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A new ‘ATH’ for Avalanche and the effect that has on AVAX’s performance is…

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Platypus, a leading stableswap on Avalanche, is going to introduce the ecosystem’s first voting gauges. This will allow vePTP token owners to vote on where emissions will be directed, while also collecting additional rewards. In fact, Avalanche claims that,

“In our current DeFi landscape, where yield drives TVL & liquidity, this voting power is very valuable, and tokens are willing to pay you for it.”

Here, it’s worth noting that Platypus’s voting design offers dynamic emissions without any cooldown between votes.

Avalanche itself has been building recently with more than 2 million transactions yesterday. This is a new all-time high for Avalanche, with figures for the same hiking by 4x within a matter of just two months. Furthermore, there are many who believe that Avalanche may hit new highs very soon.

Luigi DeMeo, Head of DeFi at Ava Labs, for instance, claimed that subnets are contributing in a big way and are just “getting started.”

Source: Luigi DeMeo/ Twitter

What else is happening?

Avalanche-based NFTs have seen consistent growth hard to come by of late, with NFT markets’ figures sliding down the charts over the past week. Consider this – In the last seven days, Avalanche accumulated over $168,419 in NFT sales, seeing a 20% fall from the previous week.

The most prominent NFT over the week was the Conscious Lines collection which accumulated over 115K in volume. It was followed by Crabada NFTs that collected over $50K in volume.

Avaxholic also shared an update on the most trending projects on Avalanche in August. As per the post, ImperiumEmpires and Trader Joe remain at the top of the list, followed by Kalao and SparkWorld.

What about AVAX?

Despite a new record for transactions on the network, AVAX is trading at losses on the weekly chart. According to CoinGecko, AVAX was available at $18.93 after shredding 5.83% losses in the last 7 days.

The Avalanche network has also seen a sharp dip in trading volume over the last 24 hours, with the same falling by 42%.

Ergo, it would seem that Avalanche has seemingly recovered from the recent CryptoLeaks allegations against Ava Labs. Even so, AVAX continues to slide under as it struggles in the current market.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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