Three Altcoins to Explore | The AVAX Token Reversing the Crypto Markets Volatility with An Uptrend Last Week

2021/09/21 10:00:00

Bitcoin recovered nicely last week from its previous tumultuous week. The price went up to $48,700 as a high ceiling for that time period. The market enjoyed a green sentiment throughout the week. Towards the end of the week, Bitcoin seemed to have lost some of its drive, and the price started to drop again. Good news for Bitcoin, though, the week closed with a higher position compared to how the week started. Ethereum started the week at $3,290 and reached $3,663. A slide started after reaching last week’s high, and Ethereum closed almost at the same price as it started the week. The market saw green-colored charts throughout the week, ending the week with positive sentiment.

The Avalanche (AVAX) ecosystem stood in the spotlights last week. Starting out at $53.90, it reached a top and ATH of $75.82 on 19th September 2021. A solid 40% increase over last week. Avalanche is one of the newer kids on the blockchain block. They want to solve the scalability issues that older platforms face, and Avalanche offers low fees and fast transactions.

Avalanches‘ team founded AVA Labs (where the first core client of Avalanche was built), with a team of pioneering technologists and supported by finance experts. With backgrounds at Microsoft, Google, NASA, Credit Suisse, Morgan Stanley, Cornell University, and Consensys, they form the perfect mix of innovation and experience to execute its vision. Emin Gün Sir is CEO, among others he has implemented the first currency that used Proof-of-Work (PoW) to mint coins. John Wu is President and brings over 20 years of experience as a fintech executive.

As a third-generation blockchain, like Polkadot, Polygon, and Cardano, Avalanche tries to improve scalability, fast transactions, and decentralization. They plan to support DeFi projects, enterprise applications through grants, token purchases, and other investment forms. Currently, they are a solid alternative to Ethereum, allowing you to run dApps for a fraction of the costs with a much faster time-to-finality.

Today we recommend three tokens within the Avalanche ecosystem that attracted major investor attention last week, Avalanche (AVAX), Sushi (SUSHI) and BENQi (QI).

Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.

Avalanche (AVAX)

Source: Youtube

The main reason for Avalanches’ surge last week lies in the fact that Avalanche Foundation secured a $230 million private investment in AVAX tokens. This investment was led by Polychain and Three Arrows Capital, and some other well-known crypto funds. The private sale was completed in June 2021, but only made public last week. The funds will be used to promote the growth of DeFi and business applications.

There are currently some 225 projects supporting the platform, like Chainlink, The Graph, SushiSwap, and Tether. Aave — a decentralized lending protocol and Curve — a DEX optimized for low slippage have also integrated in the Avalanche network. It is however the Avalanche-native projects BENQi, Trader Joe, and Pangolin that have led the ecosystem’s growth.

The native AVAX token forms the in-house payment method for Avalanche. It is used for fee collection during transactions, as well as for incentives and related purposes. Passive income can be earned by staking coins on the network.

Trade AVAX and 400+ other altcoins on KuCoin

SushiSwap (SUSHI)

Source: BTCMANAGER

SushiSwap (SUSHI) is both a cryptocurrency token and a decentralized exchange. Anyone can swap cryptocurrencies on this platform. With over $3 billion in liquidity and a price increase of 1500% since November 2020 for the SUSHI token, we are looking at a serious decentralized exchange. This Automated Market Maker (AMM) is based on the UniSwap DEX, but is more like an extended version.

No central authority manages the trades, but prices are set with mathematical formulas and trades are processed by using smart contracts. Money is lent into liquidity pools in return for rewards.

The SUSHI token is a governance and staking token that fuels SushiSwap. It plays a key role in maintaining and operating the network. As a SUSHI token holder, you have voting rights on the future of the protocol. When you stake SUSHI, you receive a share of the swap fees on the exchange.

Trade SUSHI and 400+ other altcoins on KuCoin

BENQi (QI)

Source: Google

BENQi calls the high-speed Avalanche smart contract network it’s home, making it the first DeFi project on the Avalanche platform. It is a decentralized non-custodial liquidity market protocol, allowing you to lend, borrow, and earn interest using your crypto. BENQi offers this with low network fees and fast transactions, beating network congestion.

Launched in August 2021, with a world premiere listing on KuCoin, it has set a new DeFi milestone. Last week, in under five days, the network exceeded $1 billion in total value locked (TVL). A significant milestone, considering that it took the Ethereum based Aave protocol eight months to reach the same TVL.

The Liquidity Market Protocol is a highly scalable and decentralized platform. This will help to democratize access to decentralized finance products using the power of blockchain and the lending and borrowing of cryptocurrencies.

The QI token plays an important role as a governance and staking token. It allows for staking, which is required to form xQi, in order to vote.

Trade QI and 400+ other altcoins on KuCoin

In Conclusion

What can you expect from Avalanches’ future price trends, and what are the next steps for Avalanche and the projects within its ecosystem? The recent success enjoyed by Avalanche and especially BENQi will likely be followed by many. Ethereum’s DeFi dominance is seriously being challenged. Other prominent protocols are lining up to join the Avalanche ecosystem, because of Avalanche Rush, the $180 million liquidity mining incentive program initiated by the Avalanche foundation.