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Home»DeFi»AVAX: Bears refuse to let go even as DeFi activity ramps up
DeFi

AVAX: Bears refuse to let go even as DeFi activity ramps up

2023-05-20No Comments3 Mins Read
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  • DeFi protocols contributed significantly to Avalanche’s transaction count and active user base.
  • AVAX was still struggling with bearish sentiment.

Avalanche [AVAX], the decentralized proof-of-stake blockchain, recorded a drastic increase in network activity on its C-Chain since early May. According to Avalanche Explorer, the number of transactions on May 17 was 427,612, the highest value in more than a month.


Read Avalanches [AVAX] Price Forecast 2023-24


The rebound marked a remarkable reversal from the declining activity since mid-April.

The C-Chain or the Contract Chain is the standard smart contract blockchain on Avalanche that can create any Ethereum [ETH]compatible smart contracts.

Source: Avalanche Explorer

Avalanche ‘DeFi’es all odds

The wave was mainly driven by Circle [USDC] and decentralized finance (DeFi) protocols such as Stargate Finance [STG] and trader Joe [JOE]. While stablecoin transfers generally dominate trading activity on most blockchains, it was the growing popularity of DeFi applications that attracted attention.

Which applications drive the use of the @avax C chain?

Top 3:
1. @circle
2. @StargateFinance
3. @traderjoe_xyz pic.twitter.com/KHBcFvEZ6f

— Tokenterminal (@tokenterminal) May 19, 2023

The two protocols accounted for a large portion of Avalanche’s user base, while also contributing heavily to the total number of transactions. According to facts at the time of writing, Stargate Finance was the largest protocol in terms of active users in the last 24 hours, counting 18,75,000, while more than 11,000 users interacted with Trader Joe’s smart contracts.

TVL, DEX volume remains lukewarm

Trader Joe’s Total Value Locked (TVL) registered weekly growth of 3.46%, per DeFiLlama. Stargate Finance, on the other hand, saw the total value of its assets increase marginally 0.22%.

See also  Hodlers prefer centralized exchanges over DeFi for security: Chainalysis

While the two projects contributed to overall liquidity in the chain, the net impact was not substantial due to their lower share of Avalanche’s TVL. The total value of assets in the chain was $1.46 billion at the time of writing, following a stagnation in March.

Source: DeFiLlama

Avalanche’s weekly decentralized exchange (DEX) volume fell 21%, calling into question the chain’s established reputation as DeFi-friendly. Most of the top DEXs in the chain, including Trader Joe, recorded weekly volume declines.

Source: DeFiLlama

Will AVAX see a resurgence?

AVAX changed hands at $14.6 at the time of writing, representing a 0.5% decline in the past 24 hours. With a market cap of over $4.8 billion, the coin was ranked 16th in the list of top cryptos by valuation. Most of the technical indicators on a daily time frame gave bearish signals.


Realistic or not, here is AVAX’s market cap in BTC terms


The Relative Strength Index (RSI) continued to drop below the neutral level of 50, indicating continued selling pressure. The indicator was still not in the oversold zone; therefore, the chances of a reversal were slim. The Moving Average Convergence Divergence (MACD) remained in negative territory, reinforcing bearish sentiment.

The On Balance Volume (OBV) showed a downward trend, indicating an outflow of capital.

Source: AVAX/USD trade view



Source link

activity AVAX Bears DeFi ramps refuse
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