You may have seen the new integrations on the bitoftrade platform: Fantom, Binance Smart Chain, and Polygon, and you can read about our most recent integrations here. The Avalanche Network has also been added to our platform and in this article we’ll give you the know-how to become an Avalanche expert. You’ll also learn how you can start using the Avalanche Network to trade on the bitoftrade platform.
What is Avalanche?
Avalanche Network launched in 2020 and it’s designed to be versatile, fast, affordable, secure, and accessible. They’ve achieved just that with their open-source platform for launching decentralized applications (dApps). Additionally, Avalanche deploys smart contracts to support a variety of blockchain projects. Due to the open-source nature of the ecosystem, anyone can contribute (and view) the platform’s code. There are three blockchains on the Avalanche Network: the contract chain (C-Chain), the platform chain (P-Chain), and the exchange change (X-Chain).
Avalanche prioritizes scalability and processing speed. The transaction fees and rate of the AVAX coin creation are decided using a governance model.
The AVAX token
AVAX is the platform’s native token. It secures the Avalanche Network and is a basic unit of account for blockchains using the Avalanche ecosystem. All fees are paid in AVAX, so you’ll need to be holding some in your crypto wallet to interact with the Avalanche Network. Additionally, you’ll need to hold AVAX if you plan to use the Avalanche Bridge to transfer your assets to Avalanche.
Quick helpful tip. You can obtain AVAX by swapping it for another token on most exchanges. You can swap a wide range of tokens for AVAX on the bitoftrade platform; click here to learn more.
The Avalanche Bridge
Using the Avalanche Bridge, you can only transfer ERC-20 supported tokens from Ethereum to Avalanche’s C-Chain. The bridge doesn’t support native BTC or ETH. However, you can transfer wrapped versions of these tokens (WBTC and WETH) instead.
On the bitoftrade platform, we use the popular Ethereum wallet MetaMask. Before you begin, it’s important to note that only the C-Chain blockchain is compatible with MetaMask. Make sure you select the right platform so the transaction successfully completed.
Connect your wallet to the Avalanche Bridge in five simple steps
- Go to the Avalanche log-in page here and connect your MetaMask wallet.
- Once you’re successfully connected, make sure you’re on the right network: Ethereum. The “From” tab should show Ethereum. If not, you can do this by clicking the “Switch” button and choosing “Switch Network”, and clicking “MetaMask”.
- Now you can select the tokens and the amount you wish to transfer across the bridge.
- Once you’ve made your selection, you’ll see a pop-up prompt to sign the transaction. Double check the transfer details and sign the prompt when you’re ready.
- Finally, you need to wait for the transaction to complete on both networks.
Please Note: The time of a transaction can vary, as it takes approximately ten minutes to complete the transaction on the Ethereum Network, while only taking 30 seconds on the Avalanche Network.
Key features of the Avalanche Network
Avalanche is ideal for those who plan on creating their own blockchain and want to expand their crypto projects. The platform has many great features, including:
Designed for finance. Avalanche provides support so you can easily create and trade digital smart assets with complex and custom rulesets.
Flexibility. You can create customized blockchains and dApps that contain arbitrary logic.
Smart contract support. The ecosystem supports the creation of Solidity smart contracts. Additionally, Ethereum tools like Truffle, MetaMask, Remix, and others are also supported.
Speed. The ecosystem uses a novel consensus protocol that enables transactions to be confirmed in under one second.
Scalability. The Avalanche blockchain can process an astonishing 4,500 transactions per second.
Security. Avalanche’s consensus protocols ensure strong security guarantees against attackers that are comparatively better than platforms using classical consensus protocols.
Sustainability. The Avalanche Network uses an energy-efficient proof-of-stake consensus algorithm rather than a proof-of-work consensus.
Private and public blockchains. Avalanche Network enables you to create your own private or public blockchains.
How to swap using the Avalanche Network on the bitoftrade platform
If you’re new to the bitoftrade platform, don’t worry, we’ve got you covered. Follow the steps below to get started using the Avalanche Network with ease on our platform.
- How to connect your MetaMask wallet (see Avalanche Bridge section for detailed help).
- Hold the AVAX token in your wallet to enable you to use the Avalanche Network.
- Make sure you select the Avalanche network on the top of the widget.
- Pick your token pairs and begin swapping on the bitoftrade platform.
It’s as easy as that. You can contact us via our live chat on our Support channel for assistance and you can find the answer to many questions in our detailed FAQs section. Don't forget to check out our blog where we regularly publish educational articles too.
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