AllianceBlock, a decentralized tier-2 solution combining traditional finance and DeFi, has announced a major product integration with Avalanche, the upcoming "Internet of Finance" protocol.
Once completed, the product integration will allow users to access AllianceBlock's DeFi investment terminal, P2P financial services, non-tradable token functionality and KYC solutions directly on the Avalanche site. The partnership also includes development work with Ava Labs, the software team behind Avalanche.
Rachid Ajaja, founder and CEO of AllianceBlock, says the two organizations share a common mission in promoting the development of a compliant DeFi ecosystem:
Avalanche has seen significant success since the launch of the Avalanche-Ethereum Bridge, or AEB, in February 2021. Since launch, the number of transactions has increased by nearly 2000% to over 1.1 million. More than 62,000 unique wallet addresses have been created.
As a result, the price of AVAX , Avalanche's native cryptocurrency, soared. AVAX peaked near $60 in mid-February, but has since fallen to around $30. At current values, AVAX has a total market capitalization of $3.7 billion, ranking it 35th among active projects.
The broader Defi ecosystem has also registered significant growth amid the bull market, with a total value exceeding $100 billion closed earlier this week. The sector's TVL was less than $21 billion at the start of 2021.
