Avalanche, a smart contracts platform that competes with Ethereum, has seen its native token AVAX surge to new highs in the past week. AVAX hit an all-time high of $14.25 on Sunday, making it one of the top 10 cryptocurrencies by market value. AVAX is up 33% in the last seven days, and up over 3,000% in the last year1.
One of the factors that may have contributed to AVAX’s rally is the launch of a new social media app called Scoop. Scoop is a decentralized platform that allows users to create and share content, earn rewards, and interact with other communities. Scoop is built on Avalanche and uses AVAX as its native currency. Users can earn AVAX by creating and curating content, as well as by participating in governance and staking2.
Scoop aims to provide a censorship-resistant and user-centric alternative to traditional social media platforms. Scoop claims to offer faster transactions, lower fees, and higher scalability than Ethereum-based platforms. Scoop also leverages Avalanche’s interoperability features, allowing users to access other blockchains and assets through the Avalanche Bridge2.
Scoop is not the only project that is using Avalanche as its base layer. Avalanche has attracted over 300 projects in various sectors, such as DeFi, NFTs, gaming, and enterprise solutions. Avalanche also boasts a vibrant developer community, with over 1.3 million smart contracts deployed and over 62 million transactions processed on its network3.
Avalanche’s AVAX token has a fixed supply of 720 million coins, of which about 354 million are currently in circulation3. AVAX can be used for paying fees, securing the network, and participating in network upgrades. AVAX holders can also benefit from various incentives and rewards offered by Avalanche and its ecosystem partners3.
Avalanche’s AVAX token shows potential for further growth, as the platform continues to innovate and expand its user base. With the launch of Scoop and other exciting projects, Avalanche may challenge Ethereum’s dominance in the smart contracts space.