Entity: AVAX
AVAX is the native token of the Avalanche blockchain platform, used for transactions, network security, and governance.
AVAX
Etymology
The term AVAX is derived from Avalanche, the name of the blockchain platform it belongs to.
Definition
AVAX is the native token of the Avalanche blockchain platform, used for securing the network, paying transaction fees, and participating in governance.
Historical Context
AVAX was created as an Ethereum competitor to provide faster transaction speeds, lower costs, and eco-friendly features.
Cultural Significance
AVAX plays a crucial role in the Avalanche ecosystem, powering transactions, distributing rewards, and enabling governance participation.
Related Concepts
Other related concepts include DeFi blockchain platforms, smart contracts, and digital securities like the Republic Note.
See Also
A blockchain platform native token used for securing the network, paying transaction fees, and participating in governance.