Crypto Developer AVAX Launches Avalanche Vista, This Is The Goal!

AVAX developer releases Avalanche Vista. (Photo; Doc. Ambito)

JAKARTA- The Avalanche Foundation recently announced its ambitious move by launching Avalanche Vista, an initiative worth 50 million US dollars (Rp749 billion) aimed at leading the movement of real-world asset tokenization (RWA) within their blockchain network.

In a statement released on July 25, Avalanche expressed its commitment to "relocating on the future of asset tokenization." Tokenization is considered one of the most impacting blockchain innovations of the next decade.

The Avalanche Vista initiative will allocate IDR 749 billion in funds to support the printing of real-world assets tokenized on a scaleable layer-1 blockchain network.

"We want to accelerate the growth of tokenization and its role in on-chain (OnFi) finance," said a representative from the Avalanche Foundation. Various assets such as equity, credit, real estate, commodities, and other blockchain assets will be considered for tokenization in order to realize this initiative.

John Wu, President of Ava Labs, stated that asset tokenization is not only the future of the capital market, "this is an important driver at this time." He highlighted the exciting moments in which institutions were actively building on-chain solutions. Wu added, "The Avalanche Foundation has taken significant step forward through this initiative."

Referring to a report from Security Token Advisors, it is projected that the tokenization securities market will reach a value of 20 trillion US dollars (equivalent to Rp299 quadrillion) by the end of 2030. Meanwhile, the tokenized US Treasury value reached a record high of 641 million US dollars (Rp9.6 trillion) according to RWA.xyz, showing growth of 460% since the start of the year.

In addition, RWA tokenization is also a concern for the Ethereum ecosystem. Ethereum supporter Ryan Berkmans insists that this tokenization is an industry standard and will support market growth for Ethereum and L2.

In May, Alibaba Cloud announced plans to implement the metaverse on its Avalanche network, demonstrating the potential for broad expansion for this technology.

On the other hand, although the Avalanche Foundation announced this initiative, the price of Avalanche tokens (AVAX) did not show any significant reaction. The price of tokens is trading flat at the level of $13.18 and has decreased by 6% over the past week, reflecting the condition of the crypto market which is declining as a whole.

AVAX also recorded a downward trend over the past year and is currently down 91% from its peak price in November 2021 of US 145 dollars (IDR 2.2 million).