AVAX, the exclusive token of Avalanche, a smart contract platform, soared on Sunday this week to an all-time high, making it, for a brief moment, one of the top ten cryptocurrencies in their market value. The AVAX has now dropped to 11th place in the table, with a jump of 33% in the last week and more than 3000% in the past year – according to CoinGecko.

This jump was recorded following Avalanche’s announcement of a new business partnership with the consulting firm Deloitte, Which works in partnership with FEMA – the US federal arm for emergencies. Deloitte intends to integrate Avalanche as an effective funding platform for emergency emergency federal assistance.

Ethereum’s increase in price is due to excess demand in the market. Etherium is a leading all-purpose solution in the smart contract market, which is why it has become so useful and sought-after – that the platform is unable to cope with the intense activity around it and has thus lost some of its efficiency.

Etherium is still the preferred blockchain platform in the smart contracts market, thanks to its reputation and capabilities. The AVAX is mentioned alongside the Atherium because it is also a smart contract platform token, and is essential for use in dedicated cash transfers (DeFi), or non-negotiable token (NFT) activity. AVAX offers the ability to execute transactions at higher speeds and lower fees than Etherium, thanks to the partnership with Deloitte.

By Editor

One thought on ““Atherium’s competitor”: the currency that jumped over 3,000% in the past year”
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