Journalist
Posted:
- New NFT rewards programs introduced to the Avalanche ecosystem.
- Interest in the NFT and DeFi space surged, but the price faced a correction.
As the crypto sector continues to evolve, several chains have been able to improve their respective ecosystems. To compete in this tough environment, many chains must come up with creative ways to attract users.
Rewards and air drops
To bring new users to the Avalanche [AVAX] NFT ecosystem, Hyperspace set up incentives for early adopters with airdrops. For context, airdrops mean giving away free tokens to people who sign up early, encouraging them to become part of the Avalanche NFT community.
NFTs on @avax are making a comeback!@HyperspaceAvax has deployed incentives for early adopters with user airdrops.
Start:
1️⃣ Go to Hyperspace AVAX
2️⃣ Use my code: flowlikeosmo
3️⃣ Explore AVAX NFTsSauces told me that this will be as big as the Blur Airdrop 🔺 pic.twitter.com/ZeYpWbiMwr
— Emperor Osmo🧪 (@Flowslikeosmo) November 16, 2023
Hyperspace’s airdrops could attract more users to the Avalanche NFT ecosystem. This influx of users can contribute to the growth and vibrancy of the Avalanche ecosystem.
Over the past 24 hours, sales of AVAX NFTs have grown 82.6%. However, total volume on the Avalanche network fell by 26.6%.
Source: AVAXNFTs
Turning up the DEX volumes
In addition to the success of the NFT sector, Avalanche also made waves in the DeFi space. When we looked at recent data, we saw that DEX volumes on the Avalanche Network had increased and reached new highs.
The interest in NFTs combined with a vibrant ecosystem could make Avalanche a strong competitor in the crypto space.
Weekly DEX volumes are up @avax are toward annual highs.
The best DEXs by volume are:
1. Trader Joe
2. Uniswap
3. Woofi
4. Pangolin
5. DexalotAre you paying attention yet?🔺 pic.twitter.com/OCr4v4mtUz
— Emperor Osmo🧪 (@Flowslikeosmo) November 16, 2023
As a result of these factors, overall activity on the protocol has skyrocketed in recent days. After looking at the data from the token terminal, it was found that the number of daily active users on the network had grown by 39.7% over the past month.
Additionally, revenue collected by the protocol grew by 62.4% during the same period. A healthy ecosystem can support AVAX’s price movement and add more legitimacy to the recent price surge.
A little bump in the road
Over the past month, AVAX’s price rose from $9.36 to $23.37. The price showed multiple higher highs and higher lows during this period.
Realistic or not, here is the market cap of AVAX in BTC terms
Despite this rapid growth, the price experienced a slight correction of 4.44% over the past 24 hours. Although the price fell, the trend remained bullish.
With both the price movement and network metrics on its side, it would be difficult to write off AVAX and its future.
Source: Santiment
