Interest in the crypto market is growing in Avalanche Ethereum’s rival and popular Layer-1 blockchain platform. Its value has surpassed Shiba Inu and Dogecoin. It has become one of the top 10 cryptocurrencies in terms of market capitalization. There are some reasons behind the rise in the price of Avalanche but the main among them is the announcement of its partnership with Deloitte, the world’s leading professional services firm. It said it will work with Deloitte to build a more efficient disaster relief platform on Avalanche blockchain.
Avalanche token AVAX had touched an all-time high of $146 on Sunday, according to CoinGecko data. Its value has increased by more than 20 percent in a day. It has increased by about 47 percent in seven days and 83 percent in two weeks. The value of AVAX has increased by more than 13.3 percent in the last three months. More than 350 projects have been constructed on this blockchain and many more are going to be built.
This could give a tough fight to the dominance of Ethereum as a major smart contracts platform. Moreover, Avalanche is faster and lower cost than Ethereum.
The partnership with Deloitte is also a sign of greater importance than Ethereum. Deloitte said on the partnership that the aim is to make reimbursement easier for victims of natural disasters. “The security of the Avalanche network and the ability to quickly collect, process and authenticate documents reduces the risk of deficiencies in disaster claims given to the government,” said Emin Gün Sirer, founder of the Avalanche Labs. At the same time, they said that the carbon-neutral platform of Avalanche is characterized by the goal of Deloitte becoming eco-friendly.
Earlier this month supporters of the Avalanche Network launched a new fund called Blizzard. It has received initial funding of $220 million from investors including Three Arrows Capital. The Three Arrows Capital had also funded the Ethereum but later turned to Avalanche due to higher fees.
Ethan is a senior writer at Crunchoid Inc, where he covers media and advertising and co-hosts the Original Content podcast. Previously, he worked as a tech writer at a famous media publication and as a senior editor at a tech blog.