Avalanche (AVAX) price, chart and history
Avalanche is $10.88, down 1.97% in the last 24 hours. Market value $4.59 billion, rank #34.
About Avalanche
AVAX is the native coin of Avalanche, a blockchain platform where developers build apps for trading, lending, games, and tokenized versions of real-world assets such as funds. AVAX pays the fees for using the network and is staked by the computers, called validators, that confirm transactions. Avalanche also lets companies and communities spin up their own custom blockchains that connect to the main network, which has made it popular for business and finance experiments.
Avalanche is based on research first published in 2018 by an anonymous group calling itself Team Rocket. Cornell computer science professor Emin Gün Sirer turned the idea into a company, Ava Labs, with doctoral researchers Kevin Sekniqi and Maofan "Ted" Yin. Ava Labs released the code in March 2020, sold $42 million of AVAX in a public sale that July, and launched the main network in September 2020. The Avalanche Foundation supports the wider ecosystem.
The main network is really three linked chains: one for transfers, one for smart contracts compatible with Ethereum tools, and one that coordinates validators. Its consensus method has validators repeatedly poll small random samples of each other until they agree, which is designed for fast, final confirmations. Supply is capped at 720 million AVAX. Critics point to fierce competition among similar platforms, a token price that has not tracked ecosystem growth, and 2022 leaked allegations about Ava Labs' conduct, which the company denied.
- Created by
- Ava Labs, founded by Emin Gün Sirer, Kevin Sekniqi and Maofan "Ted" Yin
- Launched
- September 21, 2020
- How it's secured
- Proof of stake, using Avalanche's own sampling-based consensus
- Supply
- Capped at 720 million AVAX, with half set aside for staking rewards