- AVAX posts 300% gains in three months, soaring to an all-time high of $110.34
- The token’s meteoric rise can be attributed to positive developments from its development team such as partnerships, fresh incentive initiatives
- AVAX is poised to continue its rally as more developments are planned for the near future
The decentralized finance (DeFi) industry has recorded exponential growth in 2021 and has emerged as a welcome innovation in the technological and financial landscapes. As DeFi projects continue to explore more innovative technologies, many experts have earmarked them for more growth and newer milestone achievements. The DeFi space recently crossed the $170 billion mark by market capitalization, and Avalanche (AVAX) occupies an enviable position within this movement.
$AVAX has taken the crypto market by storm, posting massive gains of about 300% in only three months. It has also consolidated to reach a market capitalization of nearly $24 billion in the same period. At the time of writing, the token trades at $103.14, up by about 6% in the last 24 hours, per coinmarketcap. Interestingly, AVAX remained in the green amidst the crypto market-wide dip.
Avalanche Rush – The $180 million Defi incentive program
In August 2021, Ava Labs announced Avalanche Rush, a $180M liquidity mining incentive program. This program aimed to introduce various DeFi applications to the ecosystem while advertising them as reliable and consumer-friendly. The program has already launched Aave and Curve on its platform. Both DeFi protocols are two of the largest by total value locked (TVL) on the platform.
The Avalanche Rush initiative emerged after the “Avalanche Bridge” (under testing). The initiative aims to bridge blockchains and facilitate the transfer of digital assets across different blockchains. The foundation has also announced various incentive programs recently, including the $200 million Blizzard Investment Fund of November 2021.
Deloitte-Avalanche strategic partnership
$AVAX hit another all-time high on November 16 after news about the ‘Deloitte-Avalanche strategic partnership’ broke into the markets. Deloitte is one of the world’s “Big 4” accounting firms, and its partnership with Ava Labs has provoked bullish sentiments around $AVAX. The collaboration aims to launch a new cloud-based platform that will utilize the Ava blockchain to enhance the efficiency, speed, and precision of the Federal Emergency Management Agency. ‘This effort combines the speed, resilience, and adaptability of Avalanche and Deloitte’s Fortune 100 enterprise knowledge,’ tweeted Ava Labs CEO, Emin Gün Sirer.
In other news, another positive PR announcement broke for Ava labs. The world’s largest issuer of physically-backed crypto ETPs, 21Shares AG, announced that it listed Polygon, Avalanche, and Algorand crypto ETPs on SIX Swiss Exchange (the third-largest European exchange). It is worth noting that all 21Shares ETPs are available to investors with a bank or broker with access to the exchange.
At present, the Ethereum rival hosts about 350+ projects, all built over the last year. The ecosystem is in the middle of exponential growth, and the transactions on the Ava blockchain back up this assumption. On November 10, Snowtrace (a data aggregator) recorded 1 million transactions on Avalanche, which was more than in June and July combined.
The AVAX token has surpassed LUNA as the twelfth-largest digital asset in the world, with its TVL in excess of $10 billion, per DefiLlama. The token’s massive rally can be attributed to the above-stated reasons as well as the sustained DeFi craze. However, Joseph Todaro, Partner at Greymatter Capital, believes that this is just the start for Avalanche. He also expects the platform to host a lot more projects in the near future.
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