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- 1 The AVAX ecosystem consists of the network and linked projects built on the Avalanche blockchain.
- 2 It is a decentralized platform designed for high speed, scalable and secure transactions.
The AVAX ecosystem comprises various decentralized applications (dApps), protocols, and tokens that uses the Avalanche blockchain’s capabilities to provide innovative solutions in finance, gaming, decentralized finance (DeFi), and more. Some of the top coins in the AVAX ecosystem are listed below.
Avalanche (AVAX)
Avalanche (AVAX) is the native token of the Avalanche network, which is used for paying fees, staking, and governance. It has a market cap of $4.828,925,389 Billion and is sold at a price of $14. It has a circulating supply of 345,876,159 AVAX coins and a max supply of 720,000,000 AVAX coins. It supports smart contracts, decentralized applications and custom blockchain.
It has a high throughput of 4,500 transactions per second and a low latency of less than one second for transaction finality. Avalanche has a unique consensus mechanism that combines the benefits of Nakamoto consensus and classical consensus, making it robust, scalable, decentralized, fast and energy efficient.
Avalanche has a rapidly expanding DeFi ecosystem with popular protocols such as Aave, Curve, SushiSwap, Uniswap and others. It has a dynamic fee structure and a token burn mechanism which are determined by the governance votes of AVAX holders, making AVAX scarcer and more valuable over time.
Wrapped Bitcoin (WBTC)
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that runs on the Avalanche network, and permits the users to access Bitcoin liquidity and use cases on Avalanche. It has a market cap of $4.749,225,178 and circulating supply of 158,274 WBTC coins and is sold at a price of $29,988.
Wrapped Bitcon is also compatible with Ethereum. It means that users can easily move their WBTC between Ethereum and Avalanche using the Avalanche bridge (AB).
WBTC enables fast and cheap transactions of Bitcoin on Avalanche, which has a high throughput of 4500 transactions per second and a low latency of less than one second for transactions. It allows users to participate in DeFi protocols on Avalanche which use the proof-of-work and proof-of-stake consensus mechanisms respectively.
Uniswap (UNI)
Uniswap (UNI) is the governance token of Uniswap, a popular decentralized exchange that operates on the Avalanche network, enabling fast and cheap swaps of any token. It has a market cap of $3,395,032,436 and circulating supply of 577,501,036 UNI coins and is sold at a price of $5.8821.
UNI is also compatible with Ethereum, meaning that users can easily move their UNI between Ethereum and Uniswap using the Avalanche bridge. It uses the innovative liquid pools to generate the assets needed for swaps to occur allowing anyone to provide liquidity and earn fees.
It is one of the most diverse platforms in the crypto space, and is governed by its community who can vote on proposals to improve the protocols and allocate funds from the Uniswap treasury.
Summary
The AVAX ecosystem is one of the most favorable blockchain networks. Overall,it serves as a base for decentralized applications and projects by offering greater speed, scalability, and security.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
