Great news for Avalanche, which recently signed an exclusive partnership with Amazon, causing its AVAX token to soar really high. Avalanche’s cryptocurrency (AVAX) has managed to break through the $15 level.
Amazon x Avalanche: crypto AVAX breaks upward resistance
Shortly after the news of the partnership with Amazon, the native crypto AVAX, started with a positive trend and a really significant rise. Charts of the Avalanche token show that it broke the support line on 8 January. The move is considered by chart analysts to be a good prospect for the future.
After three days, when the deal with the giant created by Jeff Bezos was signed, the token skyrocketed upward, this time breaking the resistance line set at $15.
That’s a good sign for the Avalanche coin, which soared about 26%, posting one of the best gains in the past 24 hours.
In the last week alone, the coin’s trading volume has risen 696%; the total circulating supply for the coin has increased 0.63% to over 311.58 million coins, which is estimated to correspond to 43.28% of its maximum supply of 720 million coins.
Currently, at $4.63 billion it ranks 19th in market capitalization on CoinMarketCap.
The historic partnership between Amazon and Avalanche
Probably few people would have thought it possible for Amazon to actively participate in the world of cryptocurrencies and blockchain. Likewise, few people would have believed in the partnership between Amazon and Avalanche, signed on 11 January 2023.
What is the purpose of the agreement? According to reliable sources, the motivation for Amazon’s agreement with Avalanche’s layer 1 crypto ecosystem is for growth. Avalanche wants to foster the adoption of blockchain technologies in the large enterprise sector, the public sector and institutions, i.e., the sector called Enterprise.
The vice president of AWS (Amazon Web Services), the Amazon subgroup company committed to the partnership in question, made very positive statements in the context of blockchain and Web3:
“Looking ahead, blockchain and web3 are inevitable. No one can say how precisely it will happen, in terms of an exact date, but it will happen. They will become mainstream. We have seen cycles like this before in terms of growth. And this one seems to be accelerating, and we’re happy to be part of it.”
Amazon Web Services (AWS) will be responsible for contributing large amounts of AWS credits to projects that want to deploy Avalanche subnets more widely.
John Wu, the president of Ava Labs, the open-source platform for launching decentralized applications and new interoperable blockchains, also had his say:
“We already have over 500 on-chain applications, and we would love to offer a better experience, and now we have a real partnership that we can take toward the Activate program. Beyond that, our users are also always looking for better user experiences. Node in a Click is an incredible way to do that.”
In essence, the Amazon Web Services partnership, will serve as support, but not just financial support. AWS will support the Avalanche network and decentralized application (dApp) ecosystem and node deployment through its marketplace. And Ava Labs will become part of AWS Activate, a program for startups and entrepreneurs.
This sounds like the beginning of something really big, although there has already been collaboration by Amazon Web Services (AWS) with other blockchains, this time seems to be different.
This is not a collaboration related to a single service, but rather it is a partnership of a completely different nature, much more serious and lasting. We are certain that in addition to Avalanche’s native token (AVAX), interest in the blockchain will also rise.
How does the Avalanche blockchain work?
Avalanche is a very complex project, and its native token is AVAX, with which different types of network functionality can be accessed. The system was launched in 2020 and has all the features we are familiar with from decentralized finance infrastructure.
One of the most interesting features that Avalanche provides is the possibility for companies and individuals to create blockchains in-house, with rules, mechanisms and operations decided personally, by contract.
Avalanche’s protocol allows developers to create their own contracts, with a platform that at least on paper is infinitely scalable and allows execution in sub-minute times.
In addition, digital assets, both financial assets and custom works, can also be created with Avalanche. The same goes for NFTs that can be created on Avalanche, clearly and easily.