Avalanche is up only and has seen exponential growth on all fronts. Let's take a look at how it's progressed and what's fueling its recent popularity.
Total Value Locked hits ATH
Avalanche's Total Value Locked has been skyrocketing and has now crossed 12B, putting them at their ATH. The increase is being fueled by the rapid deployment of new dapps on avalanche. Since the Liquidity Incentives Program began, The Chain has been unstoppable and has been incredibly effective in attracting the liquidity to the dapps deployed on the platform.
Marching towards becoming the DeFi runner-up
Due to a combination of factors, including Avalanche Rush - Liquidity incentive programme, Ethereum difficulties like as exorbitant gas pricing, and numerous Defi OG dapps such as Aave, Curve, and Alpha Finance deploying to Avalanche, Avalanche has been successful in extending the DeFi ecosystem.
It'll be fascinating to see how Avalanche surpasses Solana and the Binance smart chain to become the second-largest Decentralized Finance ecosystem after Ethereum.
Native Dapps like Benqi and Traderjoe have exploded in popularity. Notably Wonderland ($TIME)- the Olympus DAO fork on Avalanche, recently overtook the both $OHM APY and Treasury Balance.
On-chain Metrics
The on-chain metrics like Daily active addresses and transaction count are testament to this increased traction on avalanche. These metrics have surged to ATH recently and increasing consistently.
AVAX appreciates in value
$AVAX has also skyrocketed as an effect of this overall growth at Avalanche. The Market Cap of $AVAX has more than doubled in the last 30 days, currently at $30B. The price increased 144.96 registering the new ATH.
Partnership with Deloitte
A number of factors have helped propel Avalanche to scale to a new all-time high but the biggest push behind its most recent rally is the announcement of a collaboration with "big four" professional services firm, Deloitte. Avalanche will work with Deloitte in building a more efficient disaster-relief platform on the Avalanche blockchain.
Blizzard Fund
Avalanche backers also formed a new fund called Blizzard in November, which attracted an incredible $220 million in seed funding from leading crypto investors with the goal of speeding up the growth of the Avalanche ecosystem.
Conclusion
DeFi has been blown away by Avalanche's rise in recent months; with low costs and a wonderful user experience, they've become the platform of choice for developers. Their Liquidity incentive programme was a big success, bringing a lot of capital onto the platform. It will be fascinating to observe how they progress from here.
Endnote
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