It's been a while since we did something like this, meaning our cross-chain infrastructure was due for an upgrade. Last year we successfully introduced not one, but two new blockchains, namely Polygon, as well as Fantom, which further unlocked possibilities for further token integrations and reduced gas fees for payments on the HYVE platform.
Today, we are truly excited to be welcoming our fifth blockchain, namely Avalanche, one of the fastest-growing and most configurable networks in web3. AVAX is one of the most preferred blockchains for web3 developers, being easy to configure and providing limitless opportunities for DeFi.
But what does it mean for HYVE? Let's dive deep into our most recent article and see what this implies.
Are you ready for an Avalanche?
The Avalanche integration has been a long time in the making, as our dev team has been quietly working to deploy the HYVE V2.5 Platform on this new blockchain. AVAX set a new standard for scalability, without sacrificing security, reliability and speed!
Avalanche is especially preferred by enterprises, as it can create a future-proof blockchain infrastructure. With close to six million weekly transactions, AVAX has become the best alternative to Ethereum, as its ability to scale and ultra-low gas fees are attractive perks for dApp developers.
From beginner, low-code options, to more advanced options, developers have a plethora of choices when building on Avalanche. This opens up possibilities to partner with diverse and promising projects once HYVE is deployed and joins the AVAX ecosystem.
It's all about community!
One of the best aspects of Avalanche is the dedicated community. Projects are extremely united, focused on collaboration and fostering adoption of Web3. This is exactly what HYVE is looking for! We love that we are going to unite our dedicated HYVERS with this amazing community, and we cannot wait to see what happens next!
In addition, there is a yearly Avalanche Summit, reuniting some of the most renowned names within the crypto world. From partner projects to web2 businesses, this Web3 conference brings some of the best speakers and creatives out there in one of the most vibrant cities in the world (i.e. last year was Barcelona).
You can now pay in $AVAX!
By integrating the Avalanche blockchain, you will now be able to pay in the native token, aka $AVAX for tasks, jobs, offers, and digital items. Make sure to add the contract address after you switch to the AVAX network within your digital wallets!
The $AVAX token is available on all major DEXs and CEXs.
$AVAX can be used for paying gas fees on the network, with the equivalent sum being burned for every respective transaction. Moreover, $AVAX can be staked for validation of network transactions, just like any other native blockchain token. However, within the ecosystem, $AVAX can be used for minting NFTs, paying for in-game items and perks, and funding DeFi protocols.
What does it mean for HYVE?
Well for starters, all listings can now be posted on the Avalanche blockchain, with much lower gas fees compared to Ethereum. Plus, the integration of AVAX opens up possibilities to future token integrations and partnerships, providing thus further diversity to our dear freelancers and users.
What is more is that the $HYVE token will now be available on the AVAX network, as you can now pay and be paid within our native token! Staking will be made available in a future update.
Is this just the beginning?
Surely yes! Our blockchain integration process has been slow when compared to token integrations - however, the reason was that our dev team has been tirelessly working on delivering HYVE V2.5. With our new and functional product released, all our efforts are directed towards improving UX/UI and delivering new use cases within the web3 space.
Blockchain integrations have just begun, and as we promised, Q4 will be an epic end to a productive 2023! Can you guess what comes next? Drop us a message on all our social media channels.