Avalanche (AVAX)
Avalanche, launched in September 2020, is a layer-1 decentralized, open-source proof-of-stake blockchain designed for decentralized applications, custom blockchain networks, and smart contracts. The native cryptocurrency of the Avalanche blockchain is AVAX.
History
Avalanche was first conceptualized in May 2018 by a pseudonymous group known as "Team Rocket" and shared on the InterPlanetary File System (IPFS). It was later developed by a team of researchers from Cornell University, led by Professor Emin Gün Sirer, with assistance from Maofan "Ted" Yin and Kevin Sekniqi. Ava Labs was established to further develop the network, focusing on meeting the needs of the financial industry. The AVA codebase for the consensus protocol was made open-source in March 2020, and the mainnet was launched in September 2020, accompanied by the issuance of the AVAX token.
| Ticker | AVAX |
| Category | Smart Contract Platform |
| Website | https://www.avax.network |
| @avax | |
| Telegram | avalancheavax |
| https://www.reddit.com/r/Avax |
Ava Labs
Ava Labs Inc., based in Brooklyn, New York, was founded to develop the Avalanche network, focusing on the financial industry. It employs between 51 and 200 people.
AVAX token
The AVAX token is the native currency of the Avalanche platform, used for network security through staking, peer-to-peer transactions, fee payments, and as a unit of account across subnetworks. The total supply of AVAX is 720 million.
Tokenomics
At launch, 360 million AVAX were minted and sold via private and public sales, with the remaining 360 million reserved for staking rewards over the coming decades. Distribution details include seed sales, private sales, public sales, allocations for the foundation, community endowment, strategic partners, airdrops, and the team.
Funding rounds
In February 2019, Ava Labs raised $5.9 million from venture capital firms and individual investors. In June 2020, they raised $12.6 million in a private token sale, with participants including Galaxy Digital and Bitmain. On July 15, 2020, they raised $37.58 million in a public sale offering three purchase options.
Technology
Avalanche is an open-source platform supporting interoperable and scalable decentralized finance applications and enterprise blockchain deployments. It employs a proof-of-stake consensus mechanism, enabling multiple chains, including core chains and application-specific subnets.
Contract chain (C-chain)
The C-chain hosts smart contracts and decentralized applications, featuring the Avalanche Virtual Machine, similar to the Ethereum Virtual Machine, and utilizes the Snowman consensus mechanism.
Exchange chain (X-chain)
The X-chain is responsible for creating new digital assets and exchanging tokens across the core blockchains and subnets, using the Avalanche consensus mechanism.
Platform chain (P-chain)
The P-chain is the base staking platform that manages validators and enables subnet creation. Validators must stake on the P-chain to secure Avalanche’s Primary Network.
Governance
Avalanche features on-chain governance for network parameters, allowing participants to vote on changes. Governable parameters include the minimum staking amount and minting rate, all subject to dynamic parameter optimization.
Core
In June 2022, Ava Labs launched Core, a browser extension for Avalanche dApps, NFTs, bridges, and subnets. Core supports Avalanche, Bitcoin, Ethereum, and EVM-compatible chains. By December 2022, it added support for eight additional languages.
Core mobile wallet
On December 13, 2022, Ava Labs launched Core mobile, a multichain mobile wallet available on Android, with iOS support planned for 2023. Core mobile supports DeFi, NFT, and gaming ecosystems across Avalanche, Bitcoin, Ethereum, and EVM-compatible blockchains.
Avalanche x Amazon
On January 11, 2023, Ava Labs announced a partnership with Amazon Web Services (AWS) to promote blockchain adoption. AWS will support Avalanche's infrastructure, making it easier for developers to launch and manage nodes. The partnership also aims to introduce "subnet" deployment on the AWS Marketplace.
Avalanche x Shopify
On January 5, 2023, Shopify expanded its NFT integration, allowing merchants to design, mint, and sell Avalanche NFTs with minimal technical knowledge. NFTs created by merchants become products that can be sold on their storefronts.
Avalanche x International Chess Federation
On December 23, 2022, the International Chess Federation partnered with Avalanche to enhance chess competitions with blockchain technology. The collaboration aims to improve operational efficiencies and game integrity by using on-chain tournament data and player rankings.
Avalanche Warp Messaging (AWM)
On December 22, 2022, Avalanche Warp Messaging (AWM) was introduced in AvalancheGo Banff 5, enhancing communication across Avalanche subnets. Ava Labs developed the XSVM to demonstrate AWM's capabilities, including asset transfers on and between subnets.