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Avalanche Prints New Records in TVL and Network Activity

Sat, 06/04/2022 - 20:00
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Vladislav Sopov
Kevin Sekniqi, COO and co-founder of Avalanche (AVAX), shared impressive metrics of Avalanche performance in recent days
Avalanche Prints New Records in TVL and Network Activity
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Despite the severe correction that crypto markets witnessed in May 2022, Avalanche (AVAX) blockchain sees its metrics rocketing, Mr. Sekniqi says.

Four ATHs for Avalanche (AVAX)

Mr. Sekniqi has taken to Twitter to share some statistics about how Avalanche (AVAX) performed in May. He pointed out that Avalanche (AVAX) set new records in four key metrics.

First, the protocol sees a record-breaking spike of total value locked (TVL), calculated in Avalanche (AVAX) tokens. The net amount of AVAX in Avalanche-based DeFis exceeded 300 million tokens, which means an 83% quarterly increase.

In May 2022, Avalanche (AVAX) processed over 32 million transactions; one year ago, this metric was below one million transactions. Then, the native supply of second largest stabelcoin USD Coin (USDC) increased by $1.5 billion in equivalent.

Last but not least, Avalanche (AVAX) set a new record in the net number of unique smart contracts deployed to its blockchain; this quantity almost doubled in 30 days.

Avalanche (AVAX) inches closer to surpassing Solana (SOL) by net TVL

Avalanche (AVAX) critics, in the comments below Mr. Sekniqi's post, noticed that some of these metrics may not be representative as the AVAX price dropdown continues and the USDC supply increase is insignificant.

As covered by U.Today previously, in 2022, Avalanche (AVAX) activated Subnets, a unique modular scaling mechanism for decentralized applications.

Related
Avalanche (AVAX) Team Explains Why Subnets Are Better Than Other Scalability Solutions

According to DeFiLlama statistics, the net TVL of Avalanche's DeFis is sitting at $3.71 billion at press time. Solana's TVL is only 1% higher. Meanwhile, Avalanche and Fantom are the two worst performers when it comes to TVL dynamics in 30 days of top 10 smart contracts platforms.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)