3 Altcoins to Explore | The Rise of the Avalanche Ecosystem and AVAX
The $50,000 mark has been surpassed once again, breathing life and excitement in the crypto world. We are of course talking about Bitcoin which has been leading the bull market with its significant growth over this last week. Likewise for Ethereum and the altcoins, there has been good news all around.
One project worth highlighting is Avalanche. Its AVAX token surged 200% this month, with a 178% bump happening just this last week. A lot of this can be attributed to the unique DeFi strategy Avalanche has taken which has captured the interest of the ever-growing market.
Avalanche prides itself on its industry-leading smart contracts that have the fastest time-to-finality. This meant that it has been able to develop DeFi projects that utilize its speed and low cost to take on Ethereum and the rest of the competition.
That means it offers some of the best borrowing and lending, stablecoins, predictive markets, AMMs and more. It has also partnered with Zapper, DeFiPrime and PenguinFinance in recent days to increase its reach.
In all this, Avalanche is looking to take on other smart contract platforms and offer an alternative that is faster, cheaper and arguably better. If it keeps this up, it could enjoy more weeks of growth and success.
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services. It aims to be something of a global assets exchange, allowing anyone to launch or trade any form of asset and control it in a decentralized manner using smart contracts and other cutting-edge technologies. AVAX, the native token, performs various tasks such as a rewards and payment system for users.
Avalanche has been doing a fantastic job interacting with its community and helping shine a light on the many elements of its ecosystem. Likewise, its speedy smart contracts are ideal for the DeFi developments, which placed it front and center as that market exploded. With the recent bull market conditions over this last week, Avalanche and AVAX were able to see themselves prevail.
Then there was the launch of ecosystem project BENQI and the accompanying hype and activities that helped bolster Avalanche's own token.
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BENQI is a decentralized non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to easily lend, borrow, and earn interest with their digital assets. The protocol’s native token is QI, which is used for the governance of the protocol.
The obvious boost for QI this week was its world premiere listing on KuCoin. This took place on August 19, with the trading pairs QI/USDT and QI/BTC being made available. The token quickly proved popular as users explored the platform and found the opportunity to earn from their crypto by lending.
Of course, the BENQI project has been working behind the scenes to make the launch a success, with notable developments, activities and partnerships taking place.
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Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms. Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes.
Between its recent integration with Solana, significant minting of RenBTC and PR work, Ren has been able to solidify its place in the market as a powerful interoperability tool that lets users move their value between chains.
By its very design, Ren works best when there is a lot of movement of crypto, so the recent growth has worked out well for the platform. The REN token as a central part of the project has seen itself grow quite a bit because of this.
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Three Avalanche Tokens to Look Forward to This Week
There are three more tokens that are related to the Avalanche ecosystem that also experienced a price surge - and they have a relatively low trading volume/market cap. KuCoin recommends investors to pay attention to DODO, ANKR and FRONT this week. With the bull market seemingly underway, these tokens are well-positioned to grow.
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