AVAX Smart Contracts Hit 6-Month High – What This Means For Its Price

0 6

AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract deployment. 

With this significant milestone, many investors and traders alike are speculating whether this development could be the catalyst that propels the Avalanche Network native token’s price to new heights. 

Will this newfound growth in smart contracts lead to a surge in AVAX’s value?

Contract Deployment Spike Could Boost AVAX Adoption 

According to the latest CoinMarketCap data, Avalanche (AVAX) has experienced a minor 2.04% dip in its price over the last 24 hours, but still remains relatively steady at $17.04. 

knife

Despite this slight setback, data from Artemis reveals that the network has witnessed a significant spike in contract deployment, which can be a positive indicator for the protocol’s usage and adoption.

The increase in the number of smart contracts deployed on the Avalanche network suggests that more developers are building dApps and exploring the potential of the platform. 

As the number of dApps on the network grows, it can lead to a wider range of use cases for the protocol, attracting more users and projects. This increased adoption and usage can ultimately drive up demand for AVAX.

If the trend of contract deployment continues to rise, it could be a sign of a healthy and growing ecosystem on Avalanche. This, in turn, can further boost the token’s value.

Avalanche’s DeFi Performance Disappoints

Despite a significant increase in smart contract deployment on the Avalanche network, the platform’s performance in the decentralized finance (DeFi) sector has been less than stellar. 

Recent data shows a sharp decline in the platform’s decentralized exchange (DEX) volume, falling from 311 million to 13.74 million in just a few months. This has had a direct impact on Avalanche’s total value locked (TVL), which has also seen a decline.

One of the contributing factors to the decline in Avalanche’s DeFi performance has been the decreasing interest in BTC.b, a wrapped Bitcoin token on the network used for DeFi purposes.

According to data from Dune Analytics, all DEXes on the Avalanche network have witnessed a decline in BTC.b usage, indicating a lack of interest in the platform’s DeFi offerings.

Outlook For AVAX

Despite the disappointing DeFi performance, the increase in smart contract deployment on the Avalanche network remains a positive indicator for the platform’s future prospects.

As more developers build dApps and explore the network’s potential, it can lead to a wider range of use cases and attract more users and projects.

-Featured image from Analytics Insight

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 66,258.75
ethereum
Ethereum (ETH) $ 3,566.24
tether
Tether (USDT) $ 0.999623
bnb
BNB (BNB) $ 604.49
solana
Solana (SOL) $ 147.51
staked-ether
Lido Staked Ether (STETH) $ 3,563.96
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.489608
dogecoin
Dogecoin (DOGE) $ 0.134315
the-open-network
Toncoin (TON) $ 7.90
cardano
Cardano (ADA) $ 0.410435
shiba-inu
Shiba Inu (SHIB) $ 0.00002
avalanche-2
Avalanche (AVAX) $ 29.37
tron
TRON (TRX) $ 0.117101
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,361.78
polkadot
Polkadot (DOT) $ 6.28
chainlink
Chainlink (LINK) $ 14.74
bitcoin-cash
Bitcoin Cash (BCH) $ 420.91
uniswap
Uniswap (UNI) $ 10.96
near
NEAR Protocol (NEAR) $ 5.43
litecoin
Litecoin (LTC) $ 77.77
matic-network
Polygon (MATIC) $ 0.608215
leo-token
LEO Token (LEO) $ 5.90
wrapped-eeth
Wrapped eETH (WEETH) $ 3,720.53
dai
Dai (DAI) $ 0.999628
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.29
kaspa
Kaspa (KAS) $ 0.156733
ethereum-classic
Ethereum Classic (ETC) $ 24.80
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,558.06
ethena-usde
Ethena USDe (USDE) $ 1.00
fetch-ai
Fetch.ai (FET) $ 1.40
aptos
Aptos (APT) $ 7.71
monero
Monero (XMR) $ 175.20
render-token
Render (RNDR) $ 8.00
hedera-hashgraph
Hedera (HBAR) $ 0.084315
filecoin
Filecoin (FIL) $ 5.16
mantle
Mantle (MNT) $ 0.87432
stellar
Stellar (XLM) $ 0.097399
cosmos
Cosmos Hub (ATOM) $ 7.10
okb
OKB (OKB) $ 45.77
blockstack
Stacks (STX) $ 1.85
arbitrum
Arbitrum (ARB) $ 0.898496
crypto-com-chain
Cronos (CRO) $ 0.096965
first-digital-usd
First Digital USD (FDUSD) $ 0.998598
dogwifcoin
dogwifhat (WIF) $ 2.48
immutable-x
Immutable (IMX) $ 1.63
injective-protocol
Injective (INJ) $ 24.17
sui
Sui (SUI) $ 0.929483
maker
Maker (MKR) $ 2,384.40
optimism
Optimism (OP) $ 2.03
the-graph
The Graph (GRT) $ 0.225022
vechain
VeChain (VET) $ 0.02874
bittensor
Bittensor (TAO) $ 299.57
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,961.37
lido-dao
Lido DAO (LDO) $ 2.14
floki
FLOKI (FLOKI) $ 0.000193
notcoin
Notcoin (NOT) $ 0.018202
arweave
Arweave (AR) $ 27.64
jasmycoin
JasmyCoin (JASMY) $ 0.037117
fantom
Fantom (FTM) $ 0.623877
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,696.85
ondo-finance
Ondo (ONDO) $ 1.13
theta-token
Theta Network (THETA) $ 1.61
bonk
Bonk (BONK) $ 0.000024
bitget-token
Bitget Token (BGB) $ 1.14
based-brett
Brett (BRETT) $ 0.155989
thorchain
THORChain (RUNE) $ 4.57
celestia
Celestia (TIA) $ 7.88
coredaoorg
Core (CORE) $ 1.61
whitebit
WhiteBIT Coin (WBT) $ 9.61
eos
EOS (EOS) $ 0.64263
aave
Aave (AAVE) $ 86.15
pyth-network
Pyth Network (PYTH) $ 0.351997
algorand
Algorand (ALGO) $ 0.150504
jupiter-exchange-solana
Jupiter (JUP) $ 0.906014
sei-network
Sei (SEI) $ 0.392727
quant-network
Quant (QNT) $ 81.37
ethena
Ethena (ENA) $ 0.724731
starknet
Starknet (STRK) $ 0.891166
flare-networks
Flare (FLR) $ 0.026896
cheelee
Cheelee (CHEEL) $ 20.09
gala
GALA (GALA) $ 0.031582
gatechain-token
Gate (GT) $ 8.56
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,603.39
flow
Flow (FLOW) $ 0.694204
kucoin-shares
KuCoin (KCS) $ 10.27
beam-2
Beam (BEAM) $ 0.019322
bitcoin-sv
Bitcoin SV (BSV) $ 48.29
axie-infinity
Axie Infinity (AXS) $ 6.50
tokenize-xchange
Tokenize Xchange (TKX) $ 11.72
zebec-protocol
Zebec Protocol (ZBC) $ 0.018332
bittorrent
BitTorrent (BTT) $ 0.00000095165498
ordinals
ORDI (ORDI) $ 43.53
dydx-chain
dYdX (DYDX) $ 1.49
elrond-erd-2
MultiversX (EGLD) $ 32.46
neo
NEO (NEO) $ 12.32
chiliz
Chiliz (CHZ) $ 0.096144
gnosis
Gnosis (GNO) $ 327.68
pendle
Pendle (PENDLE) $ 5.46