Why the Cryptocurrency Avalanche Is Soaring Today
The cryptocurrency Avalanche (CRYPTO: AVAX) is up 10% in the past 24 hours to $51.38 per token as of 10:30 a.m. EDT today. The token has more than doubled in the last week. Earlier in the day, decentralized cryptocurrency exchange SushiSwap joined Ava Labs' (the token's developer) $180 million decentralized finance incentive program. SushiSwap is the 27th largest cryptocurrency exchange in the world, with a trading volume of $156.14 million in the past 24 hours.
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Avalanche is a hub for decentralized applications on the blockchain. Its developers claim that smart contracts on the Avalanche network can settle in as little as one second, which would be a first for the industry. Because it simultaneously processes thousands of transactions per second, it seeks to be a safe haven for those fed up with the Ethereum (CRYPTO: ETH) network's slow transaction times. Notable projects on Avalanche include decentralized money market Aave, which facilitates the borrowing and lending of $19 billion worth of cryptocurrencies.
Source Fool.com
