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Avalanche (AVAX) Dodges Crypto Market Correction, Makes Way to Top Ten Crypto-List

DeFi

coingape.com 22 November 2021 08:47, UTC
  
Reading time: ~3 m

Layer-1 blockchain platform and Ethereum-competitor Avalanche (AVAX) is making all the news despite the recent market correction. Late Sunday, November 21, Avalanche (AVAX) topped an all-time high of $146 making its way into the top-ten crypto list and seating Dogecoin (DOGE).

As of press time, AVAX is trading at $136 with a market cap of $29.2 billion. On Sunday, the Avalanche (AVAX) price gained a massive 20% to touch new record highs. As of its price at the all-time high, AVAX has surged nearly 47% in seven days, a staggering 83% in two weeks, and more than 133% over the last three months.

Since the beginning of 2021, AVAX has gained close to a staggering 3,800%. Currently, stablecoin Tether (USDT) contributes to most of the AVAX trading volumes.

Avalanche’s Collaboration With Delloite

One of the major fuels to the Avalanche rally is its announcement of a collaboration with Delloite. The announcement notes that Avalanche will work with Delloite in building a more efficient disaster-relief platform on the Avalanche blockchain.

Dubbed as ‘Close As You Go’, the platform will leverage the Avalanche blockchain to improve the speed, security, and accuracy of FEMA funding. Speaking of the development, founder of Avalanche Labs, Emin Sirer said:

The new platform gives state and local officials a decentralized, low-cost and fully immutable system that empowers both the grant funders, and the aid recipients, while using the transparency of blockchain to minimize fraud, waste and abuse.

The security and fast consensus of the Avalanche network quickly gathers, processes and authenticates required documents, improving the accuracy of federal disaster claims because of the nature of how code governs the process.

He further added that avalanche being a carbon-neutral platform, its eco-friendly goals align well with that of Delloite. In one of his recent tweets, Sirer also busted the myth that one Avalanche will be as slow as Ethereum once the adoption increases.

I keep hearing this: "but but but some day Avalanche will be as slow as Ethereum."

No. Avalanche brought us the biggest breakthroughs in consensus and bridging. We will address lesser engineering problems without batting an eyelid. https://t.co/jtqpjCurb5

— Emin Gün Sirer🔺 (@el33th4xor) November 21, 2021

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