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Avalanche (AVAX)

What is the Avalanche Network?​

Here are 5 key points about the Avalanche:

  • Avalanche boasts high throughput, capable of processing thousands of transactions per second (TPS). Its consensus protocol, Avalanche Consensus, allows for rapid and efficient processing, enabling the network to scale effectively.

  • Avalanche supports the creation of subnets, which are customizable blockchains that can be tailored to specific application requirements. Each subnet can have its own virtual machine, validator set, and governance rules.

  • Transactions on the Avalanche network achieve near-instant finality, typically within seconds. This is made possible by its consensus protocol, which ensures rapid agreement among validators.

  • Avalanche is designed with interoperability in mind, allowing it to interact with other blockchain networks. Its Avalanche Bridge facilitates seamless asset transfers between Avalanche and other blockchains, such as Ethereum.

  • The native currency of the Avalanche blockchain is called AVAX. AVAX is used to pay for transaction fees, and allows its holders to participate in the governance of the Avalanche network.

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Learn more about the Avalanche Network by reading the Gem Wallet Learn article:
What Is The Avalanche Blockchain?

Avalanche on Gem Wallet​

Gem Wallet has the following features enabled for Avalanche (AVAX):

AVAX on Gem Wallet AVAX Chart on Gem Wallet

What are Avalanche ERC20 tokens?​

  • ERC20 tokens are a type of digital assets issued via smart contracts on the Ethereum network.
  • On the Avalanche blockchain, ERC20 tokens can be deployed and utilized on its C-Chain, which is fully compatible with the Ethereum Virtual Machine (EVM).
  • ERC20 tokens on the Avalanche C-Chain can interact with other Ethereum-based assets and decentralized applications (dApps).

USDC-AVAX on Gem Wallet ERC20 Token on AVAX

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Learn more about ERC20 tokens from this Gem Wallet Learn article: What Is ERC20 and What You Need to Know About Tokens on the Ethereum Blockchain

How to Get Avalanche ?​

Here are some ways to acquire some Avalache (AVAX):

  • Buy Avalache (AVAX) directly on the Gem Wallet app.
  • Receive AVAX with the unique AVAX address on the Gem Wallet app.
  • Swap ERC20 tokens to AVAX. This requires that you already have AVAX on your wallet to pay for fees.

Buy AVAX on Gem Wallet Receive AVAX on Gem Wallet

Transaction Fees on the Avalanche Network​

The fees on Avalanche are summarized as follows:

  • The Avalanche network is designed to offer lower transaction fees compared to other blockchains like Ethereum.

  • Avalanche employs a dynamic fee mechanism that adjusts fees based on network demand and usage that helps to maintain a balance between network security and cost efficiency.

  • A portion of the transaction fees on the Avalanche network is burned (permanently removed from circulation) which reduces the total supply of AVAX over time.

Send AVAX Fee on Gem Wallet Transfer AVAX Transaction on Gem Wallet

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You can check the current Gas fees on Avalanche by going to this site, Snowtrace Gas Tracker.

How to Check Avalanche (AVAX) Balance?​

Gem Wallet app connects to the Avalanche Network to show the AVAX balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on Snowtrace.

View Address Link to Snowtrace View Address on Snowtrace

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Snowtrace is the default AVAX explorer of Gem Wallet. You can manually check balances and transactions by going to Snowtrace and search for your AVAX address.