Avalanche (AVAX)
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Modified on: Fri, 22 Sep, 2023 at 4:16 PM
AVAX is the native token of the Avalanche platform and is used to secure the network through proof-of-stake on its Avalanche Consensus mechanism, pay for fees, and provide a basic unit of account between the subnetworks created on the Avalanche platform. All fees paid on the network are burned as a deflationary mechanism.
Avalanche is an EVM-compatible Smart Contract platform, and platform for building custom blockchain networks, and is the fastest Smart Contract platform as measured by time-to-finality. Avalanche aims to bring scalability to DeFi through its system of modular blockchains, which facilitates higher transaction throughput without compromising security or decentralization. Other than DeFi and NFT projects, institutions and governments are also looking to leverage the capabilities of Avalanche with use cases such as document tracking, digital identity, and asset issuance and trading.
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