After the Avalanche blockchain raised $230 million in an investment round, AVAX token reached a new record high. This was led by crypto funds Three Arrows Capital and Polychain. In less than two months, the asset has risen by 650%.
VAX Rises to a New ATH
AVAX token is hot right now, trading at $64 as of writing and with a 24-hour trading volume exceeding $2 million. It climbed to $68 per hour, indicating that it has reached a new all time high.
AVAXUSD. Source: TradingView
Looking at the asset from July 20th, it has risen by approximately 650%, having dropped to $9 on that day. Avalanche’s June announcement of a private sale was followed by the most recent gains. However, it is now public.
This group is made up of family offices, angel investors, and crypto funds such as Dragonfly, Collab+Currency and Lvna Capital.
@Polychaincap and Three Arrows Capital led a $230M investment in the #Avalanche ecosystem to support growth of the platform.https://t.co/T141NFEoIG
(@avalancheavax) September 16, 2021
According to the blog post, Avalanche will use the funds “support and accelerate DeFi’s rapid growth, enterprise applications and other use cases, on the Avalanche blockchain public blockchain.” Avalanche will also support projects with grants, token purchases and other investments as well as technology support.
Valanche Gains Ground in the DeFi Space
AVAX token is up 65% over the last week, beating its top 20 competitors. Avalanche is an alternative blockchain for DeFi. It, like Solana has a focus on high throughput and low gas fees. These are two issues that PoW (Proof-of-Work) blockchains like Ethereum have faced since their inception.
Avalanche, like Ethereum, supports smart contracts and staking. Users can also run dApps (decentralized apps) for a lower cost. Avalanche has over 270 projects on its platform. It is one of the fastest growing organic blockchains. Tether, SushiSwap and Chainlink are just a few of the many projects that have been built on Avalanche.
Avalanche quickly transformed promise and potential into tangible impact and added value for developers and users of DeFi. Emin Gun Sirer is the director of Avalanche Foundation.
According to a Monday press release, CryptoPotato shared with them, OpenOcean, a DeFi/CeFi aggregator, integrated Avalanche on August 30th to increase liquidity.
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