Avalanche (AVAX), the 10th largest crypto asset of the crypto money markets, became the prominent altcoin with a 25 percent increase in value last week after closing the last 5 weeks negatively.
Based on a strong bullish performance last week, AVAX price corrected lower on the last day of the week after surging as high as $92. While AVAX started the week with purchases from $ 84 levels, it has now reversed yesterday's losses. Emin Gun Sirer, founder and CEO of AVAX, shared a Twitter thread about what is being done for the exponential growth of the Avalanche network.
In his tweet thread discussing the growth of AVAX, he mentions Ethereum (ETH) as a dominant Layer-1 solution, but mentions many of its problems as it is not scalable and has high gas fees on average.
The reason why AVAX is in an uptrend
It is stated that AVAX has a very large service program because it is fast, cheap and scalable thanks to its subnet technology. This is seen as one of the most important factors that has led many new developers to participate in developing AVAX.
AVAX is currently in 10th place with a capital value of close to $24 billion. With the recovery of yesterday's losses, the crypto asset, which rose to $ 90 on the first day of the week, has a trading volume of $ 1.67 billion in the last 24 hours.
Among the latest developments regarding Avalanche, the sponsorship of Nested Finance, the NFT-based decentralized finance social trading platform, was announced.
Earlier, Ava Labs announced that they are joining the Blockchain Association to help educate American lawmakers for better blockchain and cryptoasset public policy. The association consists of Ava Labs' Aave, BlockFi, Circle, Terraform Labs and many other crypto companies.
Ava Labs General Counsel, Lee Schneider, said that joining the Blockchain Association is to support and advance blockchain innovation with the ultimate goal of educating both investors and policymakers.