Avalanche sets new record in network activity

Despite the severe correction that the cryptocurrency market experienced in May 2022, the Avalanche (AVAX) blockchain still saw a series of key project indicators skyrocket.

First, Avalanche has seen a record spike in total value locked (TVL) in AVAX tokens on the platform. The number of AVAX in the DeFi space has exceeded 300 million tokens, representing 83% quarterly growth, making Avalanche the 4th largest blockchain in terms of TVL ($3.88 billion) at press time.

As of May 2022, Avalanche also processed more than 32 million transactions. Notably, a year ago this figure was just under a million transactions. Last but not least, Avalanche has set a new record for the number of unique smart contracts deployed to its blockchain, nearly doubling in 30 days.

However, AVAX still could not get rid of the heavy price drop before the influence of the general market. AVAX has lost about 83.9% of its value compared to ATH recorded in November 2021 at $145. Recently, Avalanche founder Emin Gün Sirer discussed AVAX’s downturn in an interview with Forbes’ Steven Ehrlich.

Since the beginning of 2022, Avalanche has become one of the most dynamic and efficient platforms on the market.

Prominent evidence can include the $100 million fund invested in Web3 content creators, attracting more global technology talents to the ecosystem, launching a private wallet application, and connecting with Internet users. Bitcoin network and successfully persuaded investment “giant” Valkyrie to deploy the Avalanche Trust fund, helping AVAX approach more traditional investors.

Not stopping there, Avalanche also launched a new ecosystem development fund worth $290 million to focus on subnet solutions – the “heavy weapon” that the platform owns.

At the time of writing, AVAX is trading at $27.50, up 12.37% from yesterday a significant increase showing positive signs.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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