Avalanche saw a rough Q2 like other projects in the cryptocurrency market. Leading cryptocurrencies endured massive declines amidst the crypto winter plaguing the digital assets market. Nevertheless, the Avalanche network revealed some impressive takeaways as the crypto tries to recover.
Here We Go Again!
The latest report by Messari showed an emerging trend in Avalanche’s DeFi TVL (total value locked) during the 2022 second quarter. AVAX tokens locked in decentralized finance increased in amount despite the declining total value locked in USD.
That indicated a steady performance for the crypto’s network. Meanwhile, another Messari research analyzes the overall Avalanche ecosystem. The report starts by addressing the blockchain by user and developer activity.
Developer activity noted a massive drop throughout Q2 2022. Analysts attribute that to the irresistible market conditions. Nevertheless, unique contracts showcase much better performance in the YTD timeframe. That emerged despite May’s anomalous spike as Crabada migrated to the Swimmer platform.
Also, user activity saw similar verdicts with declining figures during the timeframe. Daily users & transaction count still recorded a better performance in YTD. The April Q2 onset saw an average of more than 1 million 24hr transactions. The numbers stood at 500 daily transfers in July as daily users declined sharply.
Avalanche’s EVM-supported C-Chain bolstered the building of a massive DeFi-focused decentralized app platform by drawing increased users and developers due to quick transaction times and low gas charges.
Meanwhile, lending protocols account for a critical cog in AVAX’s DeFi growth. Aave liquidity protocol is the leading Avalanche application in DeFi. BLM (BENQI Liquidity Market) and Yet Finance follow. Meanwhile, these are the top-3 lending platform on Avalanche by TVL.
Indeed, Avalanche?
The platform shows promising performance in Q3, considering the Avalanche ecosystem’s satisfactory results. Nevertheless, AVAX remained beneath $20 and dropped 3.5% during the day. The network should advance conditions surrounding AVAX to ensure massive upticks.
Also, the broad crypto market should improve to help Avalanche repel bearish tendencies. Meanwhile, bears have dominated the crypto space this year, restricting price actions. It remains critical to watch AVAX’s upcoming price actions. Stay tuned for the latest market news.
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