Due to the specifics of the cryptocurrency market, new and supernova stars flare up with enviable regularity in its firmament. In November 2021, AVAX, the Avalanche blockchain token, became such a star. A relatively little-known and very young coin entered the TOP 10 largest cryptocurrencies by market capitalization.
Such a striking event drew the attention of market participants to the asset. Although AVAX has lost ground a little, it is mentioned in many ratings of the most promising cryptocurrencies in 2021.
What is interesting about the Avalanche project
If Bitcoin was created primarily as a possible alternative to the traditional financial system and a potential replacement for fiat money, its followers have progressed further. The Ethereum network was the first to offer its users the ability to create smart contracts and decentralized applications.
Today, a variety of decentralized financial products have already become the norm in the crypto world. As their popularity grew, veterans of the cryptocurrency market faced the problem of network scalability. It is important for users that transactions are completed as quickly as possible, and the capacity of existing ecosystems is often insufficient.
The Avalanche blockchain was designed with this in mind and its consensus protocol enables DeFi products to be launched at high transaction rates. Moreover, AVAX is now one of the fastest-performing networks.
Avalanche can be thought of as Blockchain 3.0. The platform consists of two blockchains and a directed acyclic graph (C-Chain, P-Chain, X-chain).
The P-chain is responsible for implementing the consensus protocol and blocking tokens.
Avalanche Contract Chain (C-Chain) is designed to host smart contracts. In addition, applications can be ported to C-Chain. Based on Ethereum.
The exchange chain (X-Chain) provides the ability to transfer and exchange tokens between subnets, as well as create new assets of different types (altcoins, stablecoins and non-removable tokens).
The Avalanche network is functionally similar to Ethereum, but offers more features, faster speeds, and lower fees.
All calculations within the network are made in AVAX. The native token is created based on the Proof of Ownership algorithm. This algorithm consumes less power compared to the Proof of Rabot algorithm, which adds to the attractiveness of the asset.
The active development of the network and the attraction of new solid investors amid growing dissatisfaction with the growing commissions in Ethereum helped the coin to enter the TOP-10 of the largest cryptocurrencies. Despite the fact that AVAX has not yet managed to gain a foothold in it, many analysts consider the coin to be very promising. Interest in the coin is also fueled by the current affordable price, which is immediately reflected in the volume of BNB to AVAX exchange.
But no matter how rosy the forecasts were, remember that the entire cryptocurrency market is an area of especially high financial risk. As tempting as it is to join the early investor community, investing all the money in a very young asset is imprudent.
How to convert BNB to AVAX
AVAX is now traded on many major cryptocurrency exchanges and can be easily converted to both other cryptocurrencies and sovereign fiat currencies. Any of the currently operating services, where possible, can be attributed to one of the groups:
- Traditional services that provide the opportunity for trading and other ways to make money on cryptocurrency.
- Instant crypto exchange service like C2C.
The exchange algorithm is basically the same, but the choice of service depends on several factors, in particular, on the location of your assets. If your coins are stored in the client’s exchange wallet, then it is quite logical to carry out exchange operations within the platform.
If you prudently withdraw funds to more secure, independent wallets, you have additional options. For example, you can use LetsExchange services. It is much more convenient and secure compared to traditional services.
You do not need to register to access the platform functionality. You need to open the exchange widget and perform several actions in it.
- In the upper field, select or enter BNB for sale and indicate the amount of coins.
- In the lower field, select AVAX in the same way.
- Enter your wallet address.
- Deposit coins.
- Click the “Exchange” button.
The search for the most profitable current transaction, recalculation at the exchange rate, completion of the transaction and crediting the purchased coins to the wallet are performed automatically. The platform works without commissions and any restrictions on the amount and number of swaps.