How and Where to Buy Avalanche (AVAX)
Professor Emin Gün Sirer, Ava Labs founder and cryptographic research veteran, launched the company together with Kevin Sekniqi and Maofan “Ted” Yin, both Cornell University Computer Science PhDs.
Gün Sirer previously worked on Ethereum research and Bitcoin scaling solutions. As a result, he wrote a whitepaper and launched Ava Labs in 2018. In February 2019, The Avalanche project closed a seed fund round, having secured support from several high profile investors such as Polychain.
In 2020, the Avalanche ICO closed in less than 24-hours, raising a staggering $42 million.
What Is Avalanche (AVAX)?
The Avalanche website states its blockchain is “Blazingly Fast, Low Cost, & Eco-Friendly” with speeds of up to 4,500 TPS (transactions per second) and without compromising scalability. $AVAX is the native token used to secure the blockchain via a staking process. It’s used to pay transaction fees and it acts as the currency unit between subnets.
Often, maintaining decentralization when scaling proves to be challenging for most blockchains. It’s one of the reasons Ethereum gas fees are high. The Avalanche Network set out to resolve these issues with three interoperable blockchains.
- X-Chain [Exchange Chain] – similar to Ethereum’s ERC-20 standard, the x-chain uses the Avalanche consensus mechanism to create and exchange $AVAX tokens
- C-Chain [Contracts Chain] – using the Avalanche Virtual machine, developers can fork EVM-compatible (Ethereum Virtual Machine) dApps via the Snowman consensus mechanism
- P-Chain [Platform Chain] – coordinates network validators, tracks active subnets and facilitates the creation of new subnets. Individual subnets can validate several blockchains
What Makes Avalanche (AVAX) Unique?
The Avalanche blockchain is highly scalable: –
- You can build fast, low-cost compatible Ethereum dApps – The Avalanche network is faster than most decentralized platforms
- Launch private or public customized blockchains – 100% personal choice of how and what app you build. On the Avalanche network, you can create a virtual machine of your own and define how the blockchain should operate
- “Scale to millions of validators with minimal hardware” – you can stake your $AVAX tokens to help secure the platform with Avalanche security guarantees above the 51% standard
The Avalanche Multiverse
On 8th March 2022, the Avalanche Foundation launched the Avalanche Multiverse, an “up to $290M Incentive Program to Accelerate Growth of New Internet of Subnets.”
The incentive program uses its function as a “rich ecosystem of scalable app-specific blockchains” to drive the adoption and growth of the Avalanche subnet functionality. It supports new ecosystems such as DeFi, blockchain-enabled gaming, NFTs and institutional users.
Subnets enable anyone to create secure, reliable, and permissionless networks with custom applications. Unlike many other chains, Avalanche subnets allow users multifunctional options such as which tokens to choose for paying gas fees and choosing a validator to secure their Subnet activity.
“Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen.”
“Smart contracts underpinned the amazing innovation in blockchains over the last five years, and no technology is better positioned to help carry on this tradition than Subnets.” – Emin Gün Sirer, Director of the Avalanche Foundation.
The first Avalanche Multiverse cohort collaborators are: –
- DeFi Kingdoms
- Golden Tree Asset Management
- Jump Crypto
Stani Kulechov, Founder and CEO of Aave (an open-source DeFi protocol), said, “Avalanche Subnets enable us to create an ideal environment for institutions to migrate on-chain and experience the power of DeFi protocols first-hand as users rather than just as investors.”
How and Where to Buy Avalanche (AVAX)?
Binance is a reputable, secure and trusted cryptocurrency exchange. The fiat currency funding options make purchasing $AVAX tokens a relatively fast, seamless and stress-free experience.
- Register for an account with Binance – verify your account for extra security
- Go to “Deposit Fiat” – Binance offers several fiat currency options
- Choose deposit options – Visa and Mastercard or choose Advcash, which supports SEPA transfers for
- Open the exchange tab – $AVAX is paired to several alternatives on Binance such as AVAX/USDT, AVAX/BTC, AVAX/ETH, AVAX/EUR, AVAX/AUD, AVAX/BNB, AVAX/BUSD, AVAX/TRY, AVAX/BRL & AVAX/BIDR
- Choose a currency pair and make your purchase
- Store your $AVAX tokens – Binance has an exchange wallet, or you can choose an off-ramp cold storage wallet to secure your $AVAX holdings
How do I Sell Avalanche (AVAX)?
It’s super easy to sell your $AVAX tokens on the Binance exchange: –
- Sell your $AVAX holdings for a stablecoin like $USDT
- Transfer the $USDT to a reputable off-ramp platform like Coinbase or Gemini
- When the transfer is complete, convert the $USDT in your Coinbase or Gemini account to fiat currency and withdraw to your bank account. You can then enjoy the profits you’ve (hopefully) made on your $AVAX investment
Should I Buy Avalanche (AVAX)?
Although we cannot provide investment advice, if you wish to invest in Avalanche (AVAX), Binance is the world’s largest cryptocurrency exchange and offers great liquidity for the token.
How do I invest in Avalanche (AVAX)? Safely?
If you wish to invest in $AVAX tokens, purchase from a reputable cryptocurrency exchange such as Binance, Gate.io or Coinbase. After purchase, we advise storing your $AVAX tokens securely in a cryptocurrency wallet.