Avalanche To Release 9.54M Avax Tokens Worth $103M

8/21/2023 4:00:53 AM

(MENAFN- CoinXposure) This week, on August 26th specifically, Token Unlocks disclosed that Avalanche will release 9.54 million AVAX tokens, representing approximately 2.7% of the total AVAX supply and having an estimated market value of $103 million.

These enabled tokens are distributed as follows: 1.13 million AVAX for airdrops, 2.25 million AVAX for strategic partners, 1.67 million AVAX for foundations, and 4.5 million AVAX for teams. AVAX currently trades for $10.81 per token, with an approximate 24-hour trading volume of $80 million.

In a recent development, the Avalanche Foundation granted Dexalot, a central order limit book decentralized exchange (DEX) functioning on a subnet, up to $3 million worth of AVAX tokens as part of the Multiverse initiative, which aims to encourage the development of new subnets within the avalanche ecosystem.

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In addition, on August 2nd, Balancer, a renowned decentralized automated market maker (AMM) with a total value secured over $1 billion, launched on Avalanche. Avalanche is well-known for its high throughput, quick transaction completion, energy efficiency, and scalability via custom Subnets. Balancer's integration with Avalanche is intended to promote the expansion of liquid staking options on the network and provide users with a more flexible defi technology stack.

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