Altcoin
Avalanche’s new milestone and what it could mean for investors
Ava Labs has been extremely occupied as of now after a recent activity spike on Avalanche.
Reportedly, Avalanche’s daily gas use reached an all-time high (ATH).
The amount of gas used by the Avalanche network can be considered as a purport for high activity levels. Furthermore, the spike in gas fee usage also signifies a rise in the adoption and demand for the network.
Scaling new horizons
Increasing user activity is a result of Avalanche’s recent development-related updates and announcements.
It has already confirmed the release of nine new NFT collections on the network after releasing Fireheadz this week.
Recently, Avalanche recorded an all-time high in the daily transactions metric. It was accomplished when the metric crossed 1.51 million transactions on the daily chart on 9 August.
Avalanche is continuing to bet on the GameFi development on the network.
It witnessed a sharp dip in Q2 in the network usage as GameFi developments were transferred to subnets.
But Q3 presents a new opportunity for Avalanche to build on these gaps.
According to a new update, GameFi has gained a high social volume on Google Trend. As it gains more momentum, this could potentially lead to a breakout on the Avalanche platform.
Additionally, Avalanche has recently launched two games on the network: Adventure Games and Strategy.
Source: Avaxholic Gaming Guild/ Twitter
Avalanche secures the most economic value (in terms of TVL) on a network per unit of energy used.
This makes Avalanche a leader in sustainability among leading blockchains. The network also uses only 0.5 GWh of energy per year as compared to the 89,000 GWh of Bitcoin.
Source: Avaxholic/ Twitter
Despite the impressive activities, the token has not responded well in the past week.
AVAX, at press time, was trading at $27.42 after receiving a 1.5% cutback in the past day.
This has almost diminished all the modest weekly gains of AVAX.
