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- 1 Avalanche protocol shows a decline in the daily active users while the unique contracts deployed reached a new high.
- 2 AVAX price is currently trading near $12 with a drop of 5% in the intraday session with a VM ratio of 0.02.
Avalanche is one of the fastest smart contract platform present in the industry. It is one of the rivals of Ethereum aiming to dethrone Ethereum as the most popular blockchain for smart contracts. It aims to achieve that by providing higher throughput without compromising the Scalability. The protocol has three chains X-chains, C-Chains, P-chains and each chain has a distinct purpose.
Recently Elixir Games has announced a strategic partnership with the AVA labs. Meanwhile, platforms like Benqi and Yield Yak of Avalanche protocol show a revenue and fee collection surge.
Avalanche TVL Stable While Active Users Decline
Avalanche is trying to solve the blockchain trilemma with its three native chains. The division of computing tasks among this chain helps to bring more throughput without compromising decentralization.
Source: Daily Active users by stats.avax.network
Avalanche protocol had a total of 20651061 addresses with 7336449 transactions in the last seven days. The overall active address of the protocol has observed a decline from 205,297 to 95788 in the last three months. Daily and monthly transaction count of the protocol decline marginally in the last few weeks. The number of unique contracts deployed on the blockchain has surged to a new high and is near 260,000.
Source: AVAX TVL by Defillama
Avalanche protocol has not seen a recovery in its TVL from 2023. The TVL of the protocol is at $860 Million declining from the highs of $11.5 Billion. Average revenue stood at $20k while the fees collected was $26k on average. Meanwhile, it is observing a positive inflow which can push a bullish trend for the protocol.
Will AVAX Price Test $100 in 2024?
Avalanche protocol has a market cap of $14.1 Billion and is ranked 12th on CMC. The volume of the AVAX has observed a surge of over 66% in the past 24 hours. It has a total supply of 442,544,533 in which 54.9% is circulating in the market. AVAX is trading near the value of $36 with a gain of 1.74% in the intraday session.
AVAX price is currently forming small consolidating candles on the daily chart. It is trading below the 50 and 100 EMA. The upside trend of AVAX can see a halt near the value of $40. Meanwhile, the support of the asset price is near $30. The RSI of AVAX is near 47 with no slope is suggesting its presence in the neutral zone. The overall momentum of the RSI is consolidating.
ConclusionAvalanche protocol is seeing a decline in the active users along with the daily transactions. The overall TVL of the protocol is currently seeing no momentum while the revenue is also stagnant. AVAX price is in a consolidating zone but could mark a new high in the near future.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
