Avalanche Achieves Record-Breaking Milestones
In the fourth quarter of 2023, Avalanche (AVAX) experienced significant growth and achieved several milestones, according to a report by Messari. AVAX’s market cap increased by 344% QoQ and 326% YoY, reaching $14.4 billion. This propelled AVAX to the 9th rank among all tokens. The surge in revenue was driven by an increase in inscriptions, particularly Avascriptions, resulting in a 2,874% revenue increase from November to December.
Record-Breaking Transactions on C-Chain
Avalanche’s C-Chain recorded a staggering 6.3 million transactions, with nearly 6.1 million being inscriptions, marking the highest number of transactions ever recorded in a single day for Avalanche. While daily active addresses on C-Chain decreased by 50% QoQ, the number of active validators increased by 20%. This growth in validators and AVAX stakes indicates a promising future for AVAX.
TVL Surges and Protocol Performance
Avalanche’s Total Value Locked (TVL) denominated in USD increased by 78% QoQ, positioning Avalanche as the 7th chain by TVL. However, TVL denominated in AVAX decreased by 71%, mainly due to AVAX price appreciation. The report also highlights the performance of various protocols on Avalanche, with AAVE, Benqi, and Trader Joe demonstrating strong gains in TVL.
Hot Take: AVAX Price Movement
After reaching its highest level in 20 months at $50 on December 24th, AVAX underwent a correction and dropped to $27. However, it has rebounded in response to Bitcoin’s rally and the overall bullish sentiment in the market. Currently, AVAX has seen a 13% price increase in the past fourteen days, reclaiming the $40 zone.
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