The Avalanche network is now available on Flooz with our swap feature, allowing for easy cross chain swaps. Trade any token across the Avalanche chain, and join an ever expanding ecosystem with over $1.1B TVL!
Ilias Salvatore
5 min read • Feb 10, 2024
🤝 Welcome Avalanche to Flooz
We're excited to be bringing a seamless DeFi experience to Avalanche network. You can now trade any token across the Avalanchechain, and join a thriving ecosystem with faster transactions and cheaper network fees.
Let's have a look into our latest cross chain swap feature network, Avalanche.
🔺 What is Avalanche?
Avalanche is an open-source platform for building decentralized applications (DApps) in one interoperable, decentralized, and highly scalable ecosystem.
Leveraging a robust consensus mechanism, Avalanche stands out as the pioneering ecosystem tailored to meet the demands of global finance, ensuring nearly instantaneous transaction finality.
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Avalanche employs the fastest consensus mechanism of any layer 1 blockchain. The unique consensus mechanism enables quick finality and low latency: in less than 2 seconds, your transaction is effectively processed and verified.
Now while Avalanche is a layer 1, it offers layer 2 solutions, allowing other chains to integrate and build.
How does this work?
Avalanche introduces a fundamental innovation by employing three distinct blockchains, which is unique compared to the conventional single-chain structure. This strategic design choice demonstrates a profound insight: each blockchain within the Avalanche ecosystem is specialized to handle specific tasks, ensuring a more efficient division of responsibilities.
This distributed approach enhances the agility of the Avalanche platform, enabling it to attain the essential trifecta of blockchain characteristics — decentralization, security, and scalability.
By allocating tasks across multiple chains, Avalanche optimizes its functionality, embodying a sophisticated and effective solution to address the challenges associated with decentralized systems.
Avalanche Mainnet includes the Primary Network formed by the X, P, and C-Chain, as well as all in-production Subnets. These Subnets are individual blockchain sub-networks that can be suited to specific application use cases, use their own consensus mechanisms, define their own token economics, and be run by different virtual machines too.
The three blockchains underpinning Avalanche
1. The Exchange Chain (X-Chain) - is the blockchain responsible for creating and transacting Avalanche assets. Transactions on the X-Chain generate fees paid in AVAX, which is the native token to Avalanche.
2. The Contract Chain (C-Chain) - runs smart contracts for the Avalanche platform and is EVM (Ethereum Virtual Machine) compatible. Smart contracts are Avalanche’s key feature. This feature enables developers to build decentralized applications on Avalanche while leveraging the platform’s security and scalability benefits.
3. The Platform Chain (P-Chain) - manages the landscape of Avalanche subnets by keeping track of validators, but subnets are also responsible for validating the P-Chain. Avalanche’s P-Chain allows anyone to create an L1 or L2 blockchain. You can even go as far as creating a group of them.
This is why Avalanche is one of the most popular choices for building, as they not only offer incredible transaction fees and processing speed, but they also allow for other solutions too, as seen above.
If you want to check out the other cross-chain networks that we have just added to our platform, you can check them out here👈
📊 Take a look at the stats
Avalanche was launched originally back in 2020 and since then has become one of the fastest growing and most used blockchains in the entire crypto ecosystem.
Currently Avalanche has a TVL of around $1.1B, which is quite incredible. On top of this, Avalanche has some other impressive stats including:
Over 1.2B all time transactions count, highlighting the usage and capability of Avalanche.
Over 265k unique contracts deployed, showing the interest in building on this blockchain.
And when it comes to the energy required to run, no other blockchain comes close. According to the Crypto Carbon Ratings Institute, Avalanche consumes the same energy as only 46 US households each year.
Impressive...
Oh did we forget to mention their native token $AVAX? Currently it is sitting in the top 10 for tokens by total market cap, which sits at around $14B and they also have around 8M active addresses.
This project just goes from one extreme to the next and certainly is not slowing down anytime soon.
🚀 Top 10 Avalanche projects to trade
With the Avalanche network now available on our platform for cross chain swaps, here are the top 10 projects using their blockchain:
Let’s jump in 👇
BNB ($BNB) - BNB, previously also known as Binance Coin (BNB), is a cryptocurrency coin created and issued by the cryptocurrency exchange Binance.
Avalanche ($AVAX) - Avalanche is a general purpose blockchain platform in which developers can deploy decentralized applications such as decentralized finance, gaming, and NFTs via smart contracts.
Chainlink ($LINK) - Chainlink is a framework for building Decentralized Oracle Networks (DONs) that bring real-world data onto blockchain networks, enabling the creation of hybrid smart contracts.
Uniswap ($UNI) - The UNI token allows token holders to participate in the governance of the protocol. Key decisions such as usage of the treasury or future upgrades can be decided through a governance vote.
Maker ($MKR) - The Maker token is a governance token that is used to govern and recapitalize the Maker protocol.
The Graph ($GRT) - Developers can use Graph Explorer to search, find, and publish all the public data they need to build decentralized applications.
Aave ($AAVE) - Aave is a decentralized money market protocol where users can lend and borrow cryptocurrency across 20 different assets as collateral.
Synthetix Network ($SNX) - Synthetix is building a decentralized liquidity provisioning protocol that any protocol can tap into for various purposes.
Frax Share ($FXS) - Frax Share is the governance token of the Frax Protocol, a unique stablecoin system that is both fractional and algorithmic.
WOO ($WOO) - WOO Network is a system of centralized finance (CeFi) and decentralized finance (DeFi) services designed to enable deeper liquidity for various cryptocurrency market participants.
👀 What's been happening with Avalanche?
Now let's jump into the gossip around Avalanche recently...
Considering how big Avalanche is, there isn't too much going on right now, at least not that we can see. But that doesn't mean there isn't anything...
Firstly, this is a big month for Avalanche investors as there is a token unlock in which the blockchain project is expected to release 9.5 million tokens, which to our calculations is roughly $368M worth.
And lastly, Avalanche have been showing a big interest in memecoins, in fact they described this move as a cultural move and have also agreed to buy into some of these memecoins too. However, there are some rules... they have to be native to the Avalanche blockchain to be eligible. Now this certainly isn't a move you see everyday.
Read more about the Avalanche Foundation plans to buy up memecoins here 👀
This just further illustrates that Avalanche are not going anywhere soon and are looking to cement their place in crypto future.
Don't forget, if you want to find out more about our latest swap features and available networks, you can check it out here 👈
Market News
🐸 Memecoins to dominate?
In a Bitcoin and Ethereum dominated world, it seems that we have another contender looking to take the reigns... And yes, we are talking about memecoins.
