- Avalanche’s monthly active addresses recorded an 86% increase in April.
- There was a 35% drop in monthly decentralized exchange (DEX) volume in April.
For the month of April, the avalanche [AVAX] ecosystem released a status report that included major updates on network performance and platform upgrades.
One of the biggest takeaways was the exponential growth of active addresses. Monthly active addresses on all subnets reached nearly 780,000 in April, a massive 86% increase over the previous month.
While most of the active addresses came from the C-Chain, the network’s smart contract layer, there was also a significant increase in active addresses coming from new subnets.
Source: Avalanche
Due to strong network demand, gas prices rose to May 2022 levels, the stage just before the onset of the 2022 bear market. This underlined that on-chain activity on the layer-1 blockchain recovered significantly in April.
Read Avalanches [AVAX] Price Forecast 2023-24
Avalanche falters on other fronts
While network performance was impressive, Avalanche’s decentralized finance (DeFi) activity took a dive in April. Additional data from DeFiLlama revealed a 35% drop in monthly decentralized exchange (DEX) volume in April.
As for the total value locked (TVL) on the network, a sharp one reject was observed on April 24. However, the losses were reversed and TVL quickly resumed its previous course.
Source: DeFiLlama
The report also provided the status of Avalanche’s GameFi ecosystem. DeFi Kingdoms surpassed other gaming dApps to clock the largest number of active addresses in April. Other GameFi projects showed no noticeable growth.
Source: Avalanche
Avalanche’s performance in the non-fungible token (NFT) landscape has been a mixed bag. While the number of new NFT mints exploded, the total sales volume fell by more than 18%.
The increase in the number of NFT mints was mainly due to POAP (Proof of Attendance Protocol) NFTs which are generally sent as a reward to people who attended a certain event. While these do not contribute significantly to overall sales, their development gives NFTs a new application.
Avalanche recently announced the launch of a new NFT marketplace, Peek NFT, which will focus on hosting NFTs with demonstrable utility
Realistic or not, here is AVAX’s market cap in BTC terms
Will AVAX rally?
AVAX changed hands at $15.03 at the time of writing, after gaining 1.21% in the past 24 hours. For the past week, the price has moved within a range as indicated in the daily price chart.
The Relative Strength Index (RSI) continued to drop below the neutral level of 50, indicating continued selling pressure. The Moving Average Convergence Divergence (MACD) remained in negative territory, reinforcing bearish sentiment.
However, during the sideways movement of the price, On Balance Volume (OBV) rose, proving that an upside break is imminent.
Source: AVAX/USD trade view
