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Avalanche, an Ethereum Competitor Raises $230 Million

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Avalanche Blockchain, an open, programmable smart contracts platform for decentralized applications has raised $230 Million from selling AVAX.

AVAX Token has a 65% Jump

The native token of the Avalanche network AVAX experience massive gains in the last week. This is due to a private sale event that took place. An investing group led by Polychain and Three Arrows Capital made huge investments buying AVAX causing the price surge and reach all time high. Primarily, this was an effort to amplify the growth of DeFi and other capabilities of the Avalanche network.

The president of AVA Labs said in a statement: “We have been relying on the technology having great organic growth, and now it’s time to supercharge that growth,”

Subsequently, AVAX managed to enter the top 20 cryptocurrency club as it’s currently ranked as the 11th with a market cap of $16.3 billion.

Ethereum Killers on the Rise

Unfortunately, Ethereum has had poor performance in the past month as many investors and institutional customers are unhappy. The high transaction fees and scalability have been the primary complaints about the network. Naturally, many institutions have been looking for alternative DeFi networks to continue with their payments process. In that regard some of the foremost Ethereum competitors are now on the rise.

We specifically named Avalanche as a potential surging Ethereum alternative on September 5, less than two weeks before writing this article.

At this point, Solana, Luna, ADA, Cosmos and Avalanche are legitimate contenders looking to flip Ethereum. As they rise in the ranks, not only the inflows but also the exposure to the community grows exponentially.

We’ve said it before and will say it again, Ethereum 2.0 has to be awesome. As the opponents gain the upper hand in claiming institutional investors favor, Ethereum is losing ground in the competitive market. In that regard, the PoS algorithm has to result in great improvements, providing the users with many, if not all of the benefits the rising alternatives can provide.

Avalanche to the Moon?

Kid you not, the Avalanche network is only 1-year-old. Even more surprising than that, during this one year they have hosted more than 225 DeFi projects like, Tether, SushiSwap, Chainlink, Circle, and The Graph.

Long and short of it, Avalanche has turned up with a bazooka in a gunfight and has a better KDR than the Doom Slayer. The latest price hike for AVAX will definitely put the network on the radar.

In terms of future predictions, we can’t possibly know the outcomes. However, one could safely assume a bullish stance on Avalanche only by looking at the 1-year performance.

Good News!

We are proud to announce hi.exchange will soon add AVAX to the list of supported cryptocurrencies for Hi Exchange Make sure you check our blog on a daily basis as well as on social media to stay up to date with our latest announcements, Opinion articles, news and technical analysis.

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