Ethereum’s Rival AVAX token hit an all-time high after the recent $230 million token sales and it seems that the price only keeps on rising thanks to the Polychain and Three Arrows token sale so let’s read more in our latest altcoin news today.
Blockchain network Avalanche raised $230 million from a private token sale led by Polychain Capital and Three Arrows Capital and now, Ethereum’s rival AVAX token is setting new ATHs of $65 following the news and marking a 400% increase since the beginning of August. Avalanche became one of the most prominent so-called ETH killers over the past year and the blockchain networks designed for decentralized applications saw its native AVAX crypto rise to new highs. The price keeps increasing as the Avalanche Foundation announced an infusion of $230 million in a new token sale but after the news was revealed, AVAX hit a new ATH of $65 per coin according to CoinGecko. It is up by 22% over the past day and it is now the 12th biggest crypto by market cap with $14 billion at the time of writing.
the private token sale was completed in June but only revealed today that was led by the Polychain Capital and Three Arrows Capital which provides a huge chunk of Capital for Avalanche as the ecosystem keeps on expanding to challenge the Ethereum dominance in teh space as well as to fight off the other Ethereum rivals. Teh foundation plans to support all Avalanche-based projects via grants, token purchases, tech support, and investments. Just like Ethereum, Avalanche is a blockchain that is designed for running smart contracts which are only bits of code that perform set instructions and are the backbone for dapps as well as decentralized finance protocols, NFTs, and more.
Ethereum leads the smart contract blockchain space by a huge margin but the platform is now hampered by the high congestion and the sizeable transaction fees. The upcoming ETH 2.0 upgrade could help with that while the layer-2 scaling solutions which work on top of ETH are also going to play a key role. Alternative platforms are also surging lately like Solana for example. Solana was one of the biggest winners recently with a surging price amidst rising network activity but this week’s downtime could have put a hamper on its momentum and Cardano is another rival that only just yet rolled out smart contract capabilities. Algorand and Polkadot also saw the rising value and network activity lately.
Avalanche’s price saw more than 400% rise from the start of August to a new ATH set today according to CoinGecko and jumped from under $13 per coin to the current price near $65. DeFi Activity on the platform is also increasing with more than three times the amount of AVAX locked up compared to a month ago according to DeFiLlama. Avalanche has $2.6 billion worth of assets locked up in DeFi protocols and if you compare it to the $125 billion worth of Ethereum, the discrepancy is more than clear. However, Avalanche is much newer and rises in popularity faster.
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