In terms of market capitalization, an Ethereum competitor has surpassed Shiba Inu and Dogecoin to become the tenth largest cryptocurrency. Avalanche (AVAX) has a market worth of $30.03 billion, followed by DOGE at $29.6 billion, after a strong seven-day surge. With a market cap of $24.8 billion, SHIB has already overtaken DOGE.
Ava Labs, the startup behind the smart contract platform, recently announced a strategic agreement with Deloitte, a Big Four accounting firm that provides accounting services to the majority of Fortune 500 corporations.
Deloitte will be able to use the Avalanche blockchain in its new disaster recovery platform Close As You Go (CAYG), which was designed to make the compensation process for natural disaster victims more efficient.
Ava Labs, the startup behind the smart contract platform, recently announced a strategic agreement with Deloitte, a Big Four accounting firm that provides accounting services to the majority of Fortune 500 corporations.
Deloitte will be able to use the Avalanche blockchain in its new disaster recovery platform Close As You Go (CAYG), which was designed to make the compensation process for natural disaster victims more efficient.
AVAX has a lot of network effects and high adoption rates. Avalanche now has a total of 99,401 daily active addresses, up from 1,890 on August 1st. The number of active addresses on a monthly basis increased from 90,565 in August to 471,785 in November.
The figure was 3,382 in January. The Avalanche network is powered by a proof-of-stake consensus process, which pays AVAX token holders who lock up their tokens to help power the network.
The network confirms transactions in seconds and is fully compatible with the Ethereum development kit, making it simple for developers to migrate their projects to the network.
Polychain and Three Arrows Capital led a $230 million investment round for Avalanche in September, with contributions from R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, and Lvna Capital.
Polychain and Three Arrows Capital, which also funded the $200 million-plus Blizzard fund launched a few weeks ago to stimulate Avalanche development, reported in September that the Avalanche Foundation had raised $230 million through a private sale of the tokens.
In a letter sent out on Sunday, John Wu, president of Ava Labs, said, “It’s about utility, for both crypto-native and crossover traditional tech.”Avalanche has more than tripled in the last 30 days and is up over 3,000 percent in the last year.
At the same time, cryptocurrencies are notoriously volatile, with even the most valuable ones experiencing significant ups and downs. Cardano’s ADA token, for example, is down more than 40 percent from its early-September high, while Polkadot’s DOT is down 25 percent from its recent high.
If you find this article informative then do share it with your friends and family!
Also read: NFL Star Odell Beckham Jr. to take his full salary in BTC
