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In an exciting development, Avalanche (AVAX) saw a remarkable 17% rise, and its price reached $19.41. The growth comes at a time when altcoins are experiencing consolidation amid the encroaching bear market.
Avalanche (AVAX) Price Trigger
Avalanche Price Resurgence Comes After Groundbreaking Collaboration advertisement between JPMorgan’s Onyx and Apollo Global.
The collaboration falls under the Project Guardian umbrella and involves using LayerZero Labs to link Onyx with a licensed Avalanche Evergreen subnet. This integration aims to streamline subscriptions and redemptions of funds offered by WisdomTree Prime, marking a significant step towards 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, demonstrating the transformative power of blockchain to reshape traditional financial processes.
Avalanche Evergreen subnetworks play a critical role in this collaboration, serving as individual blockchains designed to meet institutional needs. This initiative aligns perfectly with Ava Labs’ mission to digitize and tokenize global assets, leveraging Avalanche’s unique attributes of speed, scalability, and customization.
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 decline to progress
Avalanche’s notable rise comes on the heels of a challenging period for Avalanche, where the cryptocurrency saw a significant drop, with 99% of addresses reporting losses.
Approximately 5.46 million addresses kept AVAX at its lowest point. The stark contrast between the number of addresses with profits (160) and those that made neither profits nor losses (27,640) at that time underscores Avalanche’s resilience and potential to bounce back from adversity.
In addition to the collaboration with JPMorgan, Avalanche marked an earlier milestone with the launch of Landslide Network, a project that introduces the Inter-Blockchain Communication (IBC) protocol to AVAX. Additionally, Avalanche has introduced HyperSDK and Avalanche Warp Messaging (AWM), both of which have contributed significantly to the recent growth momentum.
