Avalanche (AVAX) has emerged as a standout performer in the crypto space, showcasing an exceptional 290% price surge throughout 2023. Also, this remarkable ascent is largely attributed to AVAX’s strategic collaborations with influential entities, including partnerships with Amazon Web Services, J.P. Morgan, and Apollo Global.
Of course, these alliances underscore AVAX’s attractiveness to institutional players, contributing significantly to its upward trajectory.
Furthermore, boasting a current market capitalization of 16.6 billion, AVAX has witnessed a cumulative growth of approximately 124% over the past 30 days. Thereby, outpacing several other prominent public chains. Impressively, its Total Value Locked (TVL) now stands at 956 million, surpassing that of Polygon and securing the sixth position, just behind Solana.
Notably, the inscription market, a key component of Avalanche’s revenue stream, has also experienced substantial expansion. Data from Token Terminal indicates that the Avalanche network generated $41.9 million on December 20. Of course , this is primarily derived from gas fees paid by the community for transaction inscriptions.
Avalanche’s AVAX Price Action
Zooming out to the broader timeframe, the Avalanche network’s revenue over the last 30 days has skyrocketed by an impressive 4629%, reaching $35.87 million. Notably, there has been an average of 53,000 daily users in the past 30 days, contributing approximately $70,000 in protocol income per day.
To conclude, this comprehensive overview portrays Avalanche as not only a high-performing blockchain but also as a lucrative ecosystem drawing considerable attention and participation.
Finally, As the crypto landscape continues to evolve, AVAX’s strategic positioning and robust revenue streams make it a noteworthy player in the competitive blockchain arena.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: inueng/123RF // Image Effects by Colorcinch
