The native token of the Avalanche (AVAX) blockchain rallied to a new all-time high earlier today.
What Happened: AVAX surged to a new high of $68.84 today, likely after the market priced in the news that the blockchain raised $230 million in a private token sale.
The round was led by Polychain and Three Arrows Capital alongside R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and a group of unnamed angel investors.
“Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers,” said Emin Gün Sirer, director at the Avalanche Foundation.
The smart contract platform positions itself as an Ethereum (ETH) and boasts having the most validators securing its activity of any Proof-of-Stake (PoS) platform.
Over the past seven days, the token has rallied more than 60% from a price of $43.54 to its new all-time high. Over the past month, AVAX has risen by more than 160% in value, largely driven by the introduction of its $180 million liquidity mining incentive program.
"Titled 'Avalanche Rush,' the program will bring blue-chip DeFi applications to Avalanche, starting with two popular protocols, Aave and Curve,” stated Avalanche.
Over the past month, the migration of liquidity from other blockchains to Avalanche has been clearly evidenced by the sharp increase in Total Value Locked (TVL).
Before the program was launched, TVL in the Avalanche DeFi ecosystem was $256 million. Now, this value exceeds $2.65 billion, according to data from DeFi Llama.
AVAX Price Action: AVAX was trading at $64.20 with a daily trading volume of $2.5 billion at publication Friday morning.
Keeping in mind, Major update Columbus-5 is coming by end of this month (Septembar 2021), that upgrade mainnet. Connecting Luna to other major blockchains, such as COSMO by impliminting Inter-Blockchain Communication Protocol (IBC). We might see new all time high. soon.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.