Crypto & Blockchain News

Avalanche Trading Activity Reaches Peak, But AVAX Has Other Plans

The Avalanche Network (AVAX) got off to a strong start in April. After being stable for most of the last month, the chain’s daily active addresses just hit a year high (YTD), over 70K.

As the number of addresses increases, so does the volume of transactions on the platform. According to Terminal Token data, platform transaction fees hit a one-month high on April 11. Avalanche has just released two significant improvements that can improve network traffic.

The Evergreen subnet, developed by Ava Labs, was launched last week to meet enterprise-specific requirements for financial services. The Evergreen subnet allows institutions to conduct blockchain and digital asset activities in private, authorized chains with verified counterparties while still communicating and operating with other institutions.

Avalanche cites the example of debt capital markets platform Intain, which made its workflow more effective after switching to the Evergreen subnet in a recent tweet. Additionally, the Cortina blockchain layer-1 upgrade was performed on the Fuji testnet. As a result, exchanges will easily handle Avalanche’s X-Chain, which is used to send and receive payments. Avalanche claims that these improvements will enable faster development and more widely applicable innovations, among other benefits.

Ava Labs chief of engineering, Patrick O’Grady, stated in a blog post that the Cortina mainnet will launch on April 25. It is clear that these modifications played a significant impact in the recent increase in network traffic.

According to DeFiLlama, the entire value of Avalanche’s assets at the time of writing is $1.63 billion. The total locked value (TVL) has increased by around 8% in the past two weeks, indicating a rebound. The progress moves Avalanche to fifth place on the list of blockchains with the highest TVL.

Despite increased trading activity, AVAX was unable to make a profit. According to CoinMarketCap, ecosystem native tokens have fallen 0.54% in the previous week. In the derivatives market, traders positioning for AVAX profits outperformed those seeking price losses, with the Long/Short Ratio falling to 0.95%.

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