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05 March 2021

What is Avalanche Network (AVAX) and Why it Matters - Decrypt

What is Avalanche Network (AVAX) and Why it Matters - Decrypt


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Avalanche is a new platform developed by Ava Labs that allows anybody to easily produce their own multi-functional blockchains and decentralized applications (dApps).

At its core Avalanche is built around a system of three interoperable blockchains: the Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain).

Although Avalanche supports the Ethereum Virtual Machine (EVM), it uses a different consensus mechanism to secure the network and also supports cross-chain value transfers without the need for bridges.

It is unique in the fact that it uses a combination of multiple custom-built blockchains, in addition to a powerful proof of stake consensus mechanism to achieve an incredibly decentralized and powerful platform for developers to build on.

Being compatible with the Ethereum toolkit, developers are able to easily port their Ethereum dApps to Avalanche and can easily launch a diverse array of decentralized applications (dApps) on the platform.

The Avalanche token (AVAX) is available to purchase and trade on a wide variety of exchange platforms, including Binance, OKEx, Bitfinex, Huobi Global, CoinEx, Paribu, WazirX, OKCoin and Hotbit.

Pangolin is a community-driven decentralized exchange (DEX) platform that is supported by Ava labs.

Pangolin is a key part of Avalanche's burgeoning decentralized finance (DeFi) ecosystem and is built to demonstrate the capabilities of the Avalanche platform.

It's also compatible with all Avalanche and Ethereum tokens, giving users a range of liquidity pools to trade from.

Beyond this, layer-2 decentralized exchange platform Injective Protocol will be integrating with Avalanche to bring a diverse array of interoperable derivatives to the platform

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