AVAX is a cryptocurrency that is native to the company, Avalanche. It is a fairly popular cryptocurrency, so much so that one can go and buy avax at uphold.
A brief overview of AVAX
As one of the fastest smart contract platforms on the blockchain, Avalanche, developed by Ava Labs, is one of the fastest in the industry. The platform specializes in decentralized applications (dApps). One of the company's main assets is AVAX (AVX). The Avalanche token serves as a fundamental unit of account across the Avalanche ecosystem's sub-realms while paying fees and securing, via staking, the platform.
The Avalanche blockchain is also divided into three chains: the Exchange Chain (X-Chain), the Contract Chain (C-Chain), and the Platform Chain (P-Chain). The X-Chain serves as a source for creating and distributing native AVAX tokens. With its own Avalanche Virtual Machine, C-Chain hosts smart contracts and dApps (similar to the Ethereum Virtual Machine). In addition, the P-Chain is the sole coordinator of validators on the network. As well as tracking and enabling active subnets, it also manages the network.
With Avalanche's network, users can access potentially more efficient smart contract capabilities built on top of the existing smart contract technology. The Avalanche Bridge (AB) enables the transfer of Avalanche and Ethereum assets from one blockchain.
Curve Finance, Tether, Chainlink, and AAVE are just a few other blockchain applications and tokens that have migrated to AVAX Layer One.
AVAX's upcoming "Phase 2" of its network capabilities includes introducing new projects in early 2022 as part of its aggressive efforts to attract other projects into its ecosystem.
What is the current price of AVAX?
The share price of AVAX reaching its all-time high was around $80 as of early November 2021.
By mid-August, the coin, now ranked 13th in CoinGecko's ranking, began a gradual upward trend that has been illustrative. AVAX has increased its standing by more than 2,000% in a year. However, in a little more than another year, it decreased to a measly $2.80.
How is the price of AVAX determined?
It has 720 million native tokens and distributes tokens so that the different contributors in the community, as well as its holders, are credited for their contributions.
AVAX tokens are allocated 50 percent to staking rewards, and the remaining 50 percent splits between public sales, community endowments, airdrops, and seed sales. The tokens are all released over a while, with the maximum supply being released over a decade.
Avalanche/ AVAX has embarked on an interesting journey. It may have faced its ups and downs on its way, but it does hold a lucrative position in the market. If you are planning to buy AVAX at Uphold, go for it.
For more information please visit https://uphold.com/en/assets/crypto/buy-avax.
As one of the fastest smart contract platforms on the blockchain, Avalanche, developed by Ava Labs, is one of the fastest in the industry. The platform specializes in decentralized applications (dApps). One of the company's main assets is AVAX (AVX).