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These Are the Ten Top Cryptocurrencies on Avalanche Ecosystem

With growing momentum toward a multi-chain future, crypto developers are looking for blockchains that can support this trend. One such blockchain that is gaining popularity amid such a backdrop is...

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This story originally appeared on ValueWalk

With growing momentum toward a multi-chain future, crypto developers are looking for blockchains that can support this trend. One such blockchain that is gaining popularity amid such a backdrop is Avalanche. It is a Layer 1 Proof-of-Stake blockchain and smart contracts platform. Avalanche offers low-latency block times of about one second, as well as full compatibility with the Ethereum Virtual Machine (EVM). This blockchain can hit a throughput of 4,500 transactions per second along with maintaining adequate decentralization. Let’s take a look at the ten top cryptocurrencies on the Avalanche Ecosystem.

EivindPedersen / Pixabay - Valuewalk

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Ten Top Cryptocurrencies On Avalanche Ecosystem

We have used the market cap data (as of Oct. 11) from coinmarketcap.com to rank the ten top cryptocurrencies on the Avalanche Ecosystem. These are the ten top cryptocurrencies on the Avalanche Ecosystem:

  1. Bifrost (BFC, >$249 million)

Bifrost is a multichain middleware platform that allows developers to develop DApps (Decentralized Applications) on multiple protocols. It also allows developers to switch to new and better protocols as and when they become available. BFC is down more than 2% in the last seven days and is presently trading over $0.2910. It has an all-time high (August 2021) of $0.795 and an all-time low (Jan. 2021) of $0.01623.

  1. Reef (REEF, >$296 million)

Work on the project started in the second half of 2020. Reef aims to offer cross-chain trading, as well as address the drawbacks of the existing trading platforms. REEF is down more than 1% in the last seven days and is presently trading over $0.02010. It has an all-time high (March 2021) of $0.05841 and an all-time low (June 2021) of $0.003435.

  1. Frax (FRAX, >$351 million)

Launched in November 2020, it is the first fractional-algorithmic stablecoin (stable-value cryptocurrency) system. Its primary objective is to provide decentralized and scalable algorithmic money in place of fixed-supply digital assets. FRAX is up almost 1% in the last seven days and is presently trading at $1.01. It has an all-time high (June 2021) of $1.14 and an all-time low (Feb. 2021) of $0.7805.

  1. Ren (REN, >$1,051 million)

Founded in 2017, it is an open protocol that offers interoperability and liquidity between varying blockchain platforms. Ren aims to expand the interoperability and the accessibility of DeFi (decentralized finance). REN is down more than 7% in the last seven days and is presently trading over $1. It has an all-time high (Feb. 2021) of $1.83 and an all-time low (Nov. 2018) of $0.01539.

  1. TrueUSD (TUSD, >$1,307 million)

Launched in January 2018, it is a stablecoin that is pegged to the USD at 1:1. Like other stablecoin, TrueUSD also aims to boost liquidity and offer cryptocurrency users a nonvolatile asset. TUSD is down almost 1% in the last seven days and is presently trading at $0.9997. It has an all-time high (May 2018) of $1.36 and an all-time low (March 2020) of $0.9179.

  1. SushiSwap (SUSHI, >$1,340 million)

Launched in September 2020, it is an automated market maker (AMM). AMMs are decentralized exchanges that utilize smart contracts to develop markets for any given pair of tokens. SUSHI is up more than 2% in the last seven days and is presently trading over $10. It has an all-time high (March 2021) of $23.38 and an all-time low (Nov. 2020) of $0.4737.

  1. Dai (DAI, >$6,478 million)

Launched in November 2019, it is a stablecoin in which its price is soft-pegged to the USD. Dai is not managed by a private company, but by a decentralized autonomous organization. DAI is presently trading at $1. It has an all-time high (Sept. 2020) of $1.14 and an all-time low (June 2017) of $0.8935.

  1. Chainlink (LINK, $11,928 million)

Founded in 2017, it is a blockchain abstraction layer that enables universally connected smart contracts. Basically, it enables blockchains to securely communicate with external data feeds, events and payment methods. LINK is down more than 1% in the last seven days and is presently trading over $26. It has an all-time high (May 2021) of $52.88 and an all-time low (Sept. 2017) of $0.1263.

  1. Avalanche (AVAX, >$12,641 million)

Launched in 2020, it is a layer one blockchain that supports decentralized applications and custom blockchain networks. It is one of the biggest rivals to Ethereum, and is constantly working on improving interoperability between Ethereum and its own system. AVAX is down more than 13% in the last seven days and is presently trading over $57. It has an all-time high (Sept. 2017) of $79.52.

  1. Tether (USDT, >$68,433 million)

Launched in July 2014 as Realcoin (later renamed to Tether), it is a stablecoin that mirrors the price of the U.S. dollar. Its primary objective is to bring together the unrestricted nature of cryptocurrencies and the USD’s stable value. USDT is down almost 1% in the last seven days and is presently trading at $1. It has an all-time high (May 2017) of $1.21 and an all-time low (June 2021) of 0.0001018.