Avalanche AVAX/USD is a platform that essentially allows anyone to produce their own blockchains as well as decentralized applications (dApps) which wes built by Ava Labs.

It was developed as a solution to slow transaction speeds, centralization, and scalability.

AVAX is the native cryptocurrency token of the Avalanche platform, and on Wednesday it surfed in value due to the announcement of a $180 million liquidity mining incentive program intended to increase its scale in the world of decentralized finance (DeFi).

This program is called the Avalanche Rush incentive program. It is intended to bring Aave and Curve, two of the largest DeFi protocols with total value locked (TVL) to launch on Avalanche. 

With this incentive, we can expect the activity on Avalanche to increase. This would in turn increase the demand for AVAX tokens, which would result in an increase in their value. 

The Avalanche Foundation also recently launched a $3 million liquidity mining imitative with BENQi, which is a liquidity protocol that is native to Avalanche, and even Stake DAO partnered with Avalanche for a staking collaboration to build innovative yield farming strategies.

On August 19, Avalanche (AVAX) had a value of $31.

To get a bigger perspective on this price point, we’ll be comparing it to its all-time high as well as its recent price fluctuations.

In regards to its all-time high, it had a value of $59.40 on February 10. This made the token, at the time 91% higher in value.

When we take a look at its performance in July, we can see that it had its highest point on July 6 with a value of $14.13 and its lowest point on July 20 with a value of $9.45. This indicated a drop of value by 33% throughout the span of the month.

On August 18, before the announcement went live, its value was at $21.66, and after it, it surged to its highest point of $32.78 on August 19 before falling back down to $31. This means that the token grew 50% after the announcement. 

With all of this in mind, we can expect the value of the AVAX token to increase to $43.2 by the end of August.

When Aave and Curve do indeed become part of Avalanche, we could potentially see the price go even higher than its all-time high value of $59.40 due to the fact that they are the largest DeFi protocols in terms of TVL.

The post AVAX jumps after $180 liquidity mining incentive program announcement, should you invest? appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

209 +