In the light of this bull run, the best thing I love to spend my time doing is to look for top crypto gainers and get "deep into the weeds" with the real reasons behind every surge in price.
One of the projects that have blown my mind recently was Avalanche. A cryptocurrency that was just a few months ago below $3 level, and now it's hovering above $30. It's pulled a 10x already.
So, does Avalanche still have the potential to take off, or am I too late to the party?
Modified-sourceI spent the last few days delving into this project and thought it's only fitting to share with you guys some info on this" crypto gem".
What is Avalanche?
Avalanche is a crypto platform with smart contract capabilities that has the long-term ambitious goal of being the "Ethereum killer" project. It uses a completely different consensus mechanism called SNOW Proof-of-Stake which enables more advanced operations on the network. It also supports the "Ethereum Virtual Machine", which opens the DeFi doors wide for Avalanche.
For this short post, I'm not going to get bogged down in the technological details behind Avalanche, instead, I just want to highlight some milestones and goals that have been achieved by the team. Ones that in my humble opinion, have caused the recent increasing attention for Avalanche.
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Avalanche-Ethereum bridge:
Just a few days ago, the Avalanche team announced that they successfully completed building the Avalanche-Ethereum bridge. You can now use ERC-20 tokens on the Avalanche network and also can use Avalanche's ARC-20 tokens on the Ethereum network. It's no doubt a game-changer development for interoperability with their highly performant chain.
The world's first ever "Initial Litigation Offering"
One of the most interesting achievements by Avalanche is that it will host the world's first-ever "Initial Litigation Offering" or "ILOs".
To put it simply, "ILOs" refer to a bunch of people who are pooling their money together in order to fund a legal team of a plaintiff of a lawsuit. It is somehow similar to ICOs. The difference is that instead of providing funding to a cryptocurrency project, here you fund a lawsuit, and instead of getting crypto tokens, investors receive a share of the money that a plaintiff gets if they win the lawsuit.
With this mechanism, Avalanche grants a new way to investors to earn money through funding legal cases which they believe are going to win. At the same time, it provides a way for lawyers to raise funds in Avalanche to fund lawsuits to keep doing their job.
Modified-sourceMajor updates and partnerships:
The Avalanche team has been making updates and building partnerships left and right with big players in the crypto space that I could write multiple articles talking solely about them. Here are only a few you may need to know:
Just yesterday, Avalanche announced a partnership with Simplex through which it's possible to purchase AVAX tokens via 30 different fiat currencies, including USD, EUR, GBP, KRW, JPY, TRY, CAD, etc. Using a Debit or Credit Card.
Last week, they announced another partnership with OIN Finance to enable DeFi Users to mint Stablecoins Using AVAX token which will expand cornerstone DeFi functionalities to the Avalanche ecosystem.
Avalanche announced plans to launch the first major upgrade to the network called ‘Apricot’ that will allow token creators to freeze/unfreeze tokens on the Avalanche network and will also introduce governance and wrapped Avalanche tokens for the Ethereum network. This upgrade is expected to be implemented at some point during this year. And By the way, Avalanche announced that True USD will be the first regulated stablecoin on its network in the coming months.
This project is well-backed by a slew of prestigious and high-profile investors. These include big-names like Andreessen Horowitz, Galaxy Digital, and Polychain capital. Something that gives me a bit of peace of mind.
Avalanche is also hard at work to complete its mobile wallet, browser extension wallet, and desktop client soon, which will make the AVAX token available to a broader base of users.
There are many other interesting things on their official website and much more on the road map to come.
Final thoughts:
Avalanche is a crypto project that I've been watching for quite some time and I can't help but marvel at the amazing progress it has achieved so far. The team seems to be serious about their work and the partnerships they've built bear witness to that. I counted over 50 partnerships and lost count after 50. I'm also quite surprised at the number of tokenized assets on Avalanche which exceeded 1,000 assets in a matter of a few months. It's very interesting to see what the future will hold for the Avalanche project and how that will affect the price.
Not financial advice, but I strongly believe that AVAX's recent positive price action is just the beginning...
What do you guys think about the Avalanche project?
I'm keen to learn your opinions and thoughts...
Useful Links:
https://www.avalabs.org/
https://avalancheavax.medium.com/
https://info.avax.network/
https://app.pangolin.exchange/#/swap
https://aeb.xyz/#/transfer