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Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, scalable ecosystem. Developers who build on Avalanche can create applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
Avalanche token type
Vote, Payments, Work
Avalanche history and first price
Airdrop, Crowdsale, Private Sale
At launch, 360 million AVAX were minted and sold through private and public sales. The remaining 360 million AVAX are for staking rewards distributed over the following decades. Of the minted tokens, there are various vesting periods from one year to 10 years.
Staking Rewards — 50% of the tokens were minted at launch. The remaining 360 million tokens will be utilized as staking rewards released over decades.
Seed Sale — 2.5% of the tokens were for participants in the seed sale. The price per token was $0.33 with a one-year vesting schedule. 10% of the allocation was released on mainnet launch, with the remainder released every three months over a year.
Private Sale — 3.5% of the tokens were for participants in the private sale. The price per token was $0.5 with a one-year vesting schedule. 10% of the allocation was released on mainnet launch, with the remainder released every three months over a year.
Public Sale Option A1–1% of the tokens were for participants in the Public Sale Option A1. The price per token was $0.5, with a maximum allocation per user of $25k. 10% of the allocation was released on mainnet launch, with the remainder released every three months over a year.
Public Sale Option A2–8.3% of the tokens were for participants in the Public Sale Option A2 sale. The price per token was $0.5 with a maximum allocation per user of $2.5 Million. 10% of the allocation was released on mainnet launch, with the remainder released every three months over 18 months.
Public Sale Option B — 0.67% of the tokens were for participants in the Public Sale Option B sale. The price per token was $0.85 and with no vesting period.
Foundation — 9.26% of the tokens were allocated to the Foundation. These tokens are used for several ecosystem-building initiatives, including marketing, bounties, and incentive programs. These tokens have a 10-year vesting period.
Community and Development Endowment — 7% of the tokens were allocated to Community and Development Endowment. These tokens are allocated to individuals and groups that are developing core tooling and infrastructure on Avalanche.
Testnet Incentive Program — 0.27% of the tokens were allocated to participants that validated in the Avalanche incentivized testnet programs. Participants were able to complete challenges to earn up to 2,000 AVAX. These tokens were locked for an entire year.
Strategic Partners — 5% of the tokens were allocated to strategic partners. These tokens were allocated with the specific mandate of being distributed to groups, organizations, and enterprises that are building businesses using the Avalanche technology and network. These tokens have a four-year vesting period.
Airdrop — 2.5% of the tokens were allocated with the specific mandate of being distributed to various communities to onboard more people to the Avalanche community. These tokens have a four-year vesting period.
Team — 10% of the tokens were allocated to founding and non-founding members of AVA Labs. These tokens have a vesting period of four years.
Avalanche was first conceptualized and shared on InterPlanetary File System (aka IPFS) in May 2018 by a pseudonymous group of enthusiasts named "Team Rocket." Later it was developed by a dedicated team of researchers from Cornell University. The research was led by Emin Gün Sirer, a professor of computer science and software engineer, assisted by doctoral students Maofan "Ted" Yin and Kevin Sekniqi. Following the research stage, Ava Labs was founded to develop the network primarily to meet complex financial industry requirements. In March 2020, the AVA codebase for the Avalanche consensus protocol became open-source and available to the public.
In addition to meeting complex financial industry requirements, Avalanche targets three broad use cases:
– Building application-specific blockchains, spanning permissioned (private) and permissionless (public) deployments. – Building and launching highly scalable and decentralized applications (Dapps). – Building arbitrarily complex digital assets with custom rules, covenants, and riders (smart assets).
Avalanche's Initial Coin Offering ended on July 15, 2020, followed by the launch of mainnet in September of the same year. In September 2020, the protocol also issued the native token AVAX (an acronym for "Avalanche"). Ultimately, Avalanche is designed to be a high-performing, scalable, customizable, and secure blockchain platform.
Cascade was Avalanche's first public testnet.
Learn more: Avalanche Launches Public Testnet
Denali was Avalanche's second public testnet. It also incentivized users to run a testnet node but allocated 2,000 AVAX tokens to participants. In total, the event planned to distribute two million tokens to contributors.
Learn more: Avalanche Launches Final Incentivized Testnet
Everest was a fully-featured version of the Avalanche network that acted as the final phase of testing before the launch of Avalanche’s mainnet. It added support for NFT contracts, more advanced smart contract utility, and network fees.
Learn more: Unveiling Everest: Avalanche’s Mainnet Release Candidate
The Avalanche mainnet launched on Sep. 21, 2020, which featured the release of all three Avalanche chains (the P, X, and C chains). At launch, the network offered support for full EVM (Ethereum Virtual Machine) compatibility and development toolkit through its Avalanche Contract Chain (or C-Chain), which itself is an implementation of the EVM.
Learn more: Ready for Liftoff
Avalanche technology explained
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, scalable ecosystem. Avalanche uses Proof-of-Stake, allowing validators to have a first-hand say in the system while consuming minimal energy. Avalanche is not a single chain network. It features multiple chains, with some performing core functions while others are more application-specific. All non-core Avalanche chains (called subnets) must rely on validators that stake AVAX on one of Avalanche’s central platforms. Validators must be a member of the Primary Network; all other subnets are optional. The Primary Network contains three blockchains:
Platform Chain (P-Chain) Contract Chain (C-Chain) Exchange Chain (X-Chain)
All three combine to provide the same capabilities of a single network. The X-Chain handles the creation of new digital assets and the exchange of tokens between the core blockchains and their various subnets. The C-Chain is an instance of Ethereum’s EVM, which allows for the creation and execution of Solidity-based applications. The last chain, known as the P-Chain, is the base staking platform that manages network validators and enables developers to create new subnets. Every validator must stake on the P-Chain and participate in securing Avalanche’s Primary Network.
Avalanche supply limit
Burn & Mint Equilibrium, Programmatic Burn
Note: The liquid supply curve represents estimated liquid supply entering circulation, including inflation by way of staking rewards, and existing illiquid supply that is unlocked and deemed liquid over time. Further, burned supply is not included in the liquid supply curve.
Avalanche utilizes a DAG-optimized novel family of Proof-of-Stake consensus protocols collectively called Snow. The family consists of three components – Slush, Snowflake, and Snowball. Snowflake and Snowball are leaderless Byzantine fault tolerance (BFT) protocols built around Slush, a non-BFT metastable mechanism. Inspired by gossip algorithms, consensus gains its properties through the metastable mechanism whereby the system operates by repeatedly sampling the network at random and steering correct nodes towards a common outcome.
The metastable mechanism aims to quickly move a large network to an irreversible state, where the irreversibility implies that a sufficiently large portion of the network has accepted a proposal, and a conflicting proposal will not be accepted with any higher than negligible probability.
In simple terms, Avalanche's consensus is leaderless by design. Transactions are verified by having nodes communicate with each other at random until a sufficiently large portion of them reach an agreement. A validator's chance of being sampled is proportional to their AVAX stake. A validator will receive a staking reward if they are online and respond for more than 80% of their validation period, as measured by a majority of validators. The minimum amount that a validator must stake is 2,000 AVAX. Avalanche's leaderless design allows it to waive slashing penalties, which can otherwise act as a deterrent to prospective stakers. Ultimately, this approach is aimed at maximizing its total validator set.
Further, because Avalanche is a lightweight protocol, the minimum computer requirements are quite modest and do not require special computer hardware.
· Hardware: 8 core CPU >= 2 GHz, RAM: 16 GB, Storage: 200 GB free space. · OS: Ubuntu >= 18.04 or Mac OS X >= Catalina. (Ubuntu versions older than 18.04 may work but have not been tested.) · Network: IPv4 or IPv6 network connection, with an open public port, capable of at least 30Mbps throughput.
Requirements scale with the amount of AVAX staked on the node. A large node (100k+ AVAX staked) gets the most significant instance to ensure the node doesn't fall behind and jeopardize staking rewards. A small node (less than 10k AVAX staked) can run a healthy node on a below-spec computer.
Direct On-Chain Vote, Upcoming
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The Cropty wallet provides the most convenient application for storing and transfering Avalanche. Cropty targets to become one the best crypto wallets for Android and iOS in 2023. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
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