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Token Dossier

Avalanche ($AVAX), taken apart the way the desk does.

Avalanche (AVAX) Token Dossier · Token edition, as of 2026-11-13

The AVAX dossier is the desk's Avalanche teardown written out as a document, with the figures a short video cannot hold in one place: the token in numbers, the supply in circulation against the total and the maximum, the protocol's fees and revenue where they are tracked, and the level map rebuilt from the latest price. A token files no quarterly report, so this is a shorter document than a stock dossier, and it is priced as such.

Look inside before you buy

1,357 words · about 6 min to read · 10 sections · data as of 13 November 2026

Table of contents

  1. What is in this dossier
  2. What this is not
  3. 1. The teardown
  4. The setup
  5. The network
  6. The vote
  7. The fees
  8. The long view
  9. The supply
  10. The price tag
  11. The risks
  12. The chart: Wednesday's close
  13. The verdict
  14. 2. What changed since it was written
  15. 3. The token in numbers (as of 2026-11-13)
  16. 4. Fees and revenue of the protocol
  17. 5. The level map (as of 2026-11-13)
  18. 6. Sources
  19. 7. What this dossier cannot do
  20. More dossiers in this theme

Excerpt

1. The teardown

Written 2026-11-05, with prices as of 2026-11-05. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-13.

The setup

In September, Avalanche validators voted to raise the network's minimum fee. In the month after the vote, fees nearly tripled. Avax closed Wednesday at $8.73, down 45% in a year. Does a fee vote change the token's math?

The network

It is a blockchain network, and Avax is its token. You pay fees in Avax, and you stake Avax to run a validator. Every fee paid on its main chain, the C-Chain, is burned. On DeFi Llama, apps on Avalanche hold about $578 million. Stablecoins on the network add up to about $1.22 billion. On Hyperliquid, Avax perpetual futures hold about $17 million of open interest.

The vote

The vote. On September 22, the Helicon upgrade went live on mainnet. Avalanche's own documentation says it hands one setting to the validators: the minimum base fee on the C-Chain. Since April last year, that floor sat at one wei, close to nothing. In late September, validators voted it up to five nano Avax. There is no upper bound. The next vote can move it again, up or down.

The fees

The fees. DeFi Llama counted about $5500 of fees a day in the month before the upgrade. In the month after, about 15,600 a day. That is about 2.8 times more. Over the last thirty days, the pace eased to about $11400 a day.

One table from the document

4. Fees and revenue of the protocol

SourceFees, 30 daysFees, one yearRevenue, 30 daysRevenue, one year
Avalanche$342.83K$2.66M$342.83K$2.66M

The preview stops here. The full document is delivered by email after purchase.

What the dossier has that the video does not

One dated table for the token: price, market value, fully diluted value, supply in circulation, total and maximum supply, volume and the record high, with a plain read of what the table says. Where a data provider tracks the protocol, its fees and revenue over 30 days and one year, and how many times annualised fees the token trades at, said as an estimate.

Kept current

The dossier carries an "as of" date. The tables are rebuilt on a regular schedule and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a line says how far the price has moved since.

What is inside

  • The teardown in writing: what the token is, who earns it, the weak points and the verdict, dated.
  • What changed since it was written: the price then and now.
  • The token in numbers: market value, fully diluted value, supply in circulation, total and maximum supply, with a plain read.
  • Fees and revenue of the protocol over 30 days and one year, where a public data provider tracks them.
  • The level map rebuilt from the latest price: the 52-week range and the 50 and 200-day averages.
  • Sources: a link to every data page used.

Buy it if

  • You hold or watch $AVAX and want a structured read before acting.
  • You want figures you can check yourself, not an opinion.

Skip it if

  • You want a buy signal. A dossier explains and maps; it does not signal.
  • You expect audited accounts. A token has none: the figures come from public data providers and are labelled as such.

How delivery works

Pay through Stripe, and the document arrives by email within seconds as a permanent link tied to your address. Read it in the browser or print it to PDF. Nothing to install, nothing recurring: a one-time purchase. Lost the email? Sign in to your library with the same address and it is there.

Included in Pro. See Pro

An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.