After a large downturn earlier this year amid a cryptocurrency market sell-off, Ethereum rival Avalanche ($AVAX) has seen the total value locked (TVL) on its decentralized finance applications surpass the $10 billion mark.
The Avalanche network now has over $10.57 billion in total value locked on it, according to data from decentralized finance tracker DeFiLlama, after rising over 18 percent in the last seven days.
Following Ethereum, Terra, and the Binance Smart Chain, it has risen to become the fourth-largest network by total value locked. These have a total worth of $124 billion, $14.5 billion, and $13.1 billion, respectively. Avalanche’s growth saw it surpass Fantom, which now has a market capitalization of $8.6 billion.
After its price surged in 2021 and popularity continued to expand, AVAX was listed on major cryptocurrency exchange Kraken late last year. Avalanche was defined as a “distributed system that achieves scalability through the use of three interoperable blockchains and a Proof-of-Stake consensus method” by Kraken at the time. It aspires to be the backbone of a large ecosystem of decentralized apps (dApps).”
The listing comes as cryptocurrency custody provider BitGo announced it will support the Avalanche network’s native token. That’s, $AVAX, as institutional interest in the network continues to increase. BitGo clients, such as Bitstamp. Then, and Bitbuy, will now be able to offer AVAX to their users as a result of the shift.
Smart Contracter, a well-known cryptocurrency analyst. Of course, recently stated on social media that he believes the price of AVAX is poised for a major increase. In the space, Smart Contracter is well-known for correctly predicting the bear market bottom in 2018.
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