With a market cap of over $21.3 billion, Avalanche (AVAX) is currently the 12th most valued network in the crypto market, according to data from CoinGecko. The cryptocurrency is currently trading at around $102.92 each.
Outstanding Achievement
Avalanche’s other notable achievement is that the total value of funds locked into the protocol’s various DeFi projects has now passed the huge $10 billion milestone.
Avalanche is a Proof-of-Stake (PoS) blockchain designed to execute smart contracts. These smart contracts, in turn, actually serve as the backbone for many decentralized financial (DeFi) protocols and applications.
With high transaction throughput and low fees, Avalanche also supports the creation of Non-Fungible Tokens (NFTs), and more.
Long three months for Avalanche
The latest price action for AVAX can be attributed to four factors: A variety of bullish developments ranging from big name partnerships, growing DeFi activity, and a newly launched fund to grow Avalanche projects.
On Tuesday, Ava Labs announced a joint effort with Deloitte, one of the world’s “Big 4” accounting firms. Ava Labs is the company behind the development of the Avalanche network,
The partnership will see the two companies launch a new cloud-based platform. These two companies will leverage the Avalanche blockchain to improve the security, speed and accuracy of Federal Emergency Management Agency refunds.
Activity on Avalanche has also escalated rapidly since late August this year. Total locked-down value (TVL) in the network then rose above $1 billion for the first time. It took the network roughly three months to increase tenfold in terms of TVL.
Earlier this month, the Avalanche Foundation launched Blizzard. This is a new fund with over $200 million dedicated to growing the network’s ecosystem. These funds will be specifically allocated to projects building in DeFi, NFTs, and enterprise applications among other sectors.
The new fund will also deploy capital to explore other emerging use cases. For example, the issuance of security tokens, liquidity providers, and self-sovereign identity.
Prior to that, the Avalanche Foundation raised $230 million from a private token sale led by Polychain Capital and Three Arrows Capital. The network also got an extra boost last month when the project was listed by the American cryptocurrency exchange Coinbase.