The price of AVAX has risen when Aave and Curve Finance, two prominent DeFi protocols, joined the “Avalanche Rush” scheme last week.
Since its developers introduced a $180 million decentralized financing (DeFi) incentive program last week, the price of AVAX, the native token of scalability-focused blockchain platform Avalanche, has more than doubled.
DeFi is a burgeoning crypto niche that aims to provide many of the same financial services as banks and brokers, such as lending and borrowing, but without the need for a central authority.
According to crypto analytics platform CoinGecko, AVAX was selling at around $49 at the time of writing, up roughly 2.5 percent on the day.
The token’s weekly price movement, on the other hand, was spectacular.
AVAX was trading about $22 on August 17, a day before the “Avalanche Rush” program was launched. Since then, the token’s price has risen by roughly 122 percent.
Avalanche, like Ethereum, is an open-source platform for financial primitives and decentralized applications. Avalanche, on the other hand, was built with scalability and quick confirmation times in mind.
The announcement of “Avalanche Rush,” a $180 million liquidity mining incentive program for DeFi applications, coincides with the start of AVAX’s current price rise.
The token’s price soared to a three-month high of nearly $31 shortly after the initiative was announced on August 18.
Aave and Curve Finance, two popular DeFi protocols, have already joined the program.
In the announcement, Emin Gün Sirer, head of the Avalanche Foundation, said, “Avalanche Rush will be a showcase for users to see the potential of Avalanche, and delve into a lively community at the bleeding edge of decentralized finance.” “The combination of Aave, Curve, and Avalanche will produce some pretty cool synergies that DeFi customers will love.”
The project’s foundation intends to integrate other blue-chip DeFi protocols as part of the new program in the future, and has already set aside funds for this.