July 23, 2024
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Avalanche’s Trading Activity Hits the Roof, But AVAX Has Other Plans

The Avalanche [AVAX] network got off to a strong start in April. After being stable for the majority of last month, the chain’s daily active addresses just reached its highest year-to-date (YTD) value, in excess of 70k.

As the number of addresses increased, so did the volume of transactions on the platform. According to Token Terminal data, the platform’s transaction costs reached a one-month high on April 11.   Avalanche just released two significant improvements that could have increased network traffic.

Evergreen Subnets, developed by Ava Labs, was launched in the last week to satisfy company-specific requirements for financial services. Evergreen Subnets allow institutions to conduct blockchain and digital asset activities in private, permissioned chains with verified counterparties while still communicating and interoperating with other institutions.

Avalanche cited the example of debt capital markets platform, Intain, which made its workflow more effective after switching to Evergreen Subnets in its most recent tweet. Aside from that, the layer-1 blockchain’s Cortina Upgrade was carried out on the Fuji testnet. As a result, it will be easy for exchanges to handle the Avalanche’s X-Chain, which is used for transmitting and receiving payments. Avalanche claims that this improvement will enable faster development and more broadly applicable innovation, among other benefits.

Ava Labs’ chief of engineering, Patrick O’Grady, stated in a blog post that Cortina’s mainnet will be launched on April 25. It was clear that these modifications played a significant impact in the recent rise in network traffic.

According to DeFiLlama, the entire worth of Avalanche’s assets at the time of writing was $1.63 billion. The total value locked (TVL) increased by approximately 8% in the last two weeks, indicating a rebound. The advancement moved Avalanche to fifth place on the list of blockchains with the highest TVL.

Despite increased trading activity, AVAX has unable to make gains. According to CoinMarketCap, the ecosystem’s native token has dropped 0.54% in the previous week.  On the derivative markets, traders positioning for AVAX gains outperformed those looking for price losses, with the Longs/Shorts Ratio falling to 0.95%.