AVAX Soars Over 22% as Traditional Firms Increase Tokenization Efforts
The network’s native token has recorded massive activity in recent weeks becoming one of the top gainers as the market rebounds. Data from CoinMarketCap shows the asset gained 23.30% over the past week.
At press time the token trades at $22.44 and it’s up by 1.47% after surging nearly 10% over the weekend temporarily moving around $23.
The gains recorded by the layer-1 blockchain have outpaced other network tokens in the market in recent months as its one-month growth stands over 140%. This year has marked a significant boost for AVAX after a slow 2022 in the market characterized by the fall of major firms like FTX and Terra.
Avalanche was not the only blockchain with limited growth last year as market leaders Bitcoin (BTC) and Ethereum (ETH) recorded over 55% losses and have since made a massive rebound this year.
AVAX has moved up by 75.05% from November 2022 days after the FTX implosion and has a year-to-date growth of 107.18% on the back of increased activity and recent partnerships aimed at tokenization.
This year, institutional giants have kicked off several tests on tokenization hinting at more adoption as their appetite for blockchain-based products increases.
Recently Rupublic Crypto announced to commence revenue sharing tokenization on the Avalanche network. This company would offer investors stablecoin dividends who own a piece of the portfolio.
Similarly, JP Morgan and Apollo revealed tests on “proof-of-concept” to aid asset managers in joining the tokenization trend on multiple blockchains. Several funds managers in line with financial institutions are now looking to deploy traditional assets on the blockchain making management easier with multiple interoperability tests ongoing.
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