Avalon Labs’ governance token AVL has made a remarkable debut on South Korea’s second-largest cryptocurrency exchange Bithumb. Following its listing, AVL’s 24-hour trading volume rose to $36.47 million, surpassing Bitcoin’s volume on the platform and ranking as the third-highest trading volume.
Avalon Labs, the company behind AVL, is actively working to develop USDa, a Bitcoin-backed stablecoin, as part of the broader Bitcoin DeFi ecosystem. The firm aims to create an on-chain financial hub for Bitcoin by offering a range of financial products, including BTC-backed lending, a Bitcoin-backed stablecoin, yield-generating accounts, and a Bitcoin-backed credit card.
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According to its official website, Avalon Labs aims to build a scalable, transparent, and accessible financial network designed to empower Bitcoin holders and expand Bitcoin’s role as a dynamic economic asset. AVL serves as the governance token of the Avalon Labs ecosystem and plays an important role in community-driven decision-making.
*This is not investment advice.