When was AVAX coin issued? Learn about the origin of AVAX coin in one article

Launched in 2020, the AVAX coin, native to the Avalanche blockchain, has experienced a surge of institutional adoption in 2022 due to collaborations with Deloitte and support from BlackRock.

Oct 08, 2024 at 09:42 pm

1. Conception and Development
AVAX coin, the native cryptocurrency of the Avalanche blockchain, was conceived in 2018 by Emin Gün Sirer, Kevin Sekniqi, and Maofan "Ted" Yin at Cornell University. The team sought to address scalability and security issues faced by existing blockchains, leading to the development of the Avalanche consensus protocol.

2. Launch and Initial Coin Offering (ICO)
• On September 21, 2020, the Avalanche platform was officially launched, and the AVAX coin was issued through an initial coin offering (ICO).
• The ICO raised approximately $230 million, making it one of the most successful ICOs in history.

3. Mainnet Activation and Ecosystem Growth
• The Avalanche mainnet went live on September 15, 2021, marking the full operationalization of the project.
• Since then, the Avalanche ecosystem has rapidly expanded, attracting numerous decentralized applications (dApps), protocols, and projects.

4. Surge of Institutional Adoption
• In 2022, Avalanche gained significant traction among institutional investors.
• In March, the Avalanche Foundation announced a partnership with Deloitte to provide blockchain solutions to businesses.
• Later in the year, BlackRock, the world's largest asset manager, initiated support for Avalanche, leading to broader exposure and adoption.

5. Current Status and Future Outlook
• As of February 2023, AVAX ranks among the top 20 cryptocurrencies by market capitalization.
• The Avalanche ecosystem continues to expand, with a focus on decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 infrastructure.
• The Avalanche team is actively working on upgrades and developments to enhance the platform's scalability and security.