Market Cap: Over $5.5 Billion
AVAX is a native token of Avalanche blockchain which supports smart contract functionality. It works on the Proof of Stake (PoS) mechanism and is known as one of the fastest and trustworthy smart contract platforms in the DeFi space. Like Ethereum, it supports smart contracts to run decentralized applications on its network and uses Solidity language, the same which is used by Ethereum.
Avalanche has a limited supply of 720 million AVAX tokens. Half of which were created and distributed at the time of its launch in 2020. The remaining tokens are yet to be generated via the minting process in the form of staking rewards. Moreover, unlike Bitcoin and Ethereum, Avalancheâs fees are not paid to validators; rather all fees are burned which increases the scarcity of AVAX.
AVAX was priced at around $4.00 at the time of its launch in September, 2020. The token saw its peak at $134.87 on November 23, 2021. As on May 03, 2023, AVAX is priced at levels of nearly $16.7.Â
