Avalanche is a decentralized, open-source blockchain network that can support smart contracts and run decentralized applications. Founded by Dr. Emin Gun Sirer in 2019, the Avalanche blockchain differs from Ethereum as it offers higher energy efficiency and scalability. Avalanche is an EVM-compatible network that lets users deploy Ethereum smart contracts on its network.
AVAX is the native cryptocurrency of the Avalanche blockchain and is traded on the X-Chain, one of three blockchain networks that compose the ecosystem. AVAX serves as the utility token within the Avalanche ecosystem, being used to pay transaction fees on the X-Chain just like Ethereum users pay gas fees in ETH.
