Avalanche is a layer 1 decentralized blockchain network built to support complex applications and custom blockchain functions. Avalanche aims to be a leading Ethereum alternative, competing with other popular chains such as Solana and Cardano for the title of "Ethereum Killer." The Avalanche network can handle up to 6,500 transactions per second and has comparatively low gas fees thanks to its scalable architecture. A wide variety of decentralized applications (dApps) are hosted by Avalanche, which resulted in a record-breaking total value locked (TVL) of $12 billion USD in late 2021. At the same time, the abundance of dApps on the Avalanche blockchain increased demand for the AVAX token and had a favorable impact on the cryptocurrency's price. Avalanche also employs an Ethereum Virtual Machine (EVM), which makes it much easier and faster for developers to port and deploy Ethereum-based smart contracts and applications to the Avalanche network. With the familiar user experience, new users can be easily and quickly onboarded to the Avalanche chain. AVAX is Avalanche's native token, required to pay the necessary gas fees when completing transactions on the Avalanche network. In addition, AVAX token holders can vote on protocol governance issues and have a say in the future development of the blockchain. AVAX tokenomics The maximum token supply of Avalanche is 720 million, with around 295 million tokens currently in circulation.