Avalanche

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Project overview

Launched in 2020, Avalanche is a proof-of-stake Layer 1 protocol with smart contract execution capabilities and Ethereum Virtual Machine (EVM) compatibility. It is known for its unique infrastructure, fast settlement finality and interoperability features.

Users have the flexibility to build decentralised applications on its mainchain or create custom networks known as “Subnets”. These Subnets are independent networks with their own nodes and validators, handling transactions and security within the Avalanche ecosystem.

As more well-established networks like Bitcoin and Ethereum continue to suffer from ongoing congestion issues, Subnets provide a solution by effectively driving traffic away from Avalanche’s mainchain. At the same time, Subnets offer users the option to customise tokens, allowing the use of native tokens or multiple tokens to optimise gas usage. Subnets are also interoperable with each other, allowing validators to collaborate or “cross-validate” on a blockchain or a set of blockchains to achieve consensus.

Technology

Avalanche’s architecture consists of three key components: The C-Chain enables the creation of Ethereum-compatible smart contracts, the X-Chain for creating native tokens (like ERC-20 tokens), and the P-Chain for setting up customised blockchains. The C-Chain also allows applications to transition from platforms like Ethereum to Avalanche, while the P-Chain allows parties to launch private (permissioned) or public (permissionless) networks, appealing to institutions, enterprises and crypto-natives alike.

Token supply model

Avalanche’s token supply model is designed to incentivise holders to stake their tokens and thereby improve the security of the network. Over time, the inflation rewards through staking will steadily decrease until the 720 million cap is reached. Upon its launch, Avalanche issued 360 million AVAX tokens and the remaining 360 million will be issued as staking rewards through a periodic token unlocks system.

Avalanche also implements a unique burning mechanism, where 100 percent of transaction fees are burned, potentially making the network deflationary during periods of high on-chain activity.

Key value drivers

The demand for high-performance and cross-chain interoperability is becoming a necessity for many high activity projects and applications. Many are moving away from networks like Ethereum and seeking alternatives that are capable for handling large transaction and network activity. Avalanche attempts to addresses these challenges with this high-performance subnet architecture.

Avalanche also caters to institutional needs through the introduction of Avalanche Evergreen subnets, allowing institutions to create customised blockchain solutions that meet their regulatory, legal and KYC requirements.

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