general

Three reasons behind the record rise of the digital currency AVAX by 800% in two months!

Three reasons behind the record rise of the digital currency AVAX by 800% in two months!

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Three reasons behind the record rise of the digital currency AVAX by 800% in two months!

The crypto market is a fast-changing market that is constantly changing.

Recently, the digital currency AVAX was able to make its way and rise to a record level.

On July 20, AVAX cryptocurrency traded around $9, after which it surged three digits to reach a new all-time high of nearly $80.

This came after several consecutive records set last week.

Recording such massive price increases in a relatively short time has caught the public’s attention, with many keeping an eye on AVAX’s performance.

Here are some of the possible reasons that could be behind the huge rise in the price of the AVAX cryptocurrency:

Read:Game company welcomes NFT games after being banned from Steam…Details here

Announced Partnerships:

Project Avalanche has been very active in terms of partnering with other crypto projects in the past few months.

Among the most important companies the project has contracted is its partnership with the popular DeFi protocol “Aave”.

It is worth noting that the voting process is still in progress as it aims to determine whether investors would like to see Aave backed by Avalanche.

If approved, this could lead to a further increase in the TVL locked value in “Avalanche”

The Alpha Finance Lab project has also used the Avalanche blockchain to launch the second version of its Homora network.

This is part of the team’s goal to launch the project on other blockchains and Layer 2 solutions.

On the other hand, the OpenOcean aggregator has integrated Avalanche to increase liquidity on its network.

Explosion at locked value TVL:

Total Closed Value (TVL) in Avalanche has also seen a significant rise in the past few months, especially since the launch of the new protocol’s DeFi incentive programs backed by Aave and Curve Finance.

The new program was announced in mid-August when TVL was around $250 million.

Read:One of the founders of Skype keeps his personal fortune in the form of Bitcoin and Ethereum

The closed value increased the following month to nearly $3 billion

Jay Kurashi Sophie, vice president of marketing at AvaLabs, the company behind Avalanche, commented that this significant increase has come despite the fact that only about $5 million in incentives have been posted.

Investment round worth $230 million:

Recently, the Avalanche team revealed a $230 million investment round.

Some of the notable names that participated in the event included crypto funds Polychain and Three Arrows Capital.

Read:Learn about the upcoming Binance IPO: The Injective Protocol and its cryptocurrency INJ

The blog post explained that the purpose of the funds raised is to support and accelerate the growth of decentralized finance protocols and applications for other organizations and networks that use the “Avalanche” blockchain.

The project will provide grants, digital token purchases, and other types of investment and technical support.

Although the fundraising event took place in the summer, Avalanche only announced it recently.

All of what was mentioned directly or indirectly contributed to the rise in the price of the digital currency AVAX and made it reach a new record level.

Read also:

UAE Securities and Commodities Authority (SCA) Approves Support for Cryptocurrency Trading

One of the biggest bitcoin whales buys $170 million in bitcoin in two weeks


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Learn about the Bitcoin support feature that Twitter launched for its users!
Next post
UAE Securities and Commodities Authority (SCA) Approves Support for Cryptocurrency Trading