• Investors had a good time last week as Avalanche’s (AVAX) price went up by over 35%.
• AVAX’s TVL went up by over 4% during the last week, while active addresses and transaction count declined by 9% and 27%, respectively.
• Avalanche announced that it would support the stablecoin USP created by Platypus DeFi, which could increase demand for AVAX in the coming months.
The crypto market was in for a treat last week as Avalanche (AVAX) rallied by over 35%. Investors had a great time as the coin gained in value and attracted attention from the derivatives market. To understand the situation better, Avalanche released its weekly report, highlighting the most notable metrics from the past seven days.
The total value locked (TVL) in the Avalanche network went up by over 4%, reaching $842.7 million. Wonderland, SWAPSICLE, RiskHarbon, and PinkSale were the top TVL gainers last week. However, though the TVL and market capitalization registered upticks, AVAX’s active addresses and transaction count declined by over 9% and 27%, respectively.
AVAX Daily also revealed the weekly stats for Avalanche’s C-chain. According to the data, gas consumption increased, but total transactions decreased by 33%. This could be due to the increased fees associated with transactions on the Avalanche network.
In addition to the above metrics, Avalanche announced another major update. The blockchain officially confirmed that it would support the stablecoin USP created by Platypus DeFi. The introduction of the stablecoin could help to increase the network’s offerings, which could lead to increased demand for AVAX in the coming months.
Overall, it was a promising week for Avalanche as the coin registered an impressive uptrend in price and TVL, as well as an upcoming support for a new stablecoin. With the increased market activity and the potential for further growth, it will be exciting to see what the future holds for Avalanche.