Avalanche (AVAX) is a layer 1 blockchain, meaning a base network in its own right, built for fast, low cost applications and custom networks. Developed by Ava Labs and launched in 2020, it is known for finalising transactions in around a second using its Avalanche consensus protocol. Developers can launch their own blockchains, called L1s, that run alongside the main network, which makes it popular with gaming, finance and institutional projects. Avalanche supports Ethereum compatible smart contracts, so existing apps can move over with few changes. AVAX is the native token, used to pay fees, to stake and to help secure the network.