Avalanche’s trading activity hits the roof but AVAX has other plans
April started on a promising note for the Avalanche [AVAX] network. After staying flat for most of last month, the daily active addresses on the chain recently hit their highest value on a year-to-date (YTD) basis, in excess of 70k.
As the number of addresses surged, the transaction count on the platform also followed suit. As per data from Token Terminal, the transaction fees collected on the platform reached a one-month high on 11 April.
In the past few days, Avalanche rolled out two important upgrades that could have boosted network traffic.
Realistic or not, here’s AVAX market cap in BTC’s terms
Network’s appeal rises
Ava Labs, the developer of Avalanche, launched Evergreen Subnets in the last week to address company-specific requirements for financial services.
Evergreen Subnets enable institutions to pursue their blockchain and digital asset initiatives in private, permissioned chains with verified counterparties while maintaining communication and interoperability with other institutions.
As per its latest tweet, Avalanche cited the example of debt capital markets platform, Intain, which managed to make its workflow more efficient after shifting to Evergreen Subnets.
The efficiencies unlocked by blockchain can be hard to quantify–but @intainft did just that in the latest Powering Business with Blockchain.
— Avalanche ? (@Avax) April 11, 2023
Apart from this. the layer-1 blockchain’s Cortina Upgrade was executed on its Fuji testnet. Thus, making it easier for exchanges to support the Avalanche’s X-Chain, used for sending and receiving funds. Among other advantages, Avalanche claimed that this upgrade will enable faster development and more broadly-applicable innovation.
Patrick O’Grady, head of engineering, Ava Labs, mentioned in a blog post that Cortina’s mainnet launch will take place on 25 April. It was quite evident that these upgrades played a major role in the increased network activity seen lately.
TVL shows promising recovery
At the time of writing, the total value of assets held by Avalanche was $1.63 billion, as per DeFiLlama. The total value locked (TVL) showed signs of recovery, growing by nearly 8% over the last two weeks.
The improvement pushed Avalanche to the fifth spot in the list of blockchains with the highest TVL.
How much are 1,10,100 AVAXs worth today?
Despite the growth in trading activity, AVAX struggled to make gains. As per CoinMarketCap, the native token of the ecosystem was down 0.54% over the last week.
On the derivative markets, traders positioning themselves for AVAX gains fell vis-à-vis those looking for price losses, as the Longs/Shorts Ratio dipped to 0.95%.