The Avalanche (AVAX) with a surge of around 12% was the top gainer of Saturday. The AVAX token had a very strong week where it registered a jump of over 25%. At the same time, Emin gün sirer, founder and CEO of AVAX shared a thread about what its L1 protocol is doing for its exponential growth.
The thread mentions Ethereum (ETH) is the dominant L1, however, it has many problems as it is not scalable and it has high gas fees.
Reason why AVAX is riding on an upward trend
Avalanche founder in his twitter thread shared why avalanche price will skyrocket.
It also states that AVAX has a very huge utility as it is lighting fast, cheap, and very scalable through its subnet technology. This has led many new developers to join in building on AVAX.
AVAX has registered a spike of around 12% in the past 24 hours. The token is trading at an average price of $90.05, at the press time. The AVAX’s 24-hour volume of $2,105,943,120 has seen a surge of over 42%. It is interesting that the coin managed to stay above the $90 resistance level. According to CoinMarketCap, the Avalanche token is the 10th biggest cryptocurrency with a total market capitalization of $24.03 Billion.
Avalanche dropped the notification that it has added another sponsor Nested Finance.
Earlier, Ava Labs has announced that they have joined Blockchain Association to help educate American lawmakers for better blockchain and crypto-asset public policy. The releases said that Ava Labs joined the association including Aave, BlockFi, Circle, Terraform Labs, and many others.
In order to fully realize the digital future that Ava Labs envisions, we must remain proactive in engaging with regulators. Our initiation into the Blockchain Association tasks us with a mission to educate both the public and policy makers, the ultimate goal being to support and enhance blockchain innovation, said Lee Schneider, General Counsel, Ava Labs