New Native Token for Web3 Infrastructure Project Surges by 38% This Week, Defying Wider Crypto Market Slump

The newly launched native token for a Web3 infrastructure project skyrocketed by 38% this week despite the wider crypto market downtick.

AVAIL, the utility token for the Avail ecosystem, is trading at $0.151, up from $0.109 seven days ago.

The 190th-ranked crypto asset by market cap is also up more than 3% in the past 24 hours.

Avail is a modular blockchain that bills itself as the “unification layer” for Web3. The project commenced development under the umbrella of the scaling solution Polygon (MATIC), but it spun off into an independent entity last year.

Avail was co-founded by Anurag Arjun, one of the co-founders of Polygon, and Prabal Banerjee, the scaling solution’s former research lead.

The AVAIL token first went live in late July.

This week, the Avail ecosystem kicked off a new partnership with Ola, an open-source hybrid zk-rollup.

Explains Ola,

“Together, Ola and Avail will explore proof verification on DA clients and further collaboration in zkVMs. This partnership aims to expand the use cases for Ola’s zkVM technology within Avail’s ecosystem.”

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Generated Image: Midjourney