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Bullish Sentiment Surrounds AVAX Price As Republic Adopts Avalanche Blockchain

Tech firm Republic has recently announced its mission to democratize private market investing, with the selection of Avalanche as the platform for launching its profit-sharing digital asset, the Republic Note (R/Note).

The R/Note is a revenue-sharing digital security that is backed by Republic’s private equity portfolio, which includes over 750 assets.

Republic And Avalanche Forge Partnership

According to Republic’s announcement, Avalanche was chosen for several key reasons. Firstly, its scalability and speed ensure that Republic Note holders can enjoy seamless and cost-effective transactions. 

Notably, Avalanche has established partnerships with renowned brands like Amazon Web Services and Mastercard, highlighting its technical capabilities.

Additionally, Republic plans to launch a dedicated Subnet on Avalanche next year, offering a purpose-built network specifically designed for the Republic Note. 

This will provide enhanced security, privacy, and regulatory compliance, creating a robust digital security environment.

Mission alignment between Republic and Ava Labs, the team behind Avalanche, is another crucial factor. Per the announcement, both entities share a commitment to fostering a more inclusive future for financial markets through tokenization.

Furthermore, Avalanche’s “eco-friendliness” sets it apart from other blockchains, consuming significantly less energy, per the announcement. 

The pre-sale of Republic Notes has already attracted participation from thousands of individual retail investors, resulting in pre-sales exceeding $30 million. The public listing of the Republic Note is scheduled for December. 

Optimism For AVAX Price

The partnership between Republic and Ava Labs is anticipated to have a positive impact on the AVAX price. The launch of the Republic Note on Avalanche’s platform establishes a strong foundation for expanding its reach to a global audience of investors. 

Despite a 5% decline in the past 24 hours, AVAX has outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), with a 130% rally over the past 30 days, positioning itself as one of the industry’s top performers.

Avalanche

However, it is important to note that AVAX has recently undergone a correction, and its ability to surpass the $20.64 level will be crucial in determining its prospects amidst the ongoing bullish momentum.

Resistance levels at $21.59 and $22.74 have proven challenging for AVAX to breach and consolidate since February 2023.

Overall, the forthcoming launch of the Republic Note on Avalanche’s mainnet is a significant milestone in making the asset accessible to pre-sale participants who have contributed over $30 million. 

It remains to be seen whether this partnership can further bolster AVAX’s price and reinforce the positive trend observed over the past 30 days, potentially driving AVAX to new yearly highs in 2023.

The collaboration between Republic and Ava Labs underscores their shared vision of democratizing access to private markets through tokenization. 

Featured image from Shutterstock, chart from TradingView.com

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Avalanche Crumbles More Than 16% As Crypto Landslide Continues

Avalanche (AVAX), dubbed the “Ethereum killer,” has plunged to more than 16% following the disastrous crypto market scenario. Other crypto tokens that are also competitors to Ethereum have had massive double-digit losses in the last 24 hours.

AVAX, considered the 13th biggest cryptocurrency with a market cap of $7.6 billion, has dramatically sloughed off over 16% of its TVL in the past few hours, and is now trading at $27.94.

AVAX Treading The Bearish Path

AVAX is leading the bearish action, which has placed the token down by 80% compared to its all-time high, which registered an impressive $146.22 in November 2021.

The downward trend is triggered by the sluggish growth of different DeFi projects hedged on Avalanche.

Suggested Reading | Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days

Avalanche – Ethereum Rival

Ethereum is said to be slow and expensive in pricing, which paved the way for the creation of Avalance, which is eco-friendly, fast, and affordable.

Avalance was created by Ava Labs, co-founded by Kevin Sekniqi, Emin Gün Sirer, and Maofan “Ted” Yin.

The Ethereum-killer, Avalanche, is a blockchain that combines the trailblazing speed in confirmation times plus scaling capabilities using the Avalanche Consensus Protocol, which can process over 4,500 transactions per second (TPS).

AVAX total market cap at $8.98 billion on the daily chart | Source: TradingView.com

Avalanche went live and was launched in September 2020 and is considered one of the most reputable blockchains giants. Avalance now has a TVL of $11 billion, ranking it as the fourth-largest DeFI-based blockchain, following Terra and Binance Smart Chain.

Avalanche has derived some protocols from Ethereum that you can experience in their DeFi ecosystem, including SushiSwap, decentralized exchange protocol, and Aave, its lending protocol.

DeFi Projects TVL Down by 8.57%

The TVL of DeFi protocols on the Avalanche blockchain is currently down by 8.57% in the last 24 hours or at $4.74 billion. This is relatively low compared to its all-time-high TVL, which went as high as $13.7 billion on December 2, 2021.

The dip that registered at 7.5% was pretty significant for AVAX.

TraderJoe, considered the most prominent decentralized exchange on Avalanche, plunged to 12.84 % in terms of the user base. Liquidity also decreased from $982 million to $577 million in barely a month.

Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

Total active wallets found on the Avalanche network escalated to over 2.8 million yesterday, which is its all-time high. However, despite the increase in active wallets, the token still was bearish.

To make matters worse, Avalanche total transactions have also dipped to only 358,474 from 800,000 last week.

The numbers have plummeted miserably, especially if you compare the figures to its all-time high, which registered at 1.1 million daily on January 27, 2022.

Featured image from Saanich News, chart from TradingView.com

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How Avalanche Has Climbed It’s Way Towards The Top

If you’ve been paying attention to the broader crypto market lately, you might’ve noticed the emergence of Avalanche (AVAX). While many of the biggest coins in crypto have been experiencing some slight declines, most of which have come after ridiculous gains throughout the year, Avalanche has been outperforming peers by leaps and bounds.

If you’re not familiar with the blockchain, spearheaded by Ava Labs, now might be the time to get acquainted. The $AVAX token has found it’s way to aggressively challenging the top 10 cryptos by market cap – no small task – and there’s been no memes necessary to make it all happen.

When It Rains, It’s… An Avalanche?

While the dictionary definition of an avalanche is “snow, ice, and rocks falling rapidly down a mountainside,” the AVAX token has been… exactly the opposite in recent weeks. The one-month chart tells quite a story, with a price that has roughly doubled in the past thirty days:

AVAX has had stellar Q3 and Q4 this year. | Source: AVAX-USD on TradingView.com

This is nothing to write off. In fact, if you look at the top 20 tokens by market cap, excluding stablecoins, at the time of publishing only two tokens have a green chart over the past 7 days: Crypto.com’s token, $CRO, which has performed well after sealing in the naming rights to Los Angeles’ formerly-known Staples Center, and of course, Avalanche. The surge has led AVAX to surpass meme tokens like Dogecoin and Shiba Inu in top coins by market cap. At the time of publishing, AVAX has been neck and neck with DOGE with regards to market cap. That’s no laughing matter.

Meanwhile, some of those top tokens, including well-established, long-standing players like Litecoin and Chainlink, have dropped 15-20% over the same time period. So what’s been the secret for Avalanche’s success lately?

Related Reading | Brace For More Downtrend: 15% Of Bitcoin Supply Is Now In Loss

Opportune Timing: Deloitte Deal

Some of Avalanche’s success has to be credited to ideal timing. Momentum had already been building in late October and into early November. Last week, our team covered the story of Ava Labs new deal with Deloitte, aimed towards building better efficiency around disaster response times.

However, even earlier in the year, our team also released an in-depth report that highlighted Avalanche as a prime contender for holding a big piece of DeFi market share. The momentum has since been growing for the blockchain; in September, The Avalanche Foundation raised nearly a quarter of a billion dollars. Avalanche also launched a massive incentive program in recent months to attract investors.

Ethereum challengers that offer substantially lower gas fees, show strong potential in DeFi and NFTs, engage in more environmentally-friendly transactions, and conduct fast transaction times have been given their opportunity to shine this year – arguably as much, if not more so than in years past. Solana, for example, hit record highs in recent weeks as the token establishes itself as a firm #2 in NFTs behind Ethereum. And of course, Avalanche is certainly a viable candidate here as well.

Avalanche: More Than Just Riding A Wave

With all of this in mind, don’t dismiss Avalanche for just having a hot streak at the right time. The token does have fundamentals that justify it’s surge in price given the heat in the DeFi and NFT space lately, and offer plenty of reason for positivity.

The team at Ava Labs haven’t gone full-force in marketing, and rather, have focused on in-depth whitepaper details and building on the chain’s fundamentals. Avalanche utilizes a consensus model, which means that rather than a Proof-of-Work or Proof-of-Stake mechanism, the chain utilizes random voting to validate transactions. This makes the chain much more difficult to attack and exceptionally efficient with regards to transaction times and volumes. The Avalanche product leaves us with plenty to write home about.

Furthermore, as many know, Avalanche is actually composed of several chains, including the X-Chain, smart contract C-Chain, and the P-Chain. This is especially developer-friendly, giving blockchain engineers versatility in products that they are creating. AVAX tokens also include governance, however the token is subject to a substantial amount of pre-sale tokens that could be unlocked in the months to come.

While Avalanche is all business, did we really say no memes!? This is crypto, so some memes are just a prerequisite.

Related Reading | November Crypto Market Turbulence Shakes Holders To Their Core

Featured image from Pixabay, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Deloitte Forms Strategic Alliance With Avalanche Blockchain

Data can only move as fast as the tool that is powering it. This week, an announcement from Deloitte and Ava Labs looks to streamline federal emergency funding applications.

Deloitte will be leveraging the Avalanche blockchain “to help state and local governments easily demonstrate their eligibility for federal emergency funding.”

A Much Needed Solution For Deloitte

Deloitte is known as one of the “big four” accounting firms, working closely with some of the biggest companies, government agencies, and more throughout the US.

Deloitte currently works with the Federal Emergency Management Agency (commonly known as FEMA) to execute disaster reimbursement applications for state and local government agencies. They do this through a tool called Close As You Go (or CAYG). The CAYG platform is a cloud-based solution from Deloitte that aims to provide government partners with a “decentralized, transparent and cost-efficient system.” The Avalanche blockchain will add streamlined speed, efficiency and authentification to the CAYG system. Deloitte cited the blockchain’s eco-friendly advantages as a main criteria that led to the selection of Avalanche for this alliance.

Ava Labs will assist the CAYG system in core competencies that include streamlining recovery efforts, simplifying document retention, reducing administrative costs, mitigating risk and building resiliency.

These are desperately needed in the FEMA ecosystem, as the agency has historically had it’s name tied to delays around federal emergencies that often need rapid response. For example, a Nevada firewarden said that while he was able to receive wildfire mitigation grants, “a lengthy application and environmental review process” has hindered the firewarden’s ability to execute. Similarly, a California deputy chief administrative officer said that FEMA’s assistance to victims during the raging 2018 Camp Fire was “slow and sometimes confounding.”

It’s an area that is ripe for transparency, efficiency, and quickness – ideally Avalanche can help bring those things to the table.

Avalanche’s native token, AVAX, has performed exceptionally well and looks to push over the $100 mark to close the year. | Source: AVAX-USD on TradingView.com

Related Reading | New York Mayor Says Cryptocurrencies Should Be Taught In Schools

Avalanche’s Current Activity

Earlier this month, Ava Labs launched ‘Blizzard’ in collaboration with The Avalanche Foundation, that established a $200M+ crypto growth fund aimed at DeFi and NFTs. That move came just a few short months after ‘Avalanche Rush,’ a $180M DeFi incentive program. That program was not only aimed at DeFi and NFTs, but also enterprise applications, social tokens and gaming, and more.

While these programs aren’t correlated with the recent Deloitte announcement, the culmination of Ava Labs’ efforts have clearly been paying dividends when it comes to expanding the Avalanche blockchain.

Meanwhile, Deloitte has had it’s finger on the pulse when it comes to crypto and blockchain – so this week’s announcement shouldn’t be too surprising. This year, the firm released it’s fourth annual Global Blockchain Survey. That survey had a number of interesting bites of information to consider about crypto, most notably that over three out of four financial executives believe that physical money is coming to end.

Related Reading | Bitcoin Cemented At $60K? Why BTC Could Smash All Resistance

Featured image from medium.com/AvalancheAVAX, Charts from TradingView.com