Try Quests to earn AVAXWhat happened to AVAX-USDC on Avalanche?
Avalanche is a blockchain platform that aims to address the blockchain trilemma of scalability, security and decentralization thanks to its unique Proof of Stake (PoS) mechanism.
Like Ethereum, Avalanche supports smart contracts to run decentralized applications (dApps) on its network. Since Avalanche’s smart contracts are written in the Solidity language also used by Ethereum, it aims to create greater blockchain interoperably by integrating a number of decentralized finance (DeFi) ecosystems, including well-established projects like Aave and Curve.
AVAX, the native token of the Avalanche platform, is used to power transactions in its ecosystem. AVAX serves as the means to distribute system rewards, participate in governance and facilitate transactions on the network by paying fees.
USD Coin (USDC) is a digital currency that is fully backed by U.S. dollar assets. USDC is a tokenized U.S. dollar, with the value of one USDC coin pegged 1:1 to the value of one U.S. dollar. The value of USDC is designed to remain stable, making USDC a stablecoin.
Stablecoins are commonly backed by reserve assets like dollars or euros to achieve price stability.The price stability of USDC contrasts sharply with the notorious price fluctuations of other cryptocurrencies like Bitcoin and Ethereum.
Despite its name, it is important to note that USDC is not issued or backed by the U.S. government. USDC is an open-source project, meaning that anyone can view and contribute to the project's code.
