AVAIL Token Surges 38% This Week Despite Wider Crypto Market Downturn

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

A modular blockchain that spun off from Polygon (MATIC) last year has seen its native token skyrocket by 38% this week, even as the broader crypto market has taken a downturn.

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

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

Avail describes itself as the “unification layer” for Web3, and its modular blockchain was initially developed under the Polygon umbrella before the project became an independent entity in 2022.

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

The AVAIL token was first made available in late July.

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

“Ola and Avail will jointly explore proof verification on DA clients and further collaboration in zkVMs,” Ola said. This partnership aims to integrate Ola's zkVM technology into Avail's ecosystem.”

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