About Avalanche (AVAX)
Some users call Avalanche “financial Internet”. In essence, the platform is the intersection of traditional market and decentralized applications.
With the emergence of some new cryptocurrency terms, new tokens and new digital platforms, it is difficult for novices to grasp the whole concept of cryptocurrency world immediately. Choosing a currency worth investing in is more challenging because each token has its own advantages and disadvantages. This guide discusses the Avalanche (AVAX) token that is currently being adopted on a large scale.
What is Avalanche (AVAX)?
Avalanche (AVAX) is a decentralized financial (defi) platform that allows interoperability between third-party tokens. In essence, Avalanche is a blockchain based platform where issuers can trade their tokens at a low cost. Therefore, the AVAX network has greatly improved the defi environment. It is an unauthorized system, and users can create their customized blockchains, including private or public blockchains.
What is AVAX Token?
The AVAX token is the original asset of Avalanche. At present, its total supply is 72 million tokens, and more than 70 million are in circulation. When users trade with AVAX, the amount is burned, which means that scarcity increases.
AVAX holders can mortgage their tokens in the Avalanche network. To do this, users must create an Avalanche wallet next to a key phrase. After account verification, users can transfer their funds from the x-chain that creates and trades customized assets to the p-chain that manages all data.
Once the token is transferred, users will receive a transaction ID (txid), so they can entrust their token and select the verifier that best suits their preferences. In addition, users can set a time frame for mortgaging their tokens. Although, they cannot withdraw tokens until the end of the period. At the end of this period, users will not receive any additional rewards. AVAX holders need to take shares again.
Some users call Avalanche “financial Internet”. In essence, it is the intersection of traditional market and decentralized application. At present, the team behind Avalanche is studying its avalance-x-an accelerator, which provides great benefits for developers and their dapps, including derivatives, stable currencies and some products, which will greatly improve the future of decentralized finance.
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