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Avalanche 9000 Update Boosts Trading and Value of AVAX Token
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THE Avalanche recorded an increase in interest and trading activity for its AVAX token following the announcement of Avalanche 9000 update.
The price of the token, according to data from CoinGecko, reached US$42 this Tuesday (26), reflecting a increase of more than 20% in the last week. The release of the update on the Fuji testnet on Monday attracted investor attention, boosting trading volume and open interest to record levels.
The Avalanche9000 was introduced as the biggest update to the network since its launch. The new feature reduces implementation costs by 99.9%. Additionally, it allows communication between different blockchains and makes more than $40 million in retroactive rewards available to developers.
The Avalanche team highlighted, on its official blog, that the update simplifies the launch of Layer 1 networks, making them more economical and faster to implement.
Avalanche Growth
This update has the potential to revolutionize the Avalanche ecosystem. After all, it provides almost instantaneous completion of transactions and by reducing entry barriers for new projects. The official launch on mainnet is scheduled for the next few months, further increasing market expectations.
After the announcement, the AVAX daily trading volume jumped from US$1.4 billion on Sunday to US$2.22 billion on Tuesday, according to data from Santiment. This is the highest volume recorded since March this year, highlighting the increased liquidity on the Avalanche network.
Furthermore, the open interest in AVAX futures reached $525.41 million on Monday, according to data from Coinglass. This value represents significant growth compared to the US$ 355.67 million recorded last Thursday. The increase in Open Interest indicates that new features are entering the marketsuggesting an upward outlook for the price of altcoin AVAX in the coming days.
Recently, Avalanche announced the launch of its new Visa cardenabling the use of cryptocurrencies in everyday transactions. The new feature allows users to make payments with crypto assets at any establishment that accepts Visa products, expanding the use of cryptocurrencies beyond the digital environment.
Avalanche 9000 Update Boosts Trading and Value of AVAX Token
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Avalanche 9000 Update Boosts Trading and Value of AVAX Token
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Avalanche 9000 Update Boosts Trading and Value of AVAX Token
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Avalanche 9000 Update Boosts Trading and Value of AVAX Token
