AVAX Token Hits New ATH Above $100 As Ecosystem Crosses $10B

The AVAX token hits new ATH above $100 as the entire Defi ecosystem crossed $10 billion so let’s find out more in our latest altcoin news today.

Avalanche or AVAX is one of the contenders for the ETH Killer title which also made it one of the top gainers over the past day. The network’s token is up 12.7% after it surged to an all-time high above $102.04 before dropping down to $99.11 at the time of writing. With a market cap of more than $21.3 billion, the AVAX token hits new ATH and becomes the 12th most valued network in the crypto market. Avalanche’s achievement is that the total value of funds locked in the various DeFi projects surpassed a huge milestone of $10 billion. Avalanche is a Proof of Stake blockchain designed for running smart contracts that serve as the core of many DeFi protocols and applications.

Boosting the high transaction throughput and low fees, AVAX also supports the creation of non-fungible tokens. The latest price action for AVAX could be attributed to the plenty of bullish developments that range from major partnerships, the rise in defi activity, and the newly launched fund that aims to grow the Avax projects. Ava Labs as the company behind the development of the Avalanche network announced a joint effort with Deloitte and the new collab will see the two companies launch a joint cloud platform that will utilize Avalanch’es blockchain to improve the speed, security, and accuracy of the Federal Emergency Management Agency reimbursements.

Avalanche-based DeFi projects. Source DeFi Llama.

The activity on Avalanche escalated fast since the end of August this year when the total value locked surged over $1 billion and took the network about three months to grow again in terms of TVL. The Avalanche foundation also launched Blizzard which is a new fund with more than $200 million dedicated to growing the ecosystem of the network. The funds will be allocated to projects that built Defi and NFT projects. The new fund will deploy more capital to explore other emerging use cases like security token issuances, self-sovereign identity, and liquidity providers. The foundation also raised $230 million from the private token sale led by Three Arrows Capital and Polychain Capital. The network enjoyed another boost a month ago when it got listed on Coinbase and its wallet as well as a trading platform.

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