AVAX crypto soars as teams compete for US$800,000 hackathon rewards

Cryptocurrency Avalanche (AVAX) was trending on Thursday after a series of updates from the company. The token was up 12.15% to $16.50 at 5:23 a.m. ET on Thursday.

Avalanche has partnered with Orchid Protocol, a blockchain-based OpenVPN service provider, to allow users to pay for decentralized Orchid VPN with AVAX tokens.

It also updated its Avalanche Web Wallet to protect against possible errors during web browsing, an industry-wide problem, although there were no cases of lost funds.

Video: Top 5 Crypto Wallets to Explore for Crypto Enthusiasts

Meanwhile, the Avalanche said it would shortlist more than 150 winning teams from its three-month hackathon challenge, which began June 9.

The winners will pocket US$800,000 in prizes. Registration for the event is still open. However, it has announced the dates for presentation of accounts and presentation of projects on July 24 and August 31, respectively.

The AVAX token was recently listed on Japan-based crypto exchange OKCoin Japan, which has offices in San Francisco, Miami, Malta, Singapore, and Hong Kong.

Also read: What is Tellor Cryptography (TRB) and how does it work?

Avalanche claims to offer a low cost, greener and faster smart contract platform.

Since its mainnet launch in 2020, the platform has grown to over 450 projects and over 1.5 million community members.

Also read: Why did the Cube Network (CUBE) go against the crypto trend? zoom 48%

AVAX crypto soars as teams compete for US$800,000 hackathon rewardsData source:

Also read: Why is Aventus Crypto (AVT) drawing attention?

AVAX tab:

Avalanche’s native token, AVAX, is a limited scarce asset used to pay fees and stake, and functions as a basic unit of account between Avalanche subnets. With a circulating supply of 281 million AVAX, the token has a market capitalization of US$4.6 million.

Its volume rose 42.29% to US$943.57 million in the last 24 hours. Avalanche has 404 million tokens on offer, traded on crypto exchanges like Binance, FTX, ByBit, and MEXC.

Also read: Bitcoin Falls to New 18-Month Low as Crypto Crash Deepens

Bottom line:

The crypto market rallied on Thursday after a recent sharp decline, reducing its market capitalization to less than $1 trillion this week. The market rose 5.42% to $911.63 billion on Thursday morning.

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