Here’s how Avalanche [AVAX] is responding to a slew of good developmental news
The crisis with Terra’s stablecoin TerraUSD (UST) and the free fall in Terra’s LUNA token has put a deep dent the overall crypto sentiment. Every coin has witnessed some losses following this crash.
Avalanche (AVAX) plunged below the critical support at $51 on 9 May signaling the resumption of the downtrend. Down by 11% at press time, Avalanche [AVAX] lost over 30% of its value in a day.
But buyers have tried to push the price back above the breakdown level. Here’s how.
Avalanche is one of the fastest smart contract platforms in the blockchain industry. Well, as measured by time-to-finality. Avalanche is a blazing fast, low cost, and eco-friendly ecosystem. Over the past month, AVAX has added more than 86% to its value despite the broader market recently retreating.
Continuing this trend, AVAX’s TVL witnessed an uptick as per an analytical platform, DeFiLama. Just within a day, the platform witnessed a 1.5% rise as the value locked crossed the $5.2 billion mark. Indeed, an impressive figure gave the on-going sell-offs scenarios.
Not just this, the Avalanche networkhit an all-time high in daily transactions. This came after the Swimmer network subnet, a decentralised gaming blockchain was launched.
<p lang=«en» dir=«ltr» xml:lang=«en»>Today, the @swimmer_network subnet launched, effectively moving @PlayCrabada from Avalanche C Chain to its own subnet.Today, the Avalanche network hit All-Time High in daily transactions.
The best part… it did this while *lowering* fees. pic.twitter.com/JLPiGXRHRu
— Luigi D'Onorio DeMeo
Read more on ambcrypto.com
