$AVAX is the ticker symbol for Avalanche, a decentralized platform designed to facilitate the creation and execution of smart contracts and decentralized applications (dApps).
Avalanche aims to provide high scalability, low transaction fees, and fast transaction finality.
It uses a consensus mechanism known as Avalanche Consensus, which allows for rapid validation of transactions while maintaining security.
The AVAX token is the native cryptocurrency of the Avalanche network and is used for various purposes such as paying transaction fees, participating in the network's governance, and staking to secure the network.