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Avalanche’s trading activity hits the roof but AVAX has other plans

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The Avalanche network saw the highest number of active addresses after witnessing a slump for most part of March. However, its native token AVAX opted for a different route and stood away from the limelight.

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April started on a promising note for the Avalanche [AVAX] network. After staying flat for most of last month, the daily active addresses on the chain recently hit their highest value on a year-to-date (YTD) basis, in excess of 70k.

Source: Avalanche Explorer

As the number of addresses surged, the transaction count on the platform also followed suit. As per data from Token Terminal, the transaction fees collected on the platform reached a one-month high on 11 April.  

In the past few days,  Avalanche rolled out two important upgrades that could have boosted network traffic.

Realistic or not, here’s AVAX market cap in BTC’s terms

Network’s appeal rises

Ava Labs, the developer of Avalanche, launched Evergreen Subnets in the last week to address company-specific requirements for financial services.

Evergreen Subnets enable institutions to pursue their blockchain and digital asset initiatives in private, permissioned chains with verified counterparties while maintaining communication and interoperability with other institutions.

As per its latest tweet, Avalanche cited the example of debt capital markets platform, Intain, which managed to make its workflow more efficient after shifting to Evergreen Subnets.

Apart from this. the layer-1 blockchain’s Cortina Upgrade was executed on its Fuji testnet. Thus, making it easier for exchanges to support the Avalanche’s X-Chain, used for sending and receiving funds. Among other advantages, Avalanche claimed that this upgrade will enable faster development and more broadly-applicable innovation.

Patrick O’Grady, head of engineering, Ava Labs, mentioned in a blog post that Cortina’s mainnet launch will take place on 25 April. It was quite evident that these upgrades played a major role in the increased network activity seen lately.

TVL shows promising recovery

At the time of writing, the total value of assets held by Avalanche was $1.63 billion, as per DeFiLlama. The total value locked (TVL) showed signs of recovery, growing by nearly 8% over the last two weeks.

The improvement pushed Avalanche to the fifth spot in the list of blockchains with the highest TVL.

Source: DeFiLlama

How much are 1,10,100 AVAXs worth today?

Despite the growth in trading activity, AVAX struggled to make gains. As per CoinMarketCap, the native token of the ecosystem was down 0.54% over the last week. 

On the derivative markets, traders positioning themselves for AVAX gains fell vis-à-vis those looking for price losses, as the Longs/Shorts Ratio dipped to 0.95%. 

Source: CoinGlass

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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