Key takeaways:
- On October 25, “JOE Rush” began with a $20 million incentive in AVAX and JOE.
- The overall value locked in the Avalanche network has increased by 24 times since introducing “Avalanche Rush” incentives.
Analysts are optimistic about the price due to recent updates in the AVAX ecosystem. For example, Cryptofish, co-founder of Trader Joe, has tweeted that the AVAX will enter the top three cryptocurrencies in market valuation.
The Avalanche network is significantly more scalable than Ethereum, and the AVAX network TVL has skyrocketed in popularity over the last two months. Compared to Ethereum, which enables 13 transactions per second (TPS), the blockchain presently handles 4,500 TPS.
The Avalanche (AVAX) (AVAX-USD) cryptocurrency has gained 30.62 per cent in the previous seven days, indicating positive momentum. Avalanche (AVAX) (AVAX-USD) is trading at $72.4700 at 21:55 EST on Monday, October 25.
Avalanche has taken advantage of the potential of Web3 prospects by giving $180 million in incentives to smart contract developers who use its blockchain network. In mid-August 2021, the Avalanche network started its incentive programme. As a result, the total value locked (the equivalent of market capitalization for DeFi network apps and protocols) has climbed by more than 24 times since then.
All-time low and high:
Avalanche (AVAX) is currently trading at $72.47, down 8.79 per cent from its all-time high of $79.31 set on September 23. The current value of Avalanche (AVAX) is $72.47, up 2482.38 per cent from its all-time low of $79.31 on Thursday, December 31.
According to DeFi data aggregator DeFiLlama, the AVAX network TVL has reached $7.91 billion in revenue. In addition, trader Joe’s, the network’s largest decentralized exchange, launched its $20 million incentive campaign, “JOE Rush,” earlier today. AVAX token gives $10 million in incentives, while JOE offers $10 million in incentives in the scheme.
Crypto.com, a popular cryptocurrency exchange, has announced that it would support Avalanche’s contract chain. As a result, minimal costs and near-instant transactions on AVAX, USDC, and ETH are available.
The current volatility of Avalanche (AVAX) was positive 2.88 per cent last week, negative 0.03 per cent last month, and positive 6.27 per cent last quarter, respectively.
Curve Finance and AAVE entered AVAX’s ecosystem earlier this year, bringing substantial liquidity. Ten per cent of the $180 million in incentives has been spent on luring new users to the ecosystem.
Phase 1 of the AVAX ecosystem was centred on recruiting new projects and increasing liquidity. Phase 2 focuses on building a developer ecosystem and network projects. The AVAX network is prepared to launch new initiatives next year.
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