The Avalanche (AVAX) ecosystem is gaining more and more attention in the world of blockchain and decentralized finance (DeFi).
While not 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 an attractive choice for developers. as well as users.
With the promising Total Value Locked (TVL), strong user and developer engagement, the Avalanche ecosystem is on the cusp of significant growth and innovation.
According to DeFi researcher Wacy, the Avalanche ecosystem is on the rise and there are several reasons behind it. While many are focusing on new Layer 2 solutions, Wacy suggests that Avalanche’s potential should not be overlooked.
A key metric for chain success is Total Locked Value, and despite a price drop of more than 80%, AVAX’s TVL is down only 50%. This shows continued interest in the chain and serves as a positive indicator of future potential.
In addition to TVL, other metrics such as daily active addresses and daily transactions both performed well, showing strong user engagement.
The number of contracts and implementers is also a strong indicator of interest in a project, and this metric also shows strong engagement from developers.
Furthermore, Wacy noted that The Avalanche community is also growing, with a growing Twitter following and high Twitter mentions over the past 7 days.
Some of these fundamental metrics may be overlooked by some, but they provide valuable insight into the potential of the Avalanche ecosystem.
Trader Joe, 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 unlock access to exclusive rewards and features.
With a current price of $0.35 and a market cap of $120 million, Trader Joe is listed on Binance, OKX and Huobi, poised for significant growth in the coming months.
Another project that could see significant growth during the golden age of the Avalanche ecosystem is GMX. GMX is a decentralized exchange with low swap fees and no price impact transactions.
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 a reward, with a 30% swap transaction fee and leverage is converted to ETH/AVAX.
Staking on Arbitrum earns ETH while staking on Avalanche earns AVAX.