5 tokens on the list represent Avalanche without being Avalanche — a wrapped AVAX, a staked derivative, or a bridged copy on another chain. Each carries the AVAX price by design, and each depends on someone or something honouring the peg. This page lists them. None of them counts toward Avalanche on the main ranking: a wrapped coin is a receipt for a coin already counted, and counting both counts the same asset twice.
| Token | Host chain(s) | Custody | Market cap |
|---|---|---|---|
| BENQI Liquid Staked AVAXSAVAX | Avalanche | custodial | $236M |
| Wrapped AVAXWAVAX | Avalanche | noncustodial | $183M |
| Treehouse AVAXTAVAX | Avalanche | custodial | $9M |
| Hypha Staked AVAXSTAVAX | Avalanche | custodial | $9M |
| Unit AvalancheUAVAX | Hyperliquid | custodial | $217,558 |
Methodology — the rules under which a claim is separated from the underlying. Each individual token's detail page has its host chain, its custody model, and where the peg comes from.