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Avalanche Hits Three-Month High With Aave, Curve's $180M Launch on Platform

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Avalanche Hits Three-Month High With Aave, Curve's $180M Launch on Platform

The price of AVAX, the token underpinning the Avalanche platform, has skyrocketed by 37.7% in the past 24 hours following the announcement of “Avalanche Rush,” a $180 million liquidity mining incentive program for blue-chip decentralized finance (DeFi) applications.

Avalanche, the project created by Cornell University computer science professor Emin Gün Sirer, is often touted as an “ETH killer” and is building a high-performance blockchain platform that offers a scalable and secure environment for creating decentralized applications (dApps).

It’s already making strides in the DeFi space, having incorporated several important solutions, including the Avalanche-ETH bridge and the integration of SushiSwap, one of the largest decentralized exchanges (DEX).

The project’s continued push into DeFi has helped the token too.

Hitting a three-month high too, AVAX has enjoyed a 100% increase in value over the last week, which makes it one of the top gainers in the market.

AVA Labs to Launch Avalanche Platform for DeFi Applications

With a market cap of $5.8 billion, AVAX is currently the 27th largest cryptocurrency. At press time, the token traded hands at $31.39, according to CoinGecko.

What is ‘Avalanche Rush?’

The “Avalanche Rush” initiative is intended to bring more applications and assets to the platform’s DeFi ecosystem.

DeFi is a suite of financial services that resemble those on offer at traditional banks or investment firms. But instead of centralized entities, DeFi replaces brick-and-mortar institutions with lines of code and so-called “smart contracts.”

Initially, Aave and Curve, the two of the largest DeFi protocols with almost $25 billion in combined total value locked (TVL), will be launched on the Avalanche network.

The Avalanche Foundation has allocated up to $20 million AVAX for Aave users and $7 million AVAX for Curve users, with additional allocations to be announced in the coming months.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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