Avalanche isn’t just soaring… it’s roaring. 🦁 The price of $AVAX.X, the native coin of the Avalanche network, has more than doubled in the last week. It’s up 341% over the last 30 days.
Why the bullish buzz?? 🐝 The launch of Avalanche Rush, a new $180 million liquidity mining incentive on the Avalanche blockchain. The launch doubled as a welcome party for three highly-recognizable DeFi protocols: Aave, Curve Finance, and Sushiswap. The three will host a large portion of the liquidity mining event.
Sushiswap and Curve Finance are two prominent DEXes on Ethereum, which have begun to add functionality on other blockchains over the last few months. Aave, Ethereum’s biggest lending platform, already offers support on Ethereum and Polygon network.
We know what you’re thinking: why are there so many protocols and so many blockchains? Well, with so many cryptocurrencies vouching for investors’ dollars, protocols see one way to pull in prospective investors: pander to them all. After all, it’s not easy to move money from blockchain-to-blockchain.
Even if blockchains have a Bridge to help move assets, some people will stick with their faves. Multichain protocols are likely to become more and more common, and existing protocols will likely have to grapple with whether to expand their horizons or risk being dethroned by competing services.
Concretely, though: it’s easy to see why investors like this move for Avalanche (and its new friends.) The addition of these three DeFi players add a lot of legitimacy to the project. It’s certainly a big victory for them, but they still have to leverage it to keep the momentum.