupled with an 11% QoQ increase in AVAX stakes, indicates a promising long-term appetite for AVAX in the coming year. Avalanche’s TVL Surges 78% Avalanche’s Total Value Locked (TVL) denominated in USD experienced a substantial 78% QoQ increase, reaching $1.03 billion by the end of Q4 2023. This positioned Avalanche as the 7th chain by TVL, denominated in USD.  However, TVL-denominated in AVAX decreased by 71% QoQ, primarily due to AVAX price appreciation driving the increase in USD-denominated TVL. The report also sheds light on the performance of various protocols on Avalanche. AAVE, the largest protocol by TVL, witnessed a 60% QoQ growth, while Benqi and Trader Joe demonstrated strong gains of 205% and 131% QoQ, respectively. Together, these three protocols accounted for 79% of Avalanche’s TVL, showcasing their dominance in the ecosystem. Related Reading: The Bitcoin Rally Is Far From Over: 2 Key Factors Behind The Momentum Smaller-sized protocols, such as Pangolin and GMX, also showcased impressive growth, while Balancer, aided by Benqi’s sAVAX liquidity pool, attracted significant TVL on Avalanche. Additionally, Q4 witnessed a surge in average daily DEX volumes, rising by 245% QoQ. Analysis of the 1-day chart reveals that Avalanche’s token trading pair AVAX/USD experienced significant growth during Q4, breaking free from a prolonged period of sideways price action. However, following a notable uptrend that propelled the token to reach $50, its highest level in 20 months, on December 24, AVAX underwent a sharp correction, plunging to the $27 price level.  The cryptocurrency has rebounded in response to Bitcoin’s (BTC) rally and the prevailing bullish sentiment in the market. Over the past fourteen days, AVAX has witnessed a 13% price increase, currently reclaiming the $40 zone. Featured image from Shutterstock, chart from TradingView.com

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