AVAX crypto soars as teams vie for US$800,000 hackathon rewards

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 AVAX crypto soars as teams vie for US$800,000 hackathon rewards
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  • Avalanche is a smart contract platform. 
  • Its native token AVAX is a hard-capped scarce asset.
  • The token has a market capitalization of US$4.6 million.

The Avalanche (AVAX) crypto was trending on Thursday after a series of updates from the company. The token rose 12.15% to US$16.50 at 5:23 am ET on Thursday.

Avalanche has partnered with Orchid Protocol, a blockchain-based OpenVPN service provider, to allow users to pay for decentralized Orchid VPN with AVAX tokens.

It has also updated its Avalanche Web Wallet to protect against potential bugs during web browsing, an industry-wide problem, although there were no cases of lost funds. 

Video: Top 5 Crypto Wallets To Explore For Crypto Enthusiasts

Meanwhile, Avalanche said it would shortlist more than 150 winning teams from its three-month-long hackathon challenge, which kicked off on June 9.  

The winners will bag US$800,000 worth of prizes. The registration for the event is still open. However, it has announced the dates for account submission and project submission on July 24 and Aug 31, respectively.

The AVAX token was recently listed on the Japan-based crypto exchange OKCoin Japan, which has offices in San Francisco, Miami, Malta, Singapore, and Hong Kong.

Also Read: What is Tellor (TRB) crypto and how does it work?

Avalanche claims to offer a low-cost, eco-friendly and fastest smart contract platform.

Since its mainnet launch in 2020, the platform has grown to more than 450 projects and over 1.5 million community members.

Also Read: Why did Cube Network (CUBE) go against the crypto trend? Zooms 48%

AVAX crypto soars as teams vie for US$800,000 hackathon rewardsData Source: coinmarketcap.com

Also Read: Why is Aventus (AVT) crypto gaining attention?

AVAX token:

Avalanche’s native token AVAX is a hard-capped scarce asset used for paying fees and staking and functions as a basic unit of account between subnets on Avalanche. With a circulating supply of 281 million AVAX, the token has a market capitalization of US$4.6 million.

Its volume rose 42.29% to US$943.57 million in the last 24 hours. Avalanche has 404 million tokens in supply, traded on crypto exchanges like Binance, FTX, ByBit, and MEXC.

Also Read: Bitcoin falls to fresh 18-month low as crypto meltdown deepens

Bottom line:

The crypto market recovered on Thursday after a sharp fall recently, reducing its market capitalization to below US$1 trillion this week. The market was up 5.42% to US$911.63 billion on Thursday morning. 

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