Avalanche [AVAX]: The growing subnet ecosystem gets a boost in the form of…
- There were around 59 subnets on the Avalanche network at the time of writing.
- The TVL on the network was $1.46 billion, registering a 7% drop on a MTD basis.
Avalanche [AVAX] extended its losing streak as it fell by 1.39% to $15.19 at the time of writing. On a month-to-date (MTD) basis, this represented a decline of more than 12%, as per CoinMarketCap data, in line with the broader market slowdown.
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The negativity, though, might not last very long as the ecosystem was all set to introduce a new protocol, aimed at improving the ease with which users can work with Avalanche Subnets.
Subnets are the preferred scaling solution for Avalanche which allow users to create and deploy application specific blockchain networks. In the past, the procedure needed a high level of technical competence and was prohibitively expensive.
However, Avalanche introduced a new solution, GoGoPool, which they claimed will allow node operators to deliver infrastructure to Subnet builders in quick time and for a fraction of the initial cost.
GoGoPool is basically a permissionless liquid staking protocol that uses liquid staking and minipools to reduce the cost of operating a validator node.
As per Avalanche explorer, there were around 59 subnets on the Avalanche network at the time of writing.
Welcome the latest protocol to enter the #Avalanche Subnet ecosystem, @GoGoPool_!
GoGoPool is a permissionless staking protocol that enables node operators to provide Subnet builders with infrastructure in just a few clicks, for half the upfront cost.https://t.co/eosC0d8uNn
— Avalanche 🔺 (@avax) May 9, 2023
Meanwhile, the Avalanche ecosystem shared the weekly status report of activities on its C-chain. One of the major highlights was the significant jump in transactions per second (TPS) clocked by the network.
Over the past week, the highest TPS recorded was 440, an increase of 8.64% from the highest value in the week before. This indicated that the overall speed and efficiency of the network improved.
Moreover, the total number of transactions also witnessed an increase of 4.5% from the last week.
The C-chain or the Contract chain, is the default smart contract blockchain on Avalanche that enables the creation of any EVM-compatible applications.
🔺#Avalanche C-chain weekly on-chain status🔺
Transactions: 14656251 +4.54%
Max TPS Observed: 440 +8.64%
Gas Used: 6.45T -4.24%
Staking ratio: 60.82%
Staking rewards: 8.24%
Total validators: 1,289
Total delegations: 80,082#AVAX $AVAX pic.twitter.com/pHUH7Nbdfi
— AVAX Daily 🔺 (@AVAXDaily) May 9, 2023
Realistic or not, here’s AVAX’s market cap in BTC terms
AVAX trading activity declines
The total worth of assets (TVL) deposited on the Avalanche chain steadily declined since the start of May. As of this writing, the TVL on the network was $1.46 billion, registering a 7% drop on a MTD basis, as per data fetched from DeFiLlama.
While the liquidity dwindled, the trading activity on the chain also went downhill. Since the all-time high of $127.8k on 27 April, the transaction fees plunged by 74% to $33.8k at the time of writing.