- Daily active addresses on the network hit a 6-month high.
- Using AvaCloud, businesses could speed up the deployment of subnets.
The Avalanche [AVAX] ecosystem has been expanding steadily on the back of innovative offerings introduced lately such as the Cortina Upgrade and the Evergreen Subnets. These products have bolstered network activity on the layer-1 (L1) blockchain and attracted new users.
Read Avalanche’s [AVAX] Price Prediction 2023-24
A crypto analyst took to Twitter to reveal that daily active addresses on the network have hit a 6-month high, a testimony to Avalanche’s increasing appeal for dApp deployment.
And just like that, $AVAX Daily Active Users hit a 6 month high.
Probably nothing. ? pic.twitter.com/qH5q0MV1Kq
— Emperor Osmo? (@Flowslikeosmo) May 24, 2023
To boost the development of subnets, Ava Labs, the main developer behind the Avalanche blockchain, announced the launch of AvaCloud, a Web3 launchpad which will help businesses build no-code, fully managed blockchain ecosystems.
Avalanche on cloud nine
Subnets are the preferred scaling solution for Avalanche which allow users to create and deploy application-specific blockchain networks. Platforms have a lot to gain from leveraging these app-specific blockchains if they want more control over infrastructure.
However, the process has become complex, time consuming and expensive. This is where AvaCloud comes into the picture.
We are proud to announce the launch of @AvaCloud, the Web3 launchpad for deploying and scaling no-code, fully managed custom blockchains.
AvaCloud marks a landmark shift in the blockchain development process. https://t.co/lT93YZV6sD
Let's dive in to AvaCloud ? pic.twitter.com/ddXj0ahIIw
— Ava Labs ? (@avalabsofficial) May 24, 2023
AvaCloud product suite consists of four components like automated blockchain builder, managed validators, comprehensive data tools, and chain interoperability.
Using these, businesses can significantly cut down time-to-market and operating costs connected with the deployment of subnets without having to hire Web3 experts.
Ava Labs stated that Korean conglomerate SK, gaming app Blitz, and AAA game studio Shrapnel were among the early users who started building their custom chains using AvaCloud.
Development activity rises
Another factor corroborating Avalanche’s expanding landscape was the growing number of smart contracts and developers. Crypto analyst Alex Wacy drew attention to the strong performance of the proof-of-stake (PoS) chain on these two fronts.
Let's talk about developers:
The engagement of developers is often overlooked, but the number of contracts and deployers can be a powerful indicator of interest in a project.
As evident, this metric indicates strong engagement.
— AlΞx Wacy ? (@wacy_time1) May 24, 2023
Furthermore, despite a large drop in the average price of the AVAX token in the bear market, the total value locked (TVL) has witnessed a lower degree of reduction, indicating sustained interest in the Avalanche network.
Source: DeFiLlama
Realistic or not, here’s AVAX’s market cap in BTC terms
AVAX in doldrums
The token exchanged hands at $14.15 at the time of publication, representing a fall of 1.83% in the last 24 hours, data from CoinMarketCap revealed. AVAX was in the middle of a bearish phase, having recorded monthly losses of over 16%.
Additionally, the sentiment percolated to futures markets as well. As per Coinglass, there was a dominance of bearish short positions in the market.
Source: Coinglass
