Avalanche sets new records in TVL and network activity


Vladislav Sopova

Kevin Sekniqi, COO and Co-Founder of Avalanche (AVAX), shared impressive stats on Avalanche performance in recent days

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Four ATHs for Avalanche (AVAX)Avalanche (AVAX) centimeters closer to surpass Solana (SOL) by net TVL

Despite the severe correction crypto markets experienced in May 2022, the Avalanche blockchain (AVAX) is seeing its stats skyrocket, Mr. sekniqi.

Four ATHs for Avalanche (AVAX)

Mr. Sekniqi shared some statistics on Twitter about how Avalanche (AVAX) performed in May. He pointed out that Avalanche (AVAX) has 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, representing an increase of 83% per quarter.

In May 2022, Avalanche (AVAX) processed more than 32 million transactions; a year ago, this statistic was less than a million transactions. Subsequently, the original supply of the second largest stabelcoin USD Coin (USDC) increased by an equivalent of $1.5 billion.

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

Avalanche (AVAX) centimeters closer to surpass Solana (SOL) by net TVL

Avalanche (AVAX) critics noted in the comments below Mr. Sekniqi’s post that some of these statistics may not be representative as the AVAX price decline continues and the increase in USDC supply is insignificant.

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

According to DeFiLlama statistics, the net TVL of Avalanche’s DeFis stands at $3.71 billion at the time of writing. 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 contract platforms.



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