What is the Gas fee for Avalanche chain?
Avalanche Chain Native Tokens?
Detailed explanation of AVAX tokens
AVAX token usage
1. Participate in governance voting
2. Pay transaction fees
3. Earn rewards for pledge
4. Integration of diversified applications
5. Other investment channels
Introduction to Avalanche Platform
1. Overview of Avalanche Agreement
2. Avalanche development history
3. Avalanche protocol function
Avalanche is a high-performance Layer-1 blockchain composed of a main network and a separate subnet. It adopts a unique Avalanche consensus mechanism that takes into account scalability, decentralization and security, and aims to revolutionize smart contract execution. Its compatibility with Ethereum makes it unique and attracts many investors. However, before transaction, be sure to understand the Gas fee mechanism of the Avalanche chain to ensure the smooth completion of the transaction. Many newbies are also curious about what the native tokens of the Avalanche chain are. The answer is: the Gas fee and native tokens of the Avalanche chain are both AVAX. Next, we will explain in detail.
Avalanche chain uses AVAX as the Gas fee, and more precisely, it is billed in the AVAX unit. Avalanche is an advanced blockchain platform dedicated to revolutionizing the way smart contracts are executed. As a Layer-1 (L1) network, it can integrate with sidechains and support Layer-2 (L2) solutions (collectively referred to as subnets). This innovative platform is regarded as a strong contender for Ethereum and is often classified as an "alternative Layer-1".
Avalanche is unique in its compatibility with Ethereum, allowing decentralized applications (dApps) to switch seamlessly between the two major platforms. In 2021, the Avalanche ecosystem flourished, with an average daily trading volume increasing by 470%, and the price of native token AVAX soaring by more than 3300%.
Avalanche's main advantage over Ethereum is its lower fees and faster transaction speeds, which can process about 4500 transactions per second (depending on the subnet). This is in sharp contrast to Ethereum's processing power of less than 20 transactions per second. Combined with near-instant transaction finality, Avalanche becomes a highly scalable and efficient blockchain network.
Avalanche was launched in 2020 and its advantages lie not only in speed and scalability, but also in its commitment to security, economy and ease of use. As an open source project, it encourages community participation, and anyone can view and contribute platform code to create an open and transparent collaborative environment.
The native token of the Avalanche chain is AVAX. AVAX is required to pay for transactions on the Avalanche network as a Gas fee. In addition, AVAX holders can participate in the agreement governance voting and have a say in the development direction of the platform. Avalanche is a Layer-1 decentralized blockchain network designed to support complex applications and custom blockchain capabilities.
AVAX tokens play a key role on the Avalanche chain. With its unique three-chain mechanism (Avalanche exchange chain, Avalanche platform chain and Avalanche contract chain) and the rapidly developing on-chain ecosystem, Avalanche quickly occupied market share and became one of the top public chains. The price of AVAX also made early investors profitable.
Avalanche's on-chain ecosystem is mainly concentrated in the fields of DeFi and GameFi. Although it started late, it has developed rapidly, and the number of active users and developers continue to grow. Measures such as the US$180 million mining reward and the US$290 million subnet incentive plan have greatly promoted the development of the Avalanche chain ecosystem.
AVAX is Avalanche's public chain token and is also one of the most widely used public chain tokens on the market. As of 2024, AVAX's daily trading volume and market value often rank in the top 12 cryptocurrencies. In addition to supporting multiple DeFi, liquidity mining and other applications, AVAX tokens are also known for their following features:
Next, we will introduce in detail the purpose of AVAX.
AVAX token is one of the most widely used public chain tokens on the market, and its main functions include:
AVAX holders can participate in governance voting, affecting the direction of platform policies, such as parameter settings such as the issuance speed of AVAX tokens.
On-chain operations require payment of AVAX as a handling fee, similar to Ethereum's use of Ethereum. These fees will be continuously destroyed to maintain the scarcity of AVAX.
The holder can receive a reward by pledging AVAX, and the reward amount is proportional to the amount and time of pledge. To become an AVAX stakeholder, you need to pledge at least 2,000 AVAX, and the pledge time ranges from two weeks to one year.
AVAX tokens are not only used to pay handling fees, participate in governance and pledge, but can also be combined with a series of applications such as asset tokenization, asset management, blockchain technology, and digital asset trading to promote innovation in the blockchain market in the field of asset trading.
Because AVAX tokens are widely used and their prices continue to rise, investors can use their reward mechanism to obtain additional benefits and benefit from the advantages of the market supply and demand balance maintained by the continuous destruction mechanism and the lack of mining pool establishment.
To understand AVAX tokens, you first need to understand its underlying blockchain Avalanche.
Avalanche, also known as the Avalanche Protocol or Avalanche Chain, is a blockchain platform designed to solve the problems between scalability, security and decentralization of blockchain through its unique Proof of Stake (PoS) mechanism.
Similar to Ethereum, Avalanche supports smart contracts to run decentralized applications (dApps) on its network. Because Avalanche’s smart contracts are written in the same Solidity language as Ethereum, it aims to create a larger interoperable blockchain network by integrating numerous decentralized finance (DeFi) ecosystems, including mature projects like Aave and Curve.
In addition, Avalanche is an open source project where anyone can view and contribute to the platform code.
The Avalanche project began in 2018 when an anonymous software developer team called Team Rocket published an article detailing the basis of the Avalanche protocol. Not long after, Emin Gün Sirer, Kevin Sekniqi and Maofan Yin (Ted) founded AVA Labs, dedicated to the creation and development of the Avalanche blockchain.
Emin Gun Sirer is a Cornell University professor and a well-known member of the Cryptocurrency and Contract Initiative (IC3), and has a high reputation in the cryptocurrency field.
In 2020, the AVAX main network was officially launched.
Avalanche raised $42 million through its ICO in July 2020 and has continued to attract a large amount of investment since then. In July 2021, the Avalanche Foundation launched a token offering, raising $230 million, with participants including large venture capital firms such as Polychain and Three Arrows Capital.
Avalanche (AVAX) is a cryptocurrency and blockchain platform that competes with Ethereum, providing near-instant transaction finality.
According to reports, the Avalanche blockchain can process 4500 transactions per second.
Some unique features of Avalanche include:
The above is the detailed content of What is the Gas fee for Avalanche chain? What is the name of the token?. For more information, please follow other related articles on the PHP Chinese website!
![[Web front-end] Node.js quick start](https://img.php.cn/upload/course/000/000/067/662b5d34ba7c0227.png)
