$AVAX coin is the base currency of the Avalanche blockchain. This means that the currency is used to pay gas fees on this network. It is a network compatible with the Ethereum Virtual Machine, which means that it can be added to the MetaMask wallet and transfers between it and the Ethereum network can also be done easily.

This network was established in 2018. The project succeeded in obtaining funding estimated at $60 million during the years 2019 and 2020. But what distinguishes the project is that it succeeded in obtaining much more funding than this after the end of the ICO Initial coin offering phase, in which currencies are sold in exchange for money to investors.

Until now, the project is still under development, but the network has been launched and can be used. We must not forget that digital currency projects are essentially experimental, which means that they are subject to construction, development, and updating all the time.

The Avalance blockchain is based on the proof of stake mechanism. This means increased centralization of the network, but in return the network is much faster than the Ethereum network. The gas fees on this network are somewhat higher than, for example, Binance, but much lower than Ethereum fees.