bullish

Momentum

Avalanche

Gains

<ul>
 <li>Franklin Templeton’s $1.6T asset expansion into Avalanche’s blockchain signals institutional confidence, boosting AVAX’s bullish momentum.</li>
 <li>The launch of AUSD on Avalanche strengthens the network’s ecosystem, increasing its attractiveness and potential for an AVAX price surge.</li>
</ul>
Avalanche (AVAX) was one of the Top 7 Hottest Crypto Picks for 2024, as CNF previously <a href="https://www.crypto-news-flash.com/top-7-hottest-crypto-picks-for-2024-blockdag-ethereum-solana-cardano-polkadot-avax-and-chainlink/" rel="noopener noreferrer nofollow">highlighted</a>. On Thursday, AVAX gained 4%, and recent developments, including the launch of Franklin Templeton’s and Agora’s fully-collateralized US digital dollar (AUSD) on the Avalanche network, suggest a possible price rally in the coming days.
Franklin Templeton, managing $1.6 trillion in assets, has expanded its blockchain presence by introducing the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) on the <a href="https://www.crypto-news-flash.com/avalanche-set-to-mirror-solanas-surge-analyst-predicts-42-target-for-avax/" rel="noopener noreferrer nofollow">Avalanche network</a>. Confirmed by a recent Avalanche tweet, this marks the first US-registered mutual fund using a public blockchain, highlighting Avalanche’s growing role in institutional finance.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Global investment firm with $1.6T AUM expands its L1 blockchain footprint to Avalanche.
 The Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) is the first and only U.S.-registered mutual fund to leverage a public blockchain as the system of record to process… <a href="https://t.co/p9l8Whg88Y" rel="noopener noreferrer nofollow">pic.twitter.com/p9l8Whg88Y</a>
 — Avalanche <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f53a.png" alt="🔺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@avax) <a href="https://twitter.com/avax/status/1826606839011967157?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 22, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Additionally, Agora’s AUSD launch on Avalanche further enhances the network’s appeal, leveraging its EVM compatibility, low fees, and fast transaction finality to attract more users and liquidity.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Introducing AUSD to Avalanche
 We're thrilled to announce that you can now transact, trade, and pay <a href="https://twitter.com/withAUSD?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@withAUSD</a> on <a href="https://twitter.com/avax?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@avax</a>.
 AUSD is live on <a href="https://twitter.com/TraderJoe_xyz?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TraderJoe_xyz</a> with significant liquidity and will be coming to more apps like <a href="https://twitter.com/BenqiFinance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BenqiFinance</a>, <a href="https://twitter.com/Trensi_fi?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Trensi_fi</a>, <a href="https://twitter.com/PharaohExchange?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@PharaohExchange</a>, and more. <a href="https://t.co/w86qh4OiS0" rel="noopener noreferrer nofollow">https://t.co/w86qh4OiS0</a>
 — Agora (@withAUSD) <a href="https://twitter.com/withAUSD/status/1825919492079174114?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2024</a>
</blockquote>
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Avalanche’s total value locked (TVL) has increased by 7% since August 5, reflecting growing interest and activity within the ecosystem. Additionally, a Binance long-to-short ratio of 1.66 suggests a bullish market sentiment, further supporting the potential for an <a href="https://www.crypto-news-flash.com/avalanche-avax-price-exploded-by-10-to-3268-with-new-partnership/" rel="noopener noreferrer nofollow">AVAX price rally</a>. At the time of writing, AVAX is trading at $26.36, having surged by 13.20% in the past day and 29.59% in the past week.

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Avalanche Gains Momentum as $1.6T Investment Firm Expands Blockchain Presence—AVAX Surge Imminent

Crypto News Flash

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