Hassan Maishera
On Monday, the Avalanche Foundation announced via X that Progmat has migrated ¥452B+ ($2.7B+) in regulated digital securities to an Avalanche L1.
Progmat is Japan's dominant digital asset issuance and management platform, holding the top market share by both number of deals and total issuance value. Its portfolio spans real estate security tokens and tokenized corporate bonds, the two primary asset classes in Japan's domestic security token market.
All existing smart contracts were ported to EVM without changing the behavior or specifications of any live project, and financial institutions continued operating normally throughout. The most tangible result: rights transfer processing is now approximately 3 to 5 times faster than the pre-migration environment.
Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem. Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain, and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely, having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
AVAX is up 0.08% today and currently trades at $6.46 per coin.
