Avalanche (AVAX), a platform used for launching interoperable DeFi applications, has just seen a dramatic surge in activity after a recent exchange listing.
The Avalanche token (AVAX) is now trading at $5.40—more than ten times its initial coin offering (ICO) price ($0.50)—but appears to be declining somewhat after hitting a peak price of $6.97 earlier today. The platform launched its mainnet just last yesterday, after more than 16 months of preparation and the completion of three testnets.
This comes shortly after Avalanche was listed on Binance—currently the world’s largest cryptocurrency spot exchange by trading volume. Deposits for AVA and four trading pairs (AVAX/BTC, AVAX/BNB, AVAX/BUSD, and AVAX/USDT) are now live.
Interest in the Avalanche token reached fever pitch last Sunday after the AVAX IOU token (essentially an unofficial IOU for the real AVAX token) hit its all time highest value of $16.61. These tokens were offered by a handful of relatively obscure exchange platforms, which allow holders to exchange their IOUs for real AVAX tokens at some point. However, those who bought tokens at this price will be disappointed to see that the real tokens—which they will be given—are worth much less.
Avalanche now has a market capitalization of $133 million, making it, according to CoinGecko’s DeFi rankings, one of the top 25 largest DeFi platforms by market cap.