The native cryptocurrency of the Avalanche (AVAX) network underperformed most digital assets as the token underwent a $365 million unlocking event this week that will increase the token's supply. AVAX dipped more than 3% over the past week, while most cryptocurrencies – 148 of the 173 constituents of the broad-market CoinDesk Market Index (CMI) – gained in price. The CoinDesk20 Index (CD20), which tracks the performance of the largest and most liquid crypto assets, advanced 6% during the same period. The underperformance happened as some 9.5 million of previously locked-up AVAX tokens, worth $365 million. Some 4.5 million tokens will be transferred to team members.
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