Avalanche (AVAX) Ecosystem Poised For An Explosion, Here’s Why
26 Mai 2023 - 1:30AM
NEWSBTC
The Avalanche (AVAX) ecosystem is gaining increasing attention in
the world of blockchain and decentralized finance (DeFi). Despite
not being as well known as other chains, such as Ethereum or
Binance Smart Chain, Avalanche’s unique consensus mechanism and
interoperability with other chains make it a compelling option for
developers and users alike. With a promising Total Value
Locked (TVL) and strong engagement from users and developers, the
Avalanche ecosystem is on the cusp of significant growth and
innovation. Related Reading: XRP Bears Prevail As Asset Retreats
From Recent Highs Is AVAX The Next Big Thing? According to DeFi
researcher Wacy, the Avalanche ecosystem is on the verge of
blooming, and there are several reasons behind its recent increase
in popularity. While many are focused on the new Layer 2 solutions,
Wacy suggests that the potential of Avalanche should not be
overlooked. One important measure of a chain’s success is Total
Value Locked, and despite the token price dropping over 80%, the
TVL for $AVAX has only decreased by 50%. This indicates continued
interest in the chain and serves as a positive indicator of its
future potential. In addition to TVL, other metrics such as daily
active addresses and daily transactions show good growth,
indicating strong engagement from users. The number of contracts
and deployers is also a powerful indicator of interest in a
project, and this metric also shows strong engagement from
developers. Furthermore, Wacy notes that The Avalanche community is
also growing, with increasing followers on Twitter and a high level
of Twitter mentions over the past 7 days. These basic metrics may
be overlooked by some, but they provide valuable insights into the
potential of the Avalanche ecosystem. Avalanche Emerges As A Hidden
Gem For Developers and Users According to Wacy, as the Avalanche
ecosystem continues to gain attention in the world of blockchain
and decentralized finance, several projects are emerging as
potential main narratives that could see a significant rise during
this heyday. One such project is Trader Joe, which is currently the
number one decentralized exchange (DEX) on Avalanche. By creating
the most capital-efficient DEX in DeFi, Trader Joe is shaping the
future of decentralized finance. The JOE token allows users to earn
a share of the platform’s revenue and unlocks access to exclusive
rewards and features. With a current price of $0.35 and a market
cap of $120M, Trader Joe is listed on Binance, OKX, and Huobi, and
is poised for significant growth in the coming months. Another
project that could see significant growth during the Avalanche
ecosystem’s heyday is GMX. GMX is a decentralized exchange with low
swap fees and zero price impact trades. While it is well known for
its support of Arbitrum, GMX also supports AVAX. With a current
price of $54 and a market cap of $475 million, GMX is listed on
Binance, OKX, Huobi, and KuCoin, and staking GMX earns rewards,
with 30% of swap and leverage trading fees converting to ETH/AVAX
and distributing to GMX tokens. Staking on Arbitrum earns ETH while
staking on Avalanche earns AVAX. Related Reading: Bitcoin Bearish
Signal: NUPL Finds Rejection At Long-Term Resistance Overall, these
projects represent the unique potential of the Avalanche ecosystem.
With its unique consensus mechanism, interoperability with other
chains, and promising metrics, Avalanche is attracting significant
interest from developers and users alike. As more projects like
Trader Joe and GMX emerge, we can expect to see continued growth
and innovation in the ecosystem, with new use cases and
applications for blockchain technology. At present, AVAX is
experiencing a significant drop in value across all time frames.
Its current trading price is $14.09, with a slight increase of 0.1%
over the last 24 hours. However, over the seven, fourteen, and
thirty-day periods, AVAX has experienced a decline of 5%, 6%, and
16% respectively. Featured image from Unsplash, chart from
TradingView.com
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