Avalanche validators cross ATH: What it means for AVAX’s future
- Validators on the Avalanche network reached an all-time high.
- Activity on the network fell, but AVAX’s price remained unaffected.
Validators on the Avalanche [AVAX] network have reached an all-time high, with the number sitting at 1,729 at press time.
Further staking statistics revealed that the total number of staked tokens stood at 231.99M AVAX on the 30th of January, constituting a staking ratio of 52.82%.
For the uninitiated, this ratio signifies the percentage of the total circulating AVAX tokens engaged in staking across the network at any time.
This rising number emphasized a growing involvement and commitment from participants in the Avalanche network, signaling its strength and appeal for both validators and stakers.
Avalanche Validators hits another ATH at 1,729, continuing to increase the decentralization of the network 📈
More staking stats:
🔺 Total Stake 231.99M $AVAX
🔺 Staking Ratio 52.82%
🔺 Validators 1,729
🔺 Delegations 73,706
— Avalanche 🔺 (@avax) January 29, 2024
DEX (decentralized exchanges) volumes on Avalanche also showed growth during this period.
Specifically, Trader Joe, one of the largest DEXes on the network, witnessed a surge of 4.92% in terms of unique active wallets. The volume at which trades were being made on the network grew by 23.27% as well.
Despite these factors, overall activity on the Avalanche network dwindled. AMBCrypto’s analysis of Artemis’ data showed that the Daily Active Addresses dropped from 87,000 to 44,000 across the month of January.
Coupled with that, the number of transactions on the network fell from 2.97 million to 208,000 during this period as well.
This drastic decline in activity pointed to the fact that the protocol still had a lot of room for growth. If things continue in this fashion, there could be a severe impact on the state of the AVAX token.
How much are 1,10,100 AVAXs worth today?
At press time, AVAX was trading at $36.76, with its price having grown by 4.88% in the last 24 hours.
The volume at which the token had been trading had also seen a spike, growing from 326.45 million on the 21st of January to 741 million at the time of writing.