In an exciting development, Avalanche (AVAX) experienced a remarkable 17% surge, with its price hitting $19.41. The growth comes at a time when altcoins are experiencing consolidation amid bearish market encroachment.
Avalanche (AVAX) price trigger
The resurgence in Avalanche's price follows a groundbreaking collaboration announcement between Onyx by JPMorgan and Apollo Global.
The collaboration falls under the umbrella of Project Guardian, and it involves the utilization of LayerZero Labs to link Onyx with a permissioned Avalanche Evergreen Subnet. This integration aims to streamline subscriptions and redemptions for funds offered by WisdomTree Prime, marking a significant stride toward revolutionizing the asset and wealth management industry.
The proof of concept (POC) conducted by Onyx and Apollo Global demonstrates how blockchain technology and tokenization can automate portfolio management. Although the concept was tested in a controlled environment, it lays the groundwork for potential widespread adoption, showcasing the transformative power of blockchain in reshaping traditional financial processes.
Avalanche Evergreen Subnets play a pivotal role in this collaboration, serving as individual blockchains tailored to meet institutional needs. This initiative aligns seamlessly with Ava Labs' mission to digitize and tokenize global assets, leveraging Avalanche's unique attributes of speed, scalability and customizability.
The collaboration with Onyx and Apollo positions Avalanche as a key player in facilitating innovative solutions for the financial services industry, pushing the boundaries of what blockchain can achieve.
Avalanche's journey: From plunge to progress
Avalanche's remarkable surge comes on the heels of a challenging period for Avalanche, where the cryptocurrency experienced a significant drop, with 99% of addresses reporting losses.
Approximately 5.46 million addresses held AVAX at its lowest point. The stark contrast between the number of addresses in profit (160) and those making neither profits nor losses (27,640) at the time underscores the resilience and potential of Avalanche to rebound from adversity.
In addition to the collaboration with JPMorgan, Avalanche marked an earlier milestone with the launch of Landslide Network, a project introducing the Inter-Blockchain Communication (IBC) protocol to AVAX. Furthermore, Avalanche has introduced HyperSDK and Avalanche Warp Messaging (AWM), both of which have significantly contributed to the recent growth push.