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Two projects, known as Ethereum killers, were among the stars of the last bull cycle. These projects were none other than Solana and AVAX. While Solana’s price saw a sharper rise after mid-2023, AVAX experienced gradual growth. Despite the limited increase, developments on the AVAX side continue without slowing down.
AVAX Development in the USA
The Department of Motor Vehicles (DMV) of the most populous state in the USA decided to move its extensive and complex vehicle registration system to the blockchain.
According to an announcement by Ava Labs, the development firm behind Avalanche (AVAX), the State of California is using blockchain to update its title transfer system.
What else can an Avalanche L1 do? The California DMV is launching its chain on Avalanche to modernize the vehicle title transfer experience for over 39 million residents of CA.
A statement shared by Ava Labs indicated that the new system would reduce the title transfer process from weeks to minutes.
Reliable transfers are one of the fundamental challenges for any e-title solution to succeed. Bringing these titles to Avalanche L1 will provide full transparency and additional security while allowing vehicle owners to digitally track and manage their pink slip titles.
A statement by Reuters mentioned that this move would place information on 42 million vehicles onto the Avalanche blockchain. The process, showcasing a collaboration between the State of California and Oxhead Alpha, will enable drivers to access their digital vehicle titles through an application, the first of its kind in the USA.
According to John Wu, President of Ava Labs, the integration of titles into the blockchain has already been achieved. California officials indicated that the application could be available early next year.
What is the AVAX Price?
While these developments were happening with AVAX, attention was also on the price movement. As Bitcoin was trading below the $66,000 level, AVAX was trading at $26.39 after a 3.83% drop.
Following the price movement, AVAX’s market cap fell to $10.4 billion, placing it 12th on the CoinMarketCap list. Additionally, AVAX’s trading volume was at $241.9 million, a 29% decrease.
